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We are all well aware that every successful business finds its roots in a sustainable and well-thought business strategy. However, along with the business plan, companies are influenced by other external factors. Sometimes even well-established businesses can fail due to unexpected occurrences.
So, what happens when a successful business strategy meets times of struggle? No matter whether it’s a business losing its customers, or a business overloaded with customers, there is always a reliable solution. In such moments of uncertainty, every business can rely on some of the crucial players of the 21st century – technology and software development.
What particular uncertainty are we facing now?
Now, let’s talk about the biggest elephant in the room right now – COVID-19, the coronavirus pandemic. While this current situation has changed our course of living, it has also impacted our work and the economy. While some of us have lost our jobs (waiters, barmen, etc.), retail workers and medical staff have been working non-stop. So, how can an economic balance be achieved?
Industries are finding their consolation in technology to solve some of the issues that this pandemic has created. Companies are encouraging work from home, and for the lack of medical supplies, some are even repurposing their businesses and starting to produce masks with the help of 3D printers. In the end, it times like this, you have to take advantage of what technology can offer you, quickly adapt, reorganize and grasp the underlying possibilities.
The negative impact of COVID-19 on industries
Nowadays, amidst COVID- 19 pandemic, despite the quarantine, health risks and panic that we’re all facing, as mentioned above the economy is practically destroyed for most businesses. Since the pandemic is happening now, and we don’t have a clear statistical picture of the consequences, here is an estimate of the severe business failure due to COVID-19.
The worst impact is probably on the travel industry. It has been going on an evident downward spiral due to the reduced worldwide travel for 80 – 90%. The situation is the following:
- Only the most necessary flights take place since most of the airport transport is banned.
- People are postponing or cancelling all of the upcoming trips they have already planned.
- Public transport is reduced with only a few lines functioning in most countries.
Other negatively impacted sectors are hotels, restaurants and bars. In most countries, those were the first to be closed. Reservations are majorly cancelled now and for the near future. In states that have introduced a full quarantine time, the restaurants and bars will be the last to open up. Those are places of high risk within the pandemic.
On the map below, we can see the travel and tourist destinations stand out from the rest, being the most affected.
Which industries are struggling to meet the needs of the public?
It’s not all that black in the business world, though. There is a silver lining within the economic pandemic most businesses are facing. Some companies have their hands full of work! What is more, these businesses are trying to cope with the enormous amount of pressure, requirements, and needs for increased production.
Businesses that are at the higher end of the spectrum, such as retail, packaging, production of medical supplies and shipping, food industry, etc. are running with all their force to meet the needs of the public. For instance, the exceeding demand for goods in retail has resulted in empty shelves for most products. Nevertheless, what is the solution that can be used for these industries to organize themselves better and work smarter as well as harder in such times?
To survive in times of uncertainty, these companies should think about re-tooling the business strategy. It includes scaling up the production processes and prioritizing some operations within the business while creating a clear limit between the essentials and the non-essentials.
Just by collaborating with a tech company that can take over the non-essentials, companies can have more time to focus on their core business. Also, a partnership with a software development company will help them update the supply chain model, save money and skip the hiring struggle. Implementing modern tech tools will help businesses grow in uncertain times and seize the potential that’s right in front of them.
Why should you choose nimble software delivery?
Agile software planning and delivery will help you implement the necessary changes between one and four weeks. It is why you should take agile into consideration. The quick delivery equals a higher chance to test the software and see whether it’ll work within the current situation. It is essential once everything is changing so fast.
Other than the fast delivery and opportunity for a quick change, some of the most common benefits that nimble software delivery will offer you in times of hardship are:
Engagement of your business
Agile software development enables an ongoing commitment of the client and the project development team. Your business will be involved in every step of the creation process, just so the final product is closer to the initial expectations. The client – team relationship is crucial in producing a high-quality product due to the constant communication, better understanding of the client, increased motivation of the team and transparency within the software development process.
Affordable price
The fixed and affordable cost of this type of software development is due to the fixed duration of the agile projects. It is because agile development focuses on valuable chunks that take not so long to be created. Later on, adjustments take place according to the feedback and satisfaction of customers. Also, even though agile may sound costly to some, it is an affordable long-term alternative.
User-focused option
The adaptability of agile software development is all about being suitable to the users. Within this type of software development, the end focus is on the user. Therefore, it’s all about creating a high-quality and valuable product that will satisfy the customer’s needs.
Final thoughts
The quick integration of features that agile software development allows is the perfect option for uncertain and ever-changing times like this. Since we don’t know what the economy will be like for some businesses, investing in flexible options such as agile software development is the best alternative. Companies that need a product or tool to help them cope with the new COVID-19 situation can easily find the most suitable option to satisfy their user’s needs.
