Accelerating technology adoption can help companies navigate COVID-19  

The ongoing COVID-19 pandemic has disrupted almost every aspect of economic activity and every walk of life. As the pandemic has an adverse impact on the global economy, economists and industry analysts expect a recession that might deteriorate in the coming days. Even its impact can be seen now as most companies across diverse industries are cutting costs as well as making a major reduction of their employee headcount. In this uncertain time, however, not only key tech players are stepping out with innovative solutions, but also a large number of startups have come out for a new normal scenario.

Companies are increasingly turning to and harnessing the power of cutting-edge technologies including artificial intelligence, analytics, and robotics, among others in their responses to COVID-19 challenges and prepare for the future. In the pre-pandemic world, businesses increasingly embraced advanced analytics and AI. According to a McKinsey report, these capabilities are expected to garner US$9.5 trillion to $15.4 trillion in annual economic value.

In the time of crisis induced by COVID-19, businesses that don't have such technologies in place may face major challenges. Simultaneously, they need to protect their employees and customers while managing the economic consequences in the onset of lockdowns, fear, and perpetual uncertainty. Gartner said that organizations with a higher adoption rate of contemporary technologies including AI and robotic process automation (RPA) will have a competitive edge.

Achieving Greater Scale

As the COVID-19 pandemic has hit the world as well as global businesses, it has also created a room for innovation and forced both enterprises and startups to rethink about the adoption of new technologies. These technologies can not only lend a hand to business leaders to drive a new normal, but also play a huge role in envisaging an outbreak and also minimizing or stalling its spread. Many AI-driven projects based on data science, machine learning and big data are now being used across different areas to predict, elucidate and manage the distinct scenarios caused by the crisis.

For instance, scientists at Google-owned AI firm DeepMind are working to predict the protein structures of the novel coronavirus, for a better understanding regarding how it evolves and how to control it. Along with, they are working to develop a vaccine in combination with the findings of other research projects.

Moreover, the sudden spike in demand of testing kits, PPE kits, ventilators and other preventative measures has led a large number of startups to deliver their abilities and maximize these opportunities that would help them drive innovation in the future. Recently, NASSCOM's Center of Excellence IoT and AI has turned its focus on startups to leverage their solutions and provide them with the resources to scale in terms of access to manufacturing partners. The organization also aspires to make available platform access from leading IT/ITES firms to be able to incorporate the startups solution for a pan-India offering in this uncertain time.

Certainly, the COVID-19 pandemic has disrupted economic activities and supply chain networks, making it imperative to look for indigenous, advanced solutions.