T-TECHNOLOGICAL FACTORS

“T” in the PESTEL framework emphasizes the technology-related opportunities and threats to every business. Discussion on the technological factors that affect because growth is relevant because the staggering number of COVID-19 deaths and its negative implications for global business has necessitated a sudden shift more disruptive technological and scientific solutions[62]. For example, global healthcare organizations are leveraging technological advancement to improve clinical care and telehealth services[63]. Companies in the private and public sectors can also optimize work process and increase competitiveness by exploring the huge benefits of technology in areas such as customer relationship management (CRM) and product/service differentiation. Furthermore, the COVID-19 pandemic significantly accelerated digital transformation in small-, medium- and large-scale businesses all over the world. For example, remote jobs in the Coronavirus era enable many people to juggle home-schooling for their children while effectively handling professional responsibilities amid stay-at-home orders. In additionally to, technology trends such as Artificial Intelligence (AI), robotics, drones, vehicle animation and cloud revolution, webinar platforms (e.g. Zoom, Skype, Google Meet) gained wider acceptance in the business domain because they don’t just limit physical interactions between humans but accelerate speed of communication as well as increase productivity levels[64]. Technology adoption has therefore become a new trend for organizations aiming to adjust business strategies and sustain profits in the post-Coronavirus era.

The United States of America

COVID-19 badly damaged US industrial production. For example, total output in the manufacturing, mining and utility sectors declined in March 2020 and the trend has continued for over a year with very insignificant improvements[65]. This sharp fall presents a huge challenge for the US economy, particularly the manufacturing sector, which offers jobs to more than 12 million workers. The Joe Biden administration is therefore focused on stimulating the manufacturing sector (with tax exemptions, incentives[66], and backward integration policy) because most companies in the main economic sector depend on employees whose jobs cannot be carried out remotely[67].

The United Kingdom

The impact of COVID-19 crisis on the UK technology sector varies by industry subsector; for example, the UK construction industry subsector suffered minimal losses than its past record from the global financial crisis (2007–09) era mainly because of access to government infrastructure stimuli and significant improvement in the e-commerce sector[68]. On the other hand, companies dealing in steel production equipment subsectors, including specialized firms in machine tools and plastics machinery, have experienced a higher negative impact in their businesses. Additionally, industrial production in the car manufacturing subsector experienced a surge in consumer demand,[69] and as R& investments continue to drive innovation in the UK, the prospects for sustainable economic growth are quite high[70].

EU Member States

At the onset of COVID-19 and its remarkably gripping fears across Europe, government and business leaders dialogued on more effective ways to control spread of the deadly virus[71]. Among the emergency response objectives are the need to protect residents and frontline workers, as well as to keep supply chains moving efficiently[72]. But the lockdown across Europe was an isolated solution. Health professionals/administrators required new technologies (including electrification, connectivity, automation and AI) not only to disrupt old trends in the technology sector, which is also riddled by growing environmental concerns, but to transform care delivery and increase access to safe and affordable health care. However, the major challenges were how to satisfy the changing needs of individuals and households, and the emergence of shared mobility as both factors continually alter long-standing demand patterns on technology adoption. Technology-based challenges in the era of COVID-19 (such as the high cost of R&, decline in sales, low profit margins and high tariffs) are therefore affecting the overall ‘ease of business rating’ and economic performance of EU Member States. Thus, global leaders should understand that evolving technologies provide opportunities to optimize internal efficiency and disruptive innovation is a great asset in business management. Then how to add vibrancy to the economy and transform it into investors’ haven becomes a determinant factor for achieving competitiveness. As a matter of urgency, the EU can leverage collaborative leadership efforts and technology diffusion to revitalize its pandemic-ravaged and dwindling economies[73].

Conclusion

The prospects of technological innovations in human civilization are without limits, and the world has seen how technology can help humans and industries to survive crisis periods[74]. For example, remote working has saved numerous jobs and sustained human connection via phone calls, video chats, social media etc. Doctors and other health workers can virtually and safely provide crucial and minor clinical services from their offices and homes through electronic monitoring devices. Teachers and personal trainers are also able to keep students and clients very active across national boundaries [75]. Whistleblowing activities also increased during the COVID-19 pandemic due to provisions for anonymous reporting via emails, telephones and social media platforms These examples show that information and hope in our technologically-enabled world spread faster than the virus no matter its fatality rates and high infectivity. The best health crisis management strategy is to adapt technology according to the changes and/or priority areas[76].

More here: https://academicscores.com/2022/07/26/a-pestel-analysis-of-covid-19/