When the Coronavirus pandemic hit, everyone was forced to take a hard look at their business strategies and make the changes needed. With the rise of remote work and online shopping, business and technology are now inextricably connected.
In this article, we discuss why technology should be the core part of your business strategy.
1) EMPLOYEE MANAGEMENT
The majority of HR operations are compliance-driven and time-consuming. Fortunately, with the right tools, HR professionals can automate most of these tasks.
One such example is the frustrating recruitment process. Recruiting tools can perform a wide range of tasks for HR teams, including candidate screening, resume analysis, policy creation, compliance with industry laws and labor codes, and so forth.
HR teams can also use tools for shift scheduling, internal communications, employee recognition, payroll, etc.
2) EMPLOYEE PRODUCTIVITY
Manual and repetitive operations can harm employees’ performance. That is why business automation should be an important aspect of your business strategy.
A perfect example of business process automation is data analytics. Organizations across various industries use AI to analyze massive amounts of data and translate them into valuable insights. Most importantly, it accelerates the data analytics process and reduces the risk of human error.
By simplifying time-consuming and frustrating tasks, you let your employees focus on business operations that require creativity, critical thinking, and an emotional approach. In other words, you let them do what they love. That way, you will boost their satisfaction and retain them in the long run.
3) SIMPLER RESOURCE MANAGEMENT & COST REDUCTION
In the past, companies need to purchase and install on-premise hardware to increase workplace efficiency. They also needed to hire an in-house IT team to maintain their on-site hardware and software.
The evolution of cloud-based business technologies has changed that. Cloud tools are easily scalable, meaning you adapt them to your specific business needs. You can upscale or downscale them according to your company’s growth.
That way, you can allocate your IT budget more strategically and reduce your expenses. Statistics back me up on that. According to Oxford Economics, 80% of businesses that have invested in digital transformation have reported enhanced profits.
Since the outbreak of the Coronavirus pandemic, many teams have shifted to remote work. To facilitate employee communication, employers needed to invest in a wide range of team collaboration tools. Some of them are cloud-based project management tools, video conferencing platforms, IM apps, etc.
These apps are expected to stay in the post-COVID era, too. They facilitate communication, streamline information sharing, and increase accountability for team projects. These tools move everyone in the team forward, helping them stay on top of the most important tasks.
5) CUSTOMER COMMUNICATION
Apart from helping your team members communicate more efficiently, digital technologies also enhance customer communication. Savvy customers are more comfortable with online shopping and customer service. With the right digital technologies, you can mirror the in-person shopping experience and enhance customer satisfaction.
For example, AI technologies, such as chatbots, provide customers with real-time assistance.
Virtual reality applications let consumers upload their photos and virtually try your products before purchasing them online. A perfect example of the use of VR is interior design. Architects and interior designers now use virtual renovation services. These solutions help them bring their ideas to life and help clients visualize how the space will look like upon renovation.
Most importantly, with tools like CRM software, you can significantly enhance customer satisfaction. These tools integrate with a wide range of customer service and marketing tools. They pull customer data from them and create unique profiles for each consumer. That way, customer service reps can have full insight into their customer journeys and personalize their experiences with your business.
6) DATA SECURITY
With the rise of modern cybersecurity solutions, cyber attackers are getting savvier, as well. Therefore, old-fashioned data security technologies that rely solely on firewalls and antivirus programs are no longer enough.
That is where adopting new tech solutions can help. Today, you can use a wide range of sophisticated cybersecurity tools and provide adequate employee training. Your frontline workers will all be familiar with the latest cybersecurity trends and threats. They will receive both the tools and continuous training they need to recognize, report, and minimize such threats.
You need to make sure your cybersecurity solutions align with your business technology. With the rise of remote working solutions, companies should invest in cloud data security solutions and multi-factor authentication.
OVER TO YOU
The COVID-19 pandemic accelerated every segment of the business industry, from online purchases to telemedicine. Remote work has gained momentum and is here to stay. To keep pace with these challenges, you should put technology in your business strategy.
By implementing the technology solutions mentioned above into your business strategy, you will eliminate siloes between your team, improve the overall performance, and enhance customer satisfaction. Those are the pillars for faster business growth.