It was not so long ago that business owners were ready to invest in software development projects, but the global situation has changed that. Considering today’s consensus among economists that the pandemic will lead to a severe recession, not mentioning other grave consequences, there are a lot of fears and doubts on whether it is necessary to put money into the creation of software solutions.
Even if making a move from the development projects, the world we are living in today is pausing many of us from putting money into something. But does such ‘freezing’ mode work for good? Let’s try to find the answer.
Predictions and Assessments
Because there is a lot of uncertainty in how the current situation will evolve, for how long it will be in place, and what impact it will have, the world got frustrated, especially with respect to decision-making. But it’s not the first time humanity has to face and cope with the consequences of unforeseen events. This allows making predictions on what to expect, and here are some of them:
Meanwhile, NatWest Markets — the investment banking arm of The Royal Bank of Scotland Group — predicts that the situation will go as follows:
Although there are also other scenarios for the economy to recover, including “U”, “W”, and “L”-shaped, each of them expects economic reactivation in the second half of 2020. And despite the further turn of events is still covered with uncertainty, the thing that matters now is to prepare for the reactivation.
Heading from pessimism to optimism, in both people’s minds and the economy that will probably get through several stages of decline and growth, it is important to follow a strategy that will pay for itself in the future. One of the best examples of such was formulated by Sir John Templeton, who said that the time of maximum pessimism is the best time to buy, and the time of maximum optimism is the best time to sell. And the question is, what to buy and to invest in to profit in the future?
Why Invest in Software Development?
Currently, preventive health measures are considered to be a greater priority than anything else. Nevertheless, standing idly by and watching your business collapse is not a solution. So how can software development help companies to survive and get a competitive edge on the market?
- Considering the fact that most of the businesses were not ready to operate in a new environment, it is important to plan and establish strategies that support remote working practice and enhance its productiveness. This is easily achievable with endpoint security software, video conferencing platforms, solutions for effective team collaboration, reporting systems, time and attendance management systems, online employee service platforms, etc.
- Furthermore, it is time for business owners to accept the fact that the world has changed, and, for better or for worse, it will never get back to ‘normal’ we used to. Even though forcefully, people have tasted the benefits of digitalization, which means it will become a necessity for post-pandemic service and product delivery.
- A lot of things we knew before will become useless in the nearest future, especially when it comes to customer behavior. With the right software solution in place, businesses can get meaningful insights into customer tastes, preferences, requirements, and build their strategies accordingly.
- As soon as today many businesses operate 'in a quiet mode', it's the right moment to devote more time to strategic issues. For example, thoroughly plan which software solutions are wanted by users and reach out to tech partners with a more thorough concept than just an idea on a napkin. Even though the idea is simple, in the right hands of experienced software professionals it has all chances to become a jewel of your business.
- Lastly but no less importantly, now is the best time imaginable to organize effective and beneficial cooperation with great professionals who deliver software solutions that completely meet and exceed all expectations.
As Buckminster Fuller once said, “don’t fight the forces, use them”. So now is exactly the right time to start paving your way to success in a new environment transformed by unforeseen circumstances.
Software Solutions to Mitigate the COVID-19 Crisis
When it comes to software development, what solutions are considered as the most promising ones? We disclose some that can help companies in extracting benefits now and in the post-pandemic world.
Virtual and Augmented Realities
Considering that a large number of companies are now going through work from home practice, AR/VR development and implementation can help them in establishing an environment for collaborative, hands-on training. According to the Augmented and Virtual Reality survey report conducted by Perkins Coie and XR Association, 49% of business respondents are going to implement VR to ensure real-world training conditions for their workers in the future.
In the current situation, smart city technology allows mitigating the impact of coronavirus. One of the most illustrative examples are drones used in China for the identification of people with high temperature. Because such IoT technologies are showing great potential, they become one of the key technological focuses for governmental investments. Furthermore, according to the Business Insider Smart City Report, smart technology is expected to reach $295 billion by 2025.
Behaviour Analytics Software
Although the potential of analytics is not limited by a certain area of application, we provide a single case that shows how helpful it could be to a business at this moment and later. The pandemic has already changed the way customers behave, and it’s not for the last time. After the quarantine and isolation become a thing of the past, what should we expect? With the help of behavioral analytics software, companies can receive valuable insights on customer behavior and act accordingly.
In addition to the above-listed, companies now have to look forward to the future and opt for CRM, ERP, Business Intelligence, and other programs that will help them adapt to the changing environment and survive in the highly competitive market.
Also, there is one more important thing to mention: it’s system resilience that is now tested as never before. Because the pandemic pushes companies to operate in new ways — make real-time decisions, address business continuity challenges and changes in the volume of work, resilience gets the status of a crucial success factor.
The Bottom Line
Software development in the pandemic and post-pandemic world is considered to be one of the ways for companies to back on their feet after this chaos. Such investments are more than survival measures, as they also become a valuable contribution to future business success.
At Emerline, we provide a wide spectrum of software development services, allowing our clients to enjoy the benefits of having robust, user-friendly, and tailored solutions at hand. Having a well-established remote working and delivery practice, we are always open to new projects and will be happy to transform your ideas into technological solutions. Contact us at any time.