The COVID-19 pandemic in 2023 caused extensive damage to the corporate progress of various enterprises, including those that had already been flourishing. Additionally, consumer behaviour underwent significant shifts, such as remote work, reduced spending on meals, and a hesitancy to shop during busy seasons, exacerbating the problem.
In case your company’s progress has halted, it’s imperative to gain perspective on your customers’ requirements. However, there are technological solutions that could bring benefits to businesses of all sizes, across all industries, irrespective of the current slowdown. Although it might seem counterproductive to invest in new technology during a business downturn, the adage holds true – you have to allocate resources to generate return on investment.
There are various technologies that could boost your business expansion potential. We have shortlisted several options that are widely accepted as extremely advantageous for accelerating corporate growth amidst current circumstances.
Cloud Computing
Transitioning to the cloud provides multiple benefits, such as improved security and effectiveness, and enables remote workers to access resources with ease. These aspects offer greater flexibility in carrying out business operations and lessen the risk of system malfunction and data loss. By employing cloud services, enterprises can dedicate more time towards research and development as well as marketing endeavours, amplifying overall output efficiency.
It’s crucial to acknowledge that there are three primary cloud deployment alternatives – public, private, and hybrid. Public cloud services are generally operated on a pay-per-use pricing model, while private clouds are customized to cater to the unique needs of an individual enterprise. Hybrid clouds enable companies to leverage the advantages of public and private clouds simultaneously.
The subsequent video, created by the prominent cloud service provider AWS, delves deeper into the various benefits of employing a public cloud structure.
Data Analysis
Companies can attain valuable knowledge that may aid their growth by scrutinizing relevant data. For instance, by comprehending changes in customer preferences since the pandemic began, firms could deliver superior-grade products and services. Likewise, by grasping user conduct online, enterprises can enhance the effectiveness of their marketing strategies.
By conducting data analysis of internal processes, such as machinery operation, output levels, and workforce productivity, companies can pinpoint areas that require enhancement and cultivate an environment that fosters sustainable progress and success.
Social Networking Sites
You can expand your business outreach and elevate your chances for success by actively participating in social media. Here are some pointers to bear in mind if you are starting to establish a social media presence, or if you wish to upgrade your existing strategy:
To lure clients, you ought to mingle where they already exist. It has come to notice that the user age group on each social media website differs. For instance, Facebook, which used to cater to the younger audience, is currently primarily utilized by the elderly. On the other hand, the younger generations, such as Generations Y and Z, tend to favour Instagram, Snapchat, and TikTok.
Create independent strategies. By comprehending the different target audiences that each platform serves, you can guarantee that your interactions are customized accordingly. In addition, you must ensure that the content you share is optimized for each platform, such as producing video content specifically for TikTok.
Create a budget that factors in your situation. While it’s advantageous for any business to have their content go viral, this isn’t always the case. To guarantee that your content attains the target audience, it’s advisable to have a flexible advertising budget that can be modified based on the performance of your posts.
Be consistent in your actions. Devise a strategy to ensure periodic updates (without being overly frequent). Assign enough time to create the content you’ve determined to produce and the kind of content you’ll be generating.
Self-Help for Customers
As customers grow more adept in utilizing technological resources, their preference for self-reliant solutions increases. To improve customer contentment, it’s crucial to offer customers with multiple self-help alternatives. Customer experience (CX) is a vital element in determining a company’s triumph and should not be disregarded.
When granting customers autonomy to resolve their queries, frictionless e-commerce, all-inclusive FAQs, facile returns and exchanges, shopper assistance (including product recommendations), and automated scheduling are all alternatives to ponder. Customers value hassle-free curbside pickup, smartphone payment options, and tailored services at brick-and-mortar stores.
Benefits of Remote Work
It’s probable that in the future, employment will witness a rise in flexible working setups, such as remote work options for employees. This has the potential to enhance employee contentment, as well as broadening the pool of qualified job seekers. Moreover, shifting to a virtual workforce can result in cost reductions, with regard to office space. Introducing adaptable work arrangements into a business strategy might be a vital element in attaining success in the future.
The subsequent are instances of beneficial technology for remote work:
- Tools to ease communication
- Devices for video conferencing
- Electronic filing and faxing of papers
- Collaborative problem solving
- Tools for Project Management
- Technology and services for creating an efficient home office for remote workers.
Employ Contemporary Technological Methods
Consider the following to ensure that any novel technology you incorporate supports you in attaining triumph:
Don’t use something merely because it is technologically sophisticated. Confirm that a new solution is custom-built to address a real business requirement before implementing it.
Discover the optimal solution. Collect as much information as possible to ensure that you obtain the best product for your business, presently and in the future.
Involve the staff. Before finalizing any technological solutions, it’s significant to seek input from the end users.
Set clear goals. If a solution is ineffective, it may be necessary to consider an alternative product or strategy. Although learning from mistakes may be expensive, it is often a lucrative investment.
Investing in training is crucial. It is vital to ensure that personnel receive sufficient training to effectively utilize the new tools at their disposal. Therefore, it is advisable to initiate the transition promptly to enable staff to acclimate to the changes at their own speed.
