Crisis to Opportunities (How IT Infrastructure transformed Economy in COVID-19)
The world has undergone a seismic shift in the past one month. The full impact of the COVID-19 pandemic is still unfolding. The coronavirus (COVID-19) outbreak is causing widespread concern and economy.
The economic impact of the 2020 coronavirus pandemic in India has been largely disruptive. India's growth in the fourth quarter of the fiscal year 2020 went down to 3.1% according to the Ministry of Statistics. The Chief Economic Adviser to the Government of India said that this drop is mainly due to the coronavirus pandemic effect on the Indian economy. Notably India had also been witnessing a pre-pandemic slowdown, and according to the World Bank, the current pandemic has "magnified pre-existing risks to India's economic outlook".
As the horrors of COVID-19 Coronavirus Pandemic rises, the economy becomes more and more dependent on the Information Technology and it’s components. In order to stop the spread of corona virus citizens are required to stay home in self-isolation and quarantine. However from a business perspective even if there is whole regime of quarantine is going on business must to go on. For every organization involved in
dealing with the crisis, digital systems have become an absolute lifeline. Whatsoever the crisis is not limited up to business but it also enticed other sectors of economy such as industrial units, manufacturing units, service sector, healthcare and pharmaceutical industry and many more.
In several ways the information technology have changed the way things used to happen pre-pandemic period as compared to the post pandemic period. The detailed explanation of these ways can be elaborated as under:
1.Work from home –
In order to reduce the spread of coronavirus the social distancing and quarantine regime was implied. Due to which it was not possible for to run on daily basis as it involves human factor. In this delicate time of pandemic, staff are going to have work from home for the time being until everything is intact. As staff work remotely, corporate networks must extend security beyond the firewall - and protect from malicious actors looking to take advantage of pandemic fears.
2.Health Services Technology –
Health services are under greater pressure than ever before from the coronavirus pandemic. The technology they use is critical, and it often needs to be adapted to these extreme circumstances.
Followings are few examples in a way information technology changed environment in corona pandemic time;
1. Videoconferencing Reduces Risk With Remote Care
2. Robots Lend a Helping Hand With Patient Care
3. Software Identifies Coronavirus Patterns in Health Records
4. Chatbots Help Ease Patient Fears About Coronavirus
3.Retail Industry –
As entire countries come under quarantine orders and consumers around the world start to shun human contact, retailers are scrambling to adapt. The retail sector which consist of both the local brick and mortar shop commonly known as “Kirana” and the merchandise stores such as Big Bazzar, d-mart, Big Basket etc.
Both these segments are affected accordingly in quarantine time. The question for retailers is whether they can flexibly respond to these diametrically opposed challenges in an agile way, adapting their operations and commercial decision making rapidly to reflect the new day-to-day reality. In order to survive these tough time the retailer have to adopt the digital approach and respond accordingly.