Eight out of 10 firms believe Covid-19 impact will be bigger than 2008 slump

More than 80% of the enterprises believe the impact of covid-19 outbreak to be bigger than the 2008 economic downturn and it can reduce up to 15% of the existing consulting services, according to a report by HfS Research.

The report found out while investments are made by organisations to shift to digital and infrastructure for remote work, one-third of the service providers are concerned about the stability of the core technology services business.

Types of new initiatives/investments expected
- 32% Restructuring internal operations
-38% Moving workflow solutions into a remote working environment
- 45% of enterprises recognise they need to invest in IT and operations to support remote, decentralised teams
- 60% of the industry representatives personally feel that this impact will continue for a period between 4-12 months