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How the lockdown has boosted technological businesses?
We have all witnessed the continuous growth of technology in recent times in numerous forms. Companies across all fields have shifted to cloud storage, and while giants like Tesla used artificial intelligence for the creation of self-driving cars, we were all lounging in our living rooms commanding Siri to assist us in finding the best restaurants.
Then came the global pandemic that momentarily stopped us all in our tracks. While the business community and people, in general, adjusted to the new challenges, we were also awe-struck with the technological advancement that was made in this relatively short time.
Suddenly, the old models were no longer functional, and the only way to sustain business was through a new system-technology. Those apprehensive about adopting new changes were left with no choice but to reassess and reshape their organisational functions. This rise of technology in all sectors was unanticipated and immediate. The tech sector suddenly witnessed huge growth during this time and is still making waves across the business landscape. Let’s take a look at how this global change was ushered in a matter of weeks through changes in technology.
Technology - the new business continuity plan
Every company, big or small, has a continuity plan to remain ready in the face of crisis. This can range from power outages to cyberattacks, and even natural disasters, but the global quarantine was something new. Added to it were numerous restrictions that prevented workforces from stepping into the office. Hence, the only solution left was bringing in more technology - be it remote working or focusing on online education. ‘Digital’ became an essential and undeniable addition for both working and living.
Most of us had our first brush with collaborative tools or apps like Zoom in the past couple of months, and this would have been unlikely without the ‘new normal.’
Many opportunities cropped up in every field supported by the tech industry as, despite the circumstances, a new form of normalcy had to resume. Many also saw it as a time for potential revenue building and provided tools and support for remote working, healthcare, education and more. The impact on technology that these opportunities brought was immense and its effect is evident in the form of immediate adoption and widespread usage of advanced software and tools.
Sectors that benefited
Many rising tech companies and other established enterprises made significant progression during this phase. Technology helps business grow to new levels and stay ahead of the competition - which is the need of the hour.
Perhaps the biggest boost to technology came in the form of remote working as suddenly businesses were in dire need of an upgrade. Many employees had to get new kits to be able to carry out job responsibilities and organizations had to arrange new tools for them.
Technologies nowadays have become a great source of entertainment, which is why the gaming sector gained a lot of momentum recently. Games like Nintendo Switch provide a pleasant escape from reality and the recently launched ‘Call of Duty’ saw a huge spike in players. The result was that games sales went up by 35% and an increase in demand for hardware consoles gave a positive boost to technology.
This industry possibly witnessed its biggest technological revolution in a long time. While online platforms were slowly gaining recognition and were becoming a preferred medium of studies, the focus on traditional education was still strong. The physical classroom set-up came with its share of shortcomings that became apparent during this pandemic. Schools had to adopt the online method of learning to ensure continuity in the academic year and had to technologically reshape themselves in the process.
While new models of remote working were put in place, they brought to light another challenge - cyberattacks. Large corporations reassessed their security features to mitigate malware risks. Hence, the cybersecurity sector too experienced a major boost during the lockdown and will continue to grow.
Streaming sites became everyone’s ‘go-to’ place during the lockdown. The amount of content consumed was enormous as companies like Netflix and Disney released many of their major movies on digital platforms.
We have already resumed a new way of life and this is a time for major skill-building to ensure you are prepared for a progression of technology in business. TSoM’s Diploma In Data Analytics Co-op powered by Amazon Web Services (AWS) Educate and Tableau can help you develop the in-demand skills and knowledge needed to analyze data in today’s technology-driven market to improve business performance. Click on the link above to learn more.
Do also check out the Diploma in Cybersecurity Specialist Co-op offered by TSoM. It’s a one-year course and will teach you all you need to know about this area, as well as blockchain, big data and the IoT (Internet of Things). The Co-op aspect on both programs means you’ll get to work in the field and put your skills to good use!