COVID-19: Platforms bring connection to a world in crisis
March 31, 2020
Health of the Software & Platforms industry
COVID-19 has affected every person and every industry across the globe, and it continues to evolve at an unprecedented speed and reach. Lives literally depend upon the ability of governments and businesses to respond quickly and implement recommended changes.
With structures that enable many to work from home, Software & Platforms companies are, for the most part, able to shift to new working conditions rapidly. Collaboration platforms are also enabling other industry teams to keep moving. Social platforms bridge the isolation between people and communities, while gaming and entertainment networks offer a respite from the onslaught of negative daily news.
But no industry is immune from COVID-19.
Prepare for COVID-19 software & platform challenges now
With significant economic loss and the global surge of online traffic and demand, software and platform companies must respond to increased pressures now and longer term.
Ensure uninterrupted platform access
Software & Platform companies are dealing with unparalleled demand for capacity and speed.
Expand developer ecosystems
Virtual mandates provide untapped potential for attracting developers who are using platforms in new ways.
Enable touchless adoption
The cancellation of key events and restrictions on travel and face-to-face contact requires a creative sales approach to encourage adoption.
Maintain productivity
While platform company staff may be comfortable working from home, collaborating productively across virtual teams may be difficult for some groups.
Provide trusted information
Platforms are taking a lead role in promoting health directives, but are also expected to remove misinformation amidst a dramatic spike in users.
Amplify ad value and effectiveness
Economic downturn is expected to impact platform advertising spend globally. Identifying new global prospects quickly will be essential.
Monitor financial health
Inability to secure funding and survive the drop in consumer / corporate spending may cause some startups to give up control to investors or fail.
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Next steps
The degree to which Software & Platform companies experience disruption will largely depend on the sub-sectors they support and the capital strength of the business. Innovating through the challenges with accurate insights, new applications of technology, and resilient systems will play a significant role in recovery.
The business and economic impacts of COVID-19 will last a while.
But there are defenses:
- Emphasize health and well-being: Responsible leadership has never been more important as consumers, workforces, suppliers, and partners navigate uncertain times and rapid change.
- Focus on SMBs: Businesses of every size have been hard-hit by COVID-19, but small- and medium-sized businesses (SMBs) are particularly vulnerable. Implementing services for platform-dependent companies will help boost local economies and foster loyalty.
- Work smart: Boost the productivity of a fully-remote, partner, supplier, and contractor workforce with flexible collaboration tools via Elastic Digital Workforce. Implement pulse capacity staff augmentation to fill short- or long-term delivery gaps.
- Demonstrate customer empathy: Platform companies must make swift, insight-informed decisions to care for their people while delivering quality Responsive Customer Service.
Our Software & Platforms industry leaders and global teams are here to help. This page will be updated often with new insights to help you manage your business now, and prepare for what’s next.
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