Survival of the Fittest: a new lifestyle for Tech Companies

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%.

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.

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?

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.

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. The emergence of new technologies creates new challenges, it also opens up new windows of opportunity for partnership.

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.

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.

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.

Along with outsourcing custom software development services Fayrix shares an expertise on big data platform development services, our team has a wide expertise in ai and machine learning projects and even can provide algorithms on creating TensorFlow for Windows. We can help you with different projects, such as computer vision recognition and hr analytics solutions. Teaming up with a reliable IT partner will bring valuable insights and help you make the best business decisions. If you are still not sure which technology you will need in your future project, check Fayrix's technological competencies and choose the best solution that will solve all your business goals.