Modern technology has become one of the main drivers of social evolution. It has changed business, government, healthcare, education, religion, and how human beings interact with each other, for better or for worse.
It’s no surprise that technology is the first place we look to for solutions, especially in difficult times. The whole world was ill-prepared for the COVID-19 pandemic, and it has negatively impacted the global economy and, on a smaller scale, many businesses. Many companies, big and small, have had to find alternative ways to keep their businesses afloat, and most turn to technological updates to protect their bottom line.
Here are five technological updates you can take advantage of during this time of pandemic and recession.
Marketing
The internet and social media have been a key transformer in the marketing industry. It has permanently changed the way people consume and purchase. Businesses have had to adjust the way they market themselves, and a lack of online presence has hurt some of the more traditional companies.
The importance of digital marketing has never been more pronounced than in the time of COVID-19. Brick-and-mortar stores have had to market their business on Google and social media.
One way to save your business’ bottom line is by coming up with a solid digital marketing strategy that includes the use of social media, blogs, search engines, and other web platforms. Since the majority of consumers are spending most of their time online due to the intermittent lockdowns, it makes sense to bring your business to them online, instead of them coming to your physical stores.
Telecommuting and Remote Work
Since quarantines and social distancing have become the world’s new normal in 2020, one of the ways businesses have kept on operating is by transitioning to remote work. And since the pandemic might continue until the foreseeable future, we need to come up with a work-from-home setup that works for our teams and employees.
Many video conferencing software have upped their game since the lockdowns started, andthis has made it possible for companies to stay connected and productive while working remotely. Cloud applications and services have also made it possible for companies to keep all their data and information accessible from one place.
Until you can ensure your employees’ health and safety, consider continuing to allow them to work from home, especially for desk jobs.
Financial Technology
Because of social distancing, traditional banking needs to become a thing of the past. Financial technology has allowed consumers to access their financial information and do all their transactions and businesses from the safety and comfort of their homes. Services like mobile banking lessen human interaction and lower the risk of infection.
Some financial technology services you can take advantage of include but are not limited to:
- Filing your taxes online;
- Creating an income stream by selling your products and services through e-commerce;
- Digital bookkeeping that can help you and your accounting department to keep track of your financial transactions and processes;
- Fintech services that provide alternative credit scoring powered by telco data and advanced analytics; and
- Using an online invoicing service.
Keeping your financial transactions digital can be a safe and convenient way to track your business’ monetary growth and progress while adhering to social distancing guidelines.
Customer Service
Moving customer care and service online can be a way for your business to stay up-to-date with your customers’ concerns and feedback. Set up an online help desk or easily accessible social media accounts. Make use of online surveys to get proper feedback from your clients.
Learning and Teamwork
Video conferences will be the main platform for team meetings as long as big group gatherings are discouraged. Make use of video chatting platforms for training and meetings-consider investing in the paid version of these programs to enjoy all of their functions.
Regular online assemblies keep everyone in the loop, encourage learning, and help boost morale, especially during times of quarantine.
Productivity
Team productivity can also be made easy with software and programs like Slack and Calendly. Time-tracking tools, on the other hand, can be useful for mapping out where your team’s time is being spent and encourages accountability and productivity. An efficient e-mail management process can also make it easy for you and your team to stay on top of updates and messages.
The Bottom Line
The pandemic has been hard on many businesses, but there are ways to combat its short and long-term effects. Thanks to technological alternatives, there are ways for us to fight for our bottom line and keep our businesses operational for as long as we can.
