Technology plays a significant role in adapting businesses to the challenges they faced during the pandemic. Resilient systems have helped in the survival of certain companies over their competitors because of their ability to adapt. As a result, more employees are working from home; and business owners are willing to invest in different ways to stay afloat. They cut costs to find extra funding for technology-based upgrades to their strategy, hoping that a forward-thinking outlook on the pandemic could push the enterprise toward the future.
There may be limitations on what the business can improve upon. Capital and the company’s stake in its market fuel these strategies. For example, suppose you own a book store in the middle of the pandemic. How can you adapt? Can people still be interested in books or have digital versions of the literature taken over the market?
Every company will be entitled to its version of improving its campaigns to increase its turnover. The pandemic did not bring about extremely novel challenges for businesses that have been around for a long time. Businesses adapted and prepared for the unexpected or faced the end of their enterprise through the years. But as with the changing times, here are three standard upgrades that companies have included in their strategy to overcome the losses caused by the COVID-19 pandemic—or any unforeseen event, for that matter:
1. Delivery Services
Due to strict lockdowns and limitations on the movement of individuals, business owners bargained for the ability to deliver their goods and services to their patrons. Even though not every company offered an essential product or service, they were still permitted to operate door-to-door to cater to their customers. After all, when people purchased fewer products and services, the economy’s growth crashed in more ways than one.
Delivery services require companies to either partner with an existing logistic enterprise or to develop their means of providing door-to-door goods and services. It depends on the ability of the business to purchase their own fleet of vehicles and hire new staff to deliver their products. Training is also crucial and a potential increase in pay or healthcare coverage. These factors help accommodate for the risks involved in driving and being exposed to their customers.
2. Digital Platforms
Before the pandemic, physical stores struggled to compete with the convenience of online shops that allowed customers to browse prices and options from the comfort of their homes. The absence of foot traffic brought about by stringent lockdowns can be detrimental to a physical store’s survival. So, adapting to a more convenient platform, such as social media and shopping websites, is an important strategy to keep businesses afloat.
As a result, companies are struggling to grab the attention of their customers online. Entrepreneurs have to learn search engine optimization and social media platforms’ nuances to improve their online brand presence. You might notice interstitials before every video or news article you want to watch or read online. At the same time, there are also banners on certain parts of the webpage you are trying to access. This type of advertising is essential for businesses to establish their brand presence.
3. Business Resilience
Businesses must be resilient in the face of disruption, regardless of whether it occurs externally or internally. The ability to identify change and make fast decisions is critical to securing a prosperous future for any organization—and perhaps even its existence. A proactive approach to resiliency will help organizations head off issues before they become problematic and ensure that planning and execution are in sync.
Business resilience also means preparing the company’s infrastructure to ensure survivability in many unforeseen events. Systems like a modular uninterrupted power supply (UPS) can provide backup power to keep a business operational during outages. A company’s IT infrastructure must also be robust and resilient enough to deal with everything from an electrical outage, natural disaster, and user error. Ensuring that you back up and thoroughly label your data means your IT team can quickly restore your data when necessary. This factor is another critical aspect of business resiliency.
4. Data Security
Protecting sensitive information like transactions and details about your clients is essential, especially when a lot of the data is transferred from remote locations. Therefore, data security is one of the upgrades that business owners should prioritize to reduce the risk of loss or leaks. This can also increase the confidence of their customers, possibly encouraging more transactions to occur between the two parties.
Data security is a major concern of the 21st century. Its relevance in today’s society will require companies to find ways of resolving privacy concerns and protecting their client’s data. This way, businesses can avoid lawsuits or bad public relations in case of a hacking incident. They will be able to assure their customers that they are proactive in seeking answers to these issues.
Any stimulus for a change in business strategies will test the ability of the entrepreneur to resolve and overcome the obstacle. It is also a catalyst for improving the company, reducing complacency, and encouraging a more consumer-led market rather than one dictated by large corporations. Identifying relevant technologies that can be adapted to a particular kind of scheme can set an entrepreneur apart from their competitors and possibly push their idea into the future.