Nobody could predict the arrival of the global economic crisis in the first quarter of 2020. It was like a nightmare from a bad dream. All of a sudden, all business sectors went down and stock markets were lowered as well. S&P 500 and the Dow Jones Industrial index experienced the steepest decline by 18% and 21.5% since 2008.
What is even worse is that the novel COVID-19 triggers the coming financial crisis.
So, how should tech companies respond to the economic downturn? And which tech areas will catch the rising star and succeed despite the crisis? Go ahead to read our article to find the answers!
Big Tech Giants and the Coronavirus Outbreak
The novel coronavirus outbreak covered the world with a blanket of panic and fear. But some tech companies see the coming crisis as an opportunity to help the global community stop the spread of COVID-19.
The renowned tech giant released the COVID-19 screening app that gives information about possible exposure to the disease. Apple says that this tool doesn’t route you directly to a testing center. The software suggests visiting a doctor for primary counseling. If you have any symptoms of COVID-19, the specialist will send you for an analysis.
Amazon has added a new feature to Alexa that helps users find information whether they need to be diagnosed for COVID-19. A question like “Alexa, what should I do if I think that I’ve got a coronavirus?” will prompt a voice assistant to ask about your recent travel history, symptoms, and exposure to the virus. After that, Alexa will give you suggestions based on the Centers for Disease Control and Prevention.
Microsoft joined the bandwagon of fighting misinformation about coronavirus and launched an interactive real-time map on Bing. This initiative has a website and an app available on iOS and Android platforms. By using Bing, you’ll be updated on the latest COVID-19 cases and see statistics on what countries were most affected by this virus in the world.
This famous tech behemoth helps Oak Ridge National Laboratory to find medication against COVID-19 through a cloud computing program – IBM POWER9. The scientists used it to investigate small compound drugs that would be at hand to find medication for the treatment of the novel coronavirus.
Cisco doesn’t stay away from initiatives to fight the coronavirus outbreak. The company invests in software solutions for the government and business sectors to ease their financial hurdles caused by COVID-19. Webex and Security are Cisco’s creations that reach more than 2 million users worldwide.
Tesla has never stopped to surprise us with innovative tech ideas. And it continues to do so. To help US hospitals fight COVID-19, the company’s engineers created ventilators from electric car parts. This invention aims high as Tesla has an ambition to reinvent supply of life-saving breathing machines in the healthcare sector.
How Technology Can Help the World Fight COVID-19
Similar to Princess Leia searching for Obi-Wan Kenobi as “her only hope”, we are currently looking for the tech solution that will save the lives of patients around the world. How can tech startups contribute to this battle? Will technology become our strategic advantage in this invisible war? Let’s discover what technological solutions are used to improve human lives in this trying time.
Can you imagine a human-like robot, helping doctors cure patients with COVID-19? Let me introduce Tommy — a robot nurse. He assists flesh-and-blood doctors and nurses in curing patients with the coronavirus at the Circolo Hospital, Varese, Italy. Tommy has a touch-screen face that records patients’ messages and delivers them to doctors.
Kitchen robots might be at hand for the restaurant industry. By making cooking a bit more robotic, you can optimize the processes by making them more cost effective and automated. China picked this trend up and incorporated robots into hospital kitchens and food delivery from restaurants, cafes, and groceries.
Online Grocery and No-Contact Food Delivery
The crisis has brought an insane growth in demand for online grocery shopping and delivery due to undertaken quarantine measures by governments across the world. This way, there is a steady increase in grocery app downloads as more consumers are cooking at home now. Walmart Grocery, Instacart, and Shipt have grown their daily downloads by 218%, 160%, and 124% respectively. At the same time, the demand for food delivery has plunged beyond the experts' forecasts and expectations.
Grocery delivery is not the only sector that is currently thriving. No-contact food delivery has also seized a successful chance. McDonald’s, Starbucks, and many other renowned corporations have broadened contactless delivery services in recent months. Consumers don’t want to have direct contact with couriers. That’s why they prefer their meal bags to be left at doorsteps.
The world needs telehealth more now than ever before! Remote diagnosis, patient monitoring tools, and health virtual care are life-saving solutions to cope with COVID-19. And here are only a few out of numerous innovations that have appeared in recent months.
Software engineers from Cordio Medical are working on the AI system that can analyze speech patterns of patients with COVID-19. This product is supposed to ease the processes of diagnosing and monitoring patients remotely.
Virtual doctor’s visits aren’t a buzzword anymore! Health centers and hospitals are developing virtual services that stand at the front line for patients with COVID-19 symptoms. When coronavirus hit the streets, the US medical centers at Rush University and NYU Langone Health created online counseling services to support patients in all regions of the country.
Tech sector is doing a great job so far. By creating innovative solutions, there is still a hope that the economic crisis and the COVID-19 outbreak will fade away soon. Robotics, online grocery, no-contact food delivery, and telehealth have a new development path at this time. What is important now is to find one-way solutions and opportunities during a global economic recession and COVID-19.
So, why don’t you contact our custom software company in the USA to make your own contribution to fight this economic crisis and the coronavirus disease that affected businesses and people around the globe.