Amid the coronavirus outbreak, global companies have sought help from Indian software firms for scenario planning using simulation to prepare for the impact of the crisis, the Business Standard reported.
Scenario planning is evaluating trends and trying to understand how future scenarios might unfold in order to be prepared.
Manufacturers, retailers, pharmaceutical companies and even public health care agencies have been approaching information technology (IT) companies. Cognizant and Tata Consultancy Services (TCS) are working with pharmaceutical firms, the report said.
Moneycontrol could not independently verify the story.
Frequently Asked Questions
A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.
There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.
Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.
Though scenario planning is typically done by large consultancies such as McKinsey, PwC, KPMG, EY, and Deloitte, smaller Indian IT firms are being approached due to a demand created by the COVID-19 outbreak, Business Standard reported.
"With the COVID-19 crisis, enterprises are increasingly looking at simulation-based modelling through the help of artificial intelligence (AI). It is emerging as a growth area for IT services companies globally," said Pareekh Jain, the founder of Pareekh Consulting, told the publication.
Pharmaceutical companies have sought software firms' assistance in developing digital models for clinical trials, the report said.
Manufacturers and retailers are exploring supply chain management through simulation models, the report said.
“We are currently working with many leading retail and manufacturing brands globally in drawing various simulations for managing their operations with regard to supply chain management, stocking, and demand environment, among others," Sundaresh Shankaran, the president (Industry 4.0) at ITC Infotech, told the paper.
Shankaran added that many e-commerce players have also expressed an interest in such services.Follow our full coverage here.