Storms are being built on the horizon of the US economy, fueling the fear of a recession that could reach the farthest corners of Latin America and the Caribbean. IT services industry experts and executives expect the area to be partially cloudy, despite sounding alarms.
Technical analysts in the region have not denied the risks of the US economy. This will lead to more than two years of economic turmoil caused by the Covid-19 pandemic, supply chain crisis and high global inflation. Nonetheless, they hope that innovation and innovation will ease the blow.
A recession provides a long-term opportunity for companies that are actively prepared to have a system for innovation. Because it’s time to solve problems through innovation. Rajiv Gupta, Head of Nearshoring / Latin America and Mexico Country, said. She is responsible for Tata Consultancy Services (TCS) and participates in the State of IT Globalization: New World Order of Innovation and Impact on the Nexus 2022 panel.
Get your company ready. He added that when there is some turmoil, whether in the form of recession or competition, you will adapt to it as an opportunity rather than a challenge.
TCS Rajeev Gupta (right) talks to NSAM Managing Director Kirk Laughlin (left) about the status of nearshore IT globalization in Nexus 2022.
Technology analyst and economist Anthony Porter added that technology could serve as more than a life jacket for a company in the midst of a storm. Technology innovation and transformation have the potential to give companies a competitive advantage and turn headwinds into strong tailwinds.
Many companies, such as Microsoft, which were built shortly after the recession, commented on Porter in a panel discussion.
Latin America and the Caribbean are already under pressure from global economic turmoil. High inflation, a storm towards the US economy, and uncertainty about the future of the region’s economy have reduced the influx of venture capital funds into the startup ecosystem. Last year, those funds flowed abundantly.
There are many companies like Microsoft that were built shortly after the recession – Anthony Porter
For Latin America and the Caribbean, the last two years have been very difficult, but the crisis has also accelerated digital transformation to unpredictable rates. With the adoption of new technology, the region has become a hotspot for technology investment and innovation. And it is not expected that change will stop. On the contrary, they could continue at an even faster pace as the US economy is under threat of recession.
If you believe that the organization’s overall strategy was traveling at the speed of a pre-pandemic racing car, Gupta said the post-pandemic organization was traveling at the speed of an airplane.
Speed is important, but businesses also need to be keenly aware of where such fast paces are taking them.
It has happened many times over the centuries, and it has happened many times. Technological development has changed its relationship with geography, shrinking the world and making it feel like a widely connected world village.
For companies, this leads to an expansion of the technical talent pool. Today, software programmers, engineers, cybersecurity professionals, and more can get it anywhere in the world as long as their employer can meet their wage demands. Given the situation in the US economy, businesses have greater incentives to look for talent elsewhere.
You need to take advantage of the ever-increasing talents of Nearshoring as long as you provide the value and results-based approach you need – Rajeev Gupta.
This, in Rajeev Gupta’s words, makes businesses location agnostic. Companies don’t care where their workers come from, and country pricing is irrelevant, especially in situations where technology is adopted in a hurry.
Customers should not ask for the price, location of this X, Y, or Z person.I don’t think it’s location-agnostic […] As long as talent is available, they really don’t care if the work comes from India, Eastern Europe, or near shore, Gupta said. Therefore, we need to take advantage of the ever-increasing talents of Nearshoring as long as we provide the value and results-based approach we need.
The topic of change seen in the quest for place-specific talent was discussed in other panels during the nexus. Later that day, experts pointed out that the quality and availability of talent is a major concern for IT companies currently scouting for sites due to a serious shortage of technicians.
Rajeev Gupta (TCS) speaks to the Nexus crowd about technology adoption and digital transformation.Not an office building
The transition to telecommuting has been foretold for several years as the next logical step in employment. Covid-19 was a necessity and obligation for many industries, but now there is no blockade and the US economic situation is pushing companies to cut costs. Especially in the high-tech industry, it makes sense for the majority of workers.
Employees and employers are in conflict all year long over the issue of remote work. While many workers prefer to do most of their work at home, saving time, money and energy, businesses are creative with virtual offices, team integration and usually face-to-face meetings. I think it means to miss the flow of juice. For now, experimenting with hybrid models seems to be a continuing plan.
According to Anthony Porter, there has been a huge backlash against offices and many companies are reassessing their real estate and infrastructure plans. We want to be sensitive to the need for personal interaction, but we are also thinking about the human side. Some people do their best in remote areas, but I would like to encourage them.
At TCS, the future looks almost distant. According to Rajeev Gupta, the company expects less than 25% of its employees to be in the office for more than 25% of the time by 2025.
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