Business

This may be the Y2K moment for the Indian software product industry

In India, the IT service business started late last century after seeing how the country has extensively employed programming talents to solve the Y2K crisis.

Y2K problem in brief:

India was given a chance to make its Year 2000 bug that left most nations distraught.

At the root of all this Y2K bug fear was a technological problem that was generally for decades unaware since computer systems used just two digits for several years, not four. However, it operated well enough decades as 1999 became 2000, computers just saw ’99’ followed by ’00,’ which year was present and which year was past.

The failure could sound small, but if not corrected, it will lead, among many other industries, to significant malfunctions in manufacturing, aviation, and financial services.

However, there was very little influence when Jan. 1, 2000, rolled along. There was no crash in the country. 

The risk has been avoided. It was not due to the lack of actual hazard. 

Instead, the systems continued to operate because system experts helped the country plan for a crisis and avoid it.

Professional and economic workers primarily drove the growth of the IT industry in India.

How Y2K boosted India’s IT sector?

The United States began to hire people worldwide to fix the bug problem, and India provided large numbers of engineers to fix it. India offered a reasonable salary for highly skilled engineers.

How COVID-19 pandemic affected Indian IT Sector?

While society had years to plan and solve the Y2K crisis, the coronavirus stormed into the planet in a matter of months.

The COVID-19 pandemic has badly disrupted economic operations, with the global GDP estimated to decrease by more than 3 percent in 2020.

The Indian information technology industry relied heavily on non-home demand and source markets and developed deep global relationships through customer co-location, international travel, and on-site temporary migration as a critical mechanism to establish cognitive proximity. The COVID-19 pandemic is expected to increase restrictiveness and expense in terms of international travel and migration.

The paradigm shift creates tremendous obstacles for IT businesses to retain cognitive closeness to their consumers and competitiveness worldwide.

What changes did Covid-19 bring to in IT industry?

Covid-19 brought about behavioral improvements that are likely to last as the pandemic of coronavirus.

Work from home culture: It began by moving from premises to work from home culture and productivity until it began to increase. It would be the new paradigm, more or less. Many businesses now concentrate on touchless technology, automation, and cloud technology.

Social distancing: Social distancing being the slogan, employee obligations must go online.

Adopting digital technology in India post COVID-19: Y2K has not crippled civilization, but it has changed companies and ended up indefinitely, despite increased apprehension. The same trend would possibly happen when people reverse the coronavirus. Businesses have already undergone a major digital transition.

Now that pandemic pushes businesses worldwide to hunt for applications to prevent potential disturbances close to the COVID 19, the chance for Indian software seems humble.

Covid-19 can continue for a while and maybe restricted to the flu, and Indian tech companies need to learn to coexist with COVID-19 if they want to remain in the business. The world saw a rapid global change online after sudden lockdowns without warning. Many organizations switched to a digital economy approach, such as webinars, cashless purchases, zoom calls, and virtual colleges. 

After Covid-19, we can see technology playing a more significant role in influencing and reorganizing market behavior and customer behavior. E-commerce is gaining enormous popularity, right from the world’s leading meetings following zoom calls, ensuring vital supplies reach people, and modern digital payments ensuring money goes around quickly, without people swapping their hands. The latest technology already offers business continuity.

The Indian software industry has boosted the adoption of digital technologies. The wave of tech companies in India today focuses on developing platforms and products for the Indian and foreign markets. For the future Indian economy, a thriving IT sector is extremely important.

Just like Y2K was a hub for the IT services sector, corporations are now undergoing another time of significant change and opportunity. The new laws and a new normal emerge during this pandemic. Accelerating cloud adoption would prioritize data modernization. In short, we now enter the world of mobile, interactive, and individual solutions. In resolving this crisis, the focus must be to safeguard all workers’ health and safety while ensuring customers’ business continuity. 

Growth of IT sector amid Covid-19:

The new implementation of technology in India looks very promising. Covid-19 brought technology to maturity, which would typically take a few years.

Cloud adoption: The most significant increase we see today is using the cloud to track and control anything remotely.

Corporate data protection: As the amount of valuable corporate data at home becomes vulnerable to Internet attacks, more and more employees opt for their jobs. 

Investments in Robotics and Automation: To minimize reliance on manual interventions, customers should make significant investments into automating their back-office and IT operations.

Focus on onshore and local presence: To counter potential disturbances, consumers will continue to demand increased local presence. It can generate margin burdens, but Indian IT firms would have to implement this new business strategy quickly if they are to maintain the current business and assure customers of business continuity.

Career growth in IT Sector amid Covid-19:

Technology for all functions is the largest facilitator under the COVID-19 lockdown. Many old jobs are now outdated in the IT sector, and new jobs are created. This time, IT people will make the most of their resume by taking new training courses and displaying their best skills to attract recruiters’ attention.

The ITIL certification program’s IT professionals develop an in-depth knowledge of these activities to encourage corporate excellence in companies’ IT environments.

Today millions of IT practitioners have invested in ITIL courses to boost the prospects of their professional lives by recognizing how best IT practices can drive their business value.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close