8 Emerging Business Ideas in IT Enabled Services for the Post COVID World
As the whole world is gearing up for the post-COVID phase, there are several uncertainties that individuals and businesses have to face. Among other factors, the COVID-19 pandemic has regressed the economy in a major way. There is a wariness among entrepreneurs to start anything new in the current situation since they cannot predict success
The silver lining in the dark cloud is the growth of IT-enabled services in spite of the pandemic. Several business persons are pursuing business opportunities in this sector since the chances of them being successful are comparatively more. So, what exactly are these services?
Understanding IT-enabled services
ITES or IT-enabled services can be explained simply as the application of IT in various fields/industries. They comprise back-office services that perform important activities to support the main business that is situated in a different location. Industries such as finance, accounting, insurance, customer-support centres and telecommunications can benefit from these services for managing their establishments in an efficient manner. It adds value to the whole business by implementing IT solutions by offering better customer service.
If you are looking for business ideas in IT-enabled services that are best suited for in the post-COVID world, here are a few examples:
The rise of eCommerce in the past year has been phenomenal owing to people staying at home for the most part. Everything is being bought online and delivered to the buyers’ doorsteps in the stipulated time. This has given rise to a number of businesses going online. It is important for them to have a website that creates a brand and targets the relevant audience. Starting a website design company can prove to be a viable business idea since people have realized the convenience of shopping online and will continue to do so.
Cloud-based technology has taken over IT implementation since the time people have started working from home. Video conferencing and other collaboration tools are being used extensively to get the job done and this aspect of IT-enabled services is sure to be at the forefront for a long time.
With the amount of data that is being stored and processed online, security is a risk. The work-from-home phase is still continuing in many countries and making sure that the information is secure needs to be addressed every step of the way. Cybersecurity as technology plays a significant role in ensuring privacy and prevents data from falling into the wrong hands.
Educational institutions are working from home too. Many of them have implemented a school management system that helps them continue with the learning process, in addition to sustaining themselves with cost-effective online solutions such as fee collection, admission, communication, assignments, etc.
Any website is successful majorly because of the content that it displays. One of the best business opportunities in the post-COVID-19 pandemic phase is content management. A big part of digital marketing, Search Engine Optimized content is the need of the hour and the same can be offered to businesses who are looking for their website to be ranked at the top of global search engines.
Business Process Outsourcing or BPO services is an IT-enabled service in which bigger companies outsource part of their business processes to other countries with the help of third-party vendors. This is done mainly to cut costs and get access to the relevant talent pool for their kind of establishment. Since customer support is an integral part of pursuing ITES, BPO service providers can make the most in the current circumstances. Other processes include finance, accounting, data management, etc.
Also known as Knowledge Process Outsourcing, KPO services rely on SMEs or Subject Matter Experts in varied fields to outsource their expertise via third-party vendors. The parent companies have the advantage of getting skilled professionals at reasonable rates. Analytical skills, data engineering and other technical processes form a major part of these services.
Software-as-a-service or SaaS is a cloud-based software service providing industry. Software companies host apps, data, computing resources, etc, and make them available on a subscription basis. Companies can use them by making the relevant payment. Users are able to access data that is shared on the cloud. All they need is internet connectivity and a browser.
All of the above business opportunities can be considered as viable models for entrepreneurs who wish to create a successful establishment in the post COVID era.