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Ofer Zvi
Director of Fayrix Israel shares how global pandemic changes hi-tech business.

Survival of the Fittest: a new lifestyle for Tech Companies

Ofer Zvi, Director of Fayrix Israel shares how global pandemic changes hi-tech business.

Over the last few months worldwide markets witnessed rapid and unprecedented changes - offices were closed, flights were canceled, and millions of people were sent to work remotely. Many industries have not experienced such economic turmoil since the Great Depression - the overall decline of the economy is estimated to be between
3% and 6%.
And what has become of the technology companies whose main products are software, online services, and innovative electronics?
According to data from Forrester, growth in the global tech market will slow to 3% in 2020 and 2021, while software spending growth will slow to 4% in the most optimistic case. These are very negative figures.
All processes are being optimized. "Non-essential" people are quitting or being let go, and companies are analyzing the expenditure of every dollar. More than 49% of companies have frozen the recruitment of new people entirely, and more than 42% of them admit that they have already almost exhausted opportunities for optimization.
Incredible growth in remote communications. For example, the total number of uses of Microsoft Teams has grown by more than 1000%. This changes streamline team management processes in an incredible way.
Remote work has become a trend, and its reputation has already changed. 88% of organizations have recommended or required their staff to work remotely, and 75% of them plan to maintain this practice after the pandemic has subsided.

Despite the not-so-catastrophic picture in comparison with other industries, hi-tech market is also waiting for difficult times. Technological world will never be the same again - the last three months have changed it too much.
NEW REALITY
for Tech Companies

In order to remain competitive technology companies have to change. They'll need to quickly adapt to what's the "new normal" for the tech sector. What's changing now?
01. Careful and Accurate Cost Management

Nowadays almost all customers and tech users are having to reduce their budgets. Thus, it's critical to understand that your service or product needs has the best cost/efficiency ratio in terms of everything – labor costs, license expenses, office spaces. That's the fight for every piece of budget in order to become as "financially fit" as it's only possible.
02. Flexible Internal Processes

Tech companies can't afford to stay stuck in their ways. In order to remain competitive, they must instead be as flexible as possible and take advantage of all market opportunities. This places special demands on internal processes - today's high-tech companies must be able to work remotely, use communication and collaboration tools, manage engineers as strictly as needed, and create geographically diverse teams.

In order to achieve this companies require sometimes serious internal restructuring as well as reliable technology partners who can bring the "flexibility gene" to the table.
03. Increased Attention to the Quality of Engineers

Traditionally technology companies place much stock in an engineer's location during the hiring process. For instance, companies from the Bay Area preferred to hire engineers who already lived there. Times have changed. Today it is crucial to employ staff who gives your product or service the best quality even if they don't live nearby.

A kind of "HR globalization" has taken place. Now that companies have learned how to work remotely, they are now focusing on the quality of prospective engineers rather than their location.
04. Speed of Work and Decision-Making
To survive and be successful in the new environment, technology companies must be fast - both in decisions and in execution. Since the pandemic the global world has become faster and more competitive. It is no longer acceptable to take months to plan developments - market is waiting for results tomorrow.
05. Trusted and Transparent Partnerships

The transition to online communication has launched many technological partnerships with renewed vigor. In the post-COVID world everyone has gone online which has opened up opportunities for global partnerships around the world. This applies to all aspects of a technology company - from cloud services and teamwork solutions to outstaffing and managed IT services.
At the same time, there is a growing demand for trust and transparency. This is necessary in order to instill full confidence in the partner and the services it provides.
RESULT
Surprisingly the economic impact of the pandemic, post-quarantine world may result in the emergence of a new type of technology company - one that is much more efficient, faster, and more flexible in adapting to a changing environment.
How Fayrix addresses these challenges?

While working with many hi-tech companies we are not able to stand aside of all these changes. What we're offering now to technology market to overcome all the consequences of pandemic?
Our mainstream solution – dedicated software teams – may help software developing companies become stronger than before, closing every particular item of "new reality" for them.
Costs reduction
Our remote team building service can achieve up to 50% savings in software development budgers.
Rise of quality
We provide our clients with access to the best engineers in Israel, Russia, and Eastern Europe - regions well-known for the quality of their technological developments.
Speed of movement
We provide our customers with access to the largest pool of engineers, which helps technology companies maintain vital speed and remain on the top of the market.
Flexibility
We're working with customers to change their business processes and start working with external teams, making their internal processes ultimately more efficient and flexible.
Ready to adjust to the "new normal" of the tech sector?
We are here to help you.