Analysis of the commercial performance of the IT industry in Greece during crisis

Abstract

This paper attempts to evaluate the performance of the IT industry in Greece in the period from 2010 to 2015 based on commercial criteria. This period was extremely difficult for the country with financial depression that led to irrevocable credibility, trust and reliability problems. Recognising the importance that ICT can have to the economy of a whole country, it was decided to analyse the impact the financial crisis can have to the commercial performance of this important industry. The analysis was carried out for the 16 listed companies in the Athens Stock Exchange (ASE) and included a strategic evaluation of the macro and micro business environment and the determination of commercial performance based on both the reported financial results of the companies and the views of experienced practitioners of the industry. The analysis performed revealed that the IT industry experienced crisis in all sectors (hardware, software and services) but despite the unfavourable conditions and the general negative climate, it has demonstrated remarkable resilience. The companies that survived during the crisis period learned from the problematic practices of the past, improved their operating business models, focused on more profitable initiatives and demonstrated extroversion, leading to an optimistic forecast for the future performance of the sector.