Emerging IT Services in Pandemic Times
Covid19 has reshaped the IT services industry as new tools emerged to help businesses cope with the new life. We have noticed that the pandemic accelerated the usage of cloud technologies, developments in hardware and networking, and firm competitiveness among IT service providers. In fact, the scale of ICT innovation we saw in 2021, particularly in e-commerce and logistics, is comparable to what the world has achieved over the previous decade.
Businesses will much more integrate technology into their daily lives in 2022. As a result, designers and developers must benefit from higher technology quality standards while also considering security issues in software products. Take Zoom as an example: it gained popularity during COVID-19, but in 2021, it was chastised of severe flaws in its security standards.
Maintaining competitiveness in this changing macroeconomic environment demands new tactics and techniques. Our research suggests that CEOs are more aware that technologies are becoming strategic implications and key company components. Moreover, we believe that companies responded to the crisis by adopting a range of technical skills.
Surprisingly, the increased rapidity with which digitalization is integrated showed a global presence across regions. The data indicate a seven-year growth in developing these items/products. In industrialized Asia, the gap is much more significant—ten years—this time (Exhibit 2). Respondents also indicate a comparable mix of digital product categories in their portfolios before and throughout the epidemic. This data shows that corporations refocused their offers during the crisis rather than making significant jumps in software development.
The following were among the most intriguing technological developments in 2021:
- The US House Committee on Financial Services investigated the rise of cryptos, which are rapidly being utilized as digital assets by a growing number of individuals. They also explored consumers’ safety and financial inclusion. This ever-increasing technology will only develop in the digital age.
- Celebrities were among the first to acquire nonfungible tokens in the arts and entertainment sectors, with Paris Hilton launching her NFT.
- Microsoft used noise reduction AI to minimize background noise in online meetings and also challenged developers to expand their research.
- Apple released their customized M1 CPU, replacing the Intel processor and paving the way for elevated performance at home.
Sooner or later, all companies will be making data-driven and digital-centric decisions. What makes these decisions accurate and propper is the existence of reliable data analytic processes and some amount of automation. The IT industry is critical in addressing such digital transformation concerns. Therefore, finding a trustworthy technology partner will be a top concern for CXOs in 2022.
Technology is vital to maintaining our economy running in the face of shutdowns, travel bans, and quarantines. Here are the top emerging IT services that helped businesses defy covid.
Payments that are digital or contactless
Since cash may transmit the virus, banks in many countries, including China, the United States, and South Korea, have taken different precautions to guarantee that banknotes are safe before they are circulated.
In addition, to prevent the further spread of COVID-19, contactless digital payments, such as cards or e-wallets, are now the preferred payment option. People can use digital payments to place orders and payments for goods, services, and even utility bills and get assistance funding more quickly.
Nevertheless, the World Bank estimates that over 1.7 billion people worldwide remain unbanked and may not have simple access to online payments. The key to digital payments also depends on the spread of the internet, devices, and a network to convert currency into a digitalized form.
Hybrid and Remote Work
One of the most key changes during the pandemic is the emergence of hybrid work. Many companies have encouraged their staff members to carry on their tasks from home. Remote work is possible with technology like
- virtual private networks (VPNs)
- voice over internet protocols (VoIPs)
- online meetings, cloud technology
- work collaboration software
- facial recognition technologies
Thanks to rich IT services and tech solutions, remote work prevents the spread of viruses and saves commuting time, and gives you more freedom. In addition, employers may decide to minimize lease expenses and hire individuals from lower labor costs if remote work becomes more popular during the COVID-19 epidemic.
However, remote engagement raises issues for both companies and employees. Recent class-action lawsuits against Zoom have proven that information security, privacy, and adequate technical help can be significant difficulties. Online working can further complicate labor legal concerns, like ensuring a safe workplace and payroll tax difficulties. Employees may face feelings of isolation and a poor work balance.
To facilitate remote work, laws and policies must be amended, and further psychological research must be carried out to evaluate the influence of remote work on individuals. Additionally, it’s not like all tasks can be accomplished from home, resulting in inequity.
From 2017 to 2018, around 25% of employed persons worked from home at least frequently. Employees with higher education are at least 5 times more likely than those with a high school diploma to have jobs that enable them to work remotely. For instance, some occupations, such as medical services and manufacturing, would not have this choice. Regulations controlling information exchange and taxes would need to be revised if cross-border online services went up.
Telehealth and Telemedicine
Technology is indeed part of every aspect of our lives, and covid boosted IT services dramatically. For example, thanks to technology, health-related services and information are delivered using electronic information and telecommunications technology.
Telehealth can be an effective means of controlling the spread of COVID-19 while still delivering necessary primary care. Vital indicators can be tracked via wearable personal IoT devices. Based on symptoms reported by patients, chatbots can make a preliminary diagnosis. Furthermore, since healthcare is one of the most strictly regulated industries, doctors are often only permitted to give medicinal services to people in the same jurisdiction. Laws may not have anticipated a future where telehealth would be available when they were enacted.
Supply Chain 4.0
The idea of Industry 4.0 stresses worldwide networks of equipment in an intelligent manufacturing environment able to autonomously share information to manage one another. This cyber-physical system enables the smart factory to function independently.
The worldwide supply chain has been disrupted due to the COVID-19 pandemic. Many factories have been forced to close due to distance and quarantine regulations. Although demand for food and personal protective equipment keeps increasing, different countries have imposed differing degrees of export restrictions on those products. The present supply chain system is vulnerable due to its reliance on paper-based records, lack of data visibility, and diversity and adaptability.
Key Fourth Industrial Revolution (FIR) IT services, including Big Data, cloud-based solutions, Internet-of-Things (IoT), and blockchain, offer businesses of all industries a more robust supply chain system for the future by enhancing information reliability and increasing data exchange.
COVID-19 has proved the importance of IT services and digital resilience. With technology, both businesses and life generally could go on as usual during pandemics. However, developing the required framework to help a digital transformation and staying up to date on the advanced technologies will be necessary for any company or government to compete effectively in a post-COVID-19 future, as will taking a human-centered and collaborative strategy to technology management.