The Global IT consultant firm Wipro in its latest annual report has hinted that the COVID-19 pandemic is likely to crimp the spending of customers on technology.
This, in turn, is likely to adversely affect the demand for prospective projects that may further lead to ramping down or even cancellation of the existing projects.
The firm predicts that the macroeconomic conditions that have been caused by COVID-19 may result in financial difficulties for its clients. These include limited access to the credit markets and even solvency or bankruptcy.
The IT services provider, however, asserted that it has a strong business continuity plan framework that has enabled it to respond to the global pandemic crisis with agility.
Chairman Rishad Premji added that the changes that will be undertaken by various businesses will be imperative to their existence.
The digital-first strategy of the firm and its thoughtful investments in the fields of digital, cloud technology, engineering, and cybersecurity have become quite relevant in the post COVID-19 business environment that has enabled about 90% of its workforce to work from home has resulted in delivering on various time-critical milestones and processes for its customers.
The firm assured on remaining resolute in its goals of employee safety, business continuity, and that of being a trustworthy partner to its customers.