Global business courses guide its business students on how socio-political spurs and top-level decisions affect both established enterprises and young startups. Most of its teachings revolve around macroeconomics and making informed business decisions. However, relying on trades and judging the business climate from a strategic platform seems to be insufficient.
Even with the above knowledge, entrepreneurs failed to see the COVID-19 pandemic’s prolonged effects and overlooked how tech could have saved their businesses if they only gave it enough attention. This global concern served a clear view of what different industries need to make their institutions disaster-proof. It is no longer surprising to realize that innovative tech is the only thing that will provide the cushion necessary for a business to survive this onslaught and even something that is more detrimental.
Here are some of the tech lessons from the COVID-19 experience that would help you become a better entrepreneur.
Do Not Ignore Intelligent Automation
Businesses unaware of robotic process automation had to rely on their traditional processes, which heavily depend on human resources and are oftentimes not cost-effective. When the lockdowns took place, and people couldn’t go to their jobs, these companies had no choice but to work on a skeletal force. With operations not running at their full capacity, monthly revenues are at an all-time low, while the cost remains high.
With a considerable percentage of jobs having immense automation potential, business owners should examine how robotic process automation could redefine their workforce. Doing so would help their organization thrive in the midst of a disaster.
Invest On Remote Software Tools
Contact centers and other businesses operating from a physical headquarters somewhere in the heart of a crowded city had a chaotic transition to home-based work. This unfortunate series of events emanated from a weak contingency model, particularly on not having the right set of tools.
A company providing essential services and handling huge customer account databases must have a seamless backup plan comprising top-notch remote tools for management, tracking, and information security. Not spending on these vital elements means a company’s death from the onset of an industrial mishap brought by the COVID-19 pandemic.
Train The Workforce To Embrace Innovative Technology
At this age, corporations and small businesses have late tech adopters as a part of their team. Their inability to adjust quickly with innovation could spell trouble for the entire organization. This event has been happening around long before the pandemic. But a group of people sitting on their desks with untouched work due to the fear brought by new technology during a pandemic is far worse than closing your business entirely.
The right time to train people to be flexible and open to new knowledge and tools is every day. If you aim to avoid any upcoming events from making a dent in your revenue, the best day to prepare the workforce is now. It will also make a wide difference if you’ve had everyone accustomed to these changes from the get-go.
Spending On Tools With Overlapping Features
While preparation means investment, it does not imply an unwise custom when purchasing tools and services for your business operations. Apart from considering the gain in both the short and long term, you also need to check other tools to see if they provide the same features, making this new purchase unnecessary.
The pandemic has taught many business owners that every resource counts. Loan renewals and unpaid debts become prevalent. The slightest mistake in the budget and spending on things you don’t need feels like a crime that will haunt you for a long time.
Do Not Undermine Small Sources Of Income
In an era where every centcounts, you couldn’t help but look back on the small opportunities you missed. From a low-budget client you rejected to tech investment breaks you ignored; they will flashback in your thoughts like a quick slideshow reminding you of the path not taken.
While you shouldn’t say yes to every chance, some small income sources like the starting amount you earn from Google AdSense and affiliate efforts may grow over time. If you quickly let go of these opportunities without studying them, maybe it’s now high time to understand how they work and consider them to be your extra dough makers on the side.
Business owners may feel regret over things they should have done. However, the experience everyone acquired through the duration of the pandemic and the lessons should give you enough boost and resilience in the future. It is also worth noting that technology plays an enormous role in saving the lives of many businesses and people who depend their lives on it. As such, a company owner should consider rethinking their organization and apply changes based on these tech lessons they have learned.