What COVID-19 Means for Global Outsourcing Companies
COVID-19 is a grave human tragedy that hit the world in the first quarter of 2020, and seems not leaving the planet any time soon. A significant effect of coronavirus has been seen on national and international businesses across the globe. The influence of this pandemic on human life is innumerable and it is continuing to spread over the boundaries.
The IT sector has taken a wise step through immediate responses towards this virus. Remote working has been proved a timely and saving action for business survival. This move ensures safety for the workforce precisely.
However, considering global outsourcing, the lack of appropriate remote-work strategy is the major stumbling block that can prevent organizations performing to their full potential. COVID-19, if at one end pushing people to self-quarantine, is a great opportunity for IT outsourcing companies to expand their operations. For the reason that businesses are now seeking partners to share their workload.
Due to the enormous spread of coronavirus and associated restrictions have caused a lot of misfortune for businesses across all industries. Though the IT sector is continuing to work diligently and is trying to provide the services of the optimum level but governmental impositions caused a significant decrease in its growth and revenue generation.
There are numerous aspects that Covid-19 has made the outsourcing companies incapacitated with its attack. Hence, crucial is to consider appropriate measures and plan well for now and the future if this pandemic remains in force for a few more months.
The IT industry has been swinging by dealing with the disaster of coronavirus pandemic. With the imposition of lockdown and shutting down of workplaces, this disease has abridged multiple services in all sectors. There are companies that have projects on hold now and there seems a substantial dearth of new projects causing a considerable drop in profits. There are unintended breaches of client agreements if a group of workers who serve the same client was incapable to work cohesively and consistently.
Well, the work-from-home model happens to be most beneficial for offshore outsourcing companies like ArhamSoft (Pvt) Ltd. It allows them to continue with their regular business processes – providing enterprise development projects, all while fostering employees health and performance.
Numerous reports on business growth and development across different sectors amidst covid-19 have revealed that almost 89% of SMEs (small and medium-sized enterprises) are encountering financial problems. 60% have stated issues in selling their products and services that eventually regress the revenue generation. Moreover, 23% of SMEs have reported a complete loss in their export dealings.
Outcomes of lockdown for businesses have been notorious as companies’ working capital keeps on declining. There will be no survival, if they remain unable to recover or generate some finances. However, fortunate is the information technology industry that keeps on rolling the dice in this situation. Where the financial constraints have aggravated employment security, the demand for remote development teams is on the high rise.
Mandatory Business Travel
Traveling for business is not a good idea during the times when things are getting brawled with. International travels are not possible at all, but local movements could be possible with a bit of flexibility in lockdown wherever it exists. Well, it is highly advisable to stay at home and if you want to meet up with your partners or future business prospects then there are numerous ways out.
Organizations must facilitate their personnel by providing alternative ways for mandatory business meetings. For the business meetings, whether or not involves a commute, companies must opt for video conferencing. Instead of cancelling the meeting, this option will definitely suffice the need and things will turn better towards the company’s advantage. This is how remote agile teams may communicate to stay on the same page and ensure timely deliverables while staying at home.
Facilitate Remote Workers
It’s always been believed that teams with appropriate resources could function better and vice versa. On one hand, there is defining and streamlining the goals of an organization and on the other hand, there is leading and controlling of the workforce. In the middle of this, workers must be provided with all the adequate resources for remote working. It could be a source of bringing out the best in them.
They should be trained in such a way that business continues to prosper in a healthy way. They should be given awareness of using novel technologies to work effectively from home. Working through collaboration tools, many companies are using Skype and Zoom, amidst other facilities for making collaborations easier. Work automation tools will be a plus for IT outsourcing services providers.
Last but not the least, it is high time to equip your people with novel digital skills. Instead of laying off your not-so-skilled workers you better support them in learning new tools and technologies. They will eventually help grow your business as high-performing employees once the current pandemic situation ends.
Though COVID-19 is leaving a harmful impact on all businesses, it seems a win-win situation for IT outsourcing companies. They successfully encountered the dilemma by moving to WFH model immediately and managing dedicated resources remotely through work automation and communication tools. Arhamsoft (Pvt.) Ltd is no exception. As a leading IT services provider and your outsourcing partner, we proactively collaborate with our stakeholders to be ready for future arrangements. While effectively utilizing resources, we move ahead to business-continuity planning observing the current scenario.