Tag: Business Technology

The disasters of COVID-19 consists of the repeated lockdowns, ever-changing safety measures and the resulting politico-social repercussions, and, last but not least, the devastating impact on the business world. For every business emerging from 2020 barely hanging on by their fingertips, there’s one that’ll never be seen again.

Even now, as a possible vaccine seems to be emerging, the business world’s recovery is years away. And according to McKinsey & Company, a management consultant, somehow there’s optimism. The company reports most businesses see a bright ahead.

Let’s take a look at four ways business has changed in 2020 and where they’ll probably go in the coming years.

1. The auto industry

The auto industry will end the year with $100 billion going down the tubes. Sales will have dropped near 30%. COVID-19 only hastened disruptions started before the coronavirus. The industry was already struggling with ridesharing, factory automation and autonomous cars.

The industry plans to return to glory. The rise of services based on software subscription and the shift towards online shopping has given all commerce new opportunities. The industry sees how people are paying for unlocking features like self-driving or heated seating. There is still a great interest in buying vehicles. They hope to find ways to drive consumers to sales through smart and integrated tech.

2. The restaurant industry

It might be said no industry was hit like hospitality and especially the restaurant industry. Thousands of eateries have shuttered. And many are wondering how the rest will survive. Only a new long-term economic model can change what happens next.

Restaurateurs have to develop new ways to keep customers. That’s optimizing drive-through and pick-up operations. It’s rethinking pricing and menus. This could include varying discounts, special delivery services and high-margin menu items like desserts, appetizers, sides and beverages.

3. The banking industry

The banks have doubled down to catch up with credit risk, downsizing and less interest in brick-and-mortar. Risk management teams are doing everything to circumvent what the pandemic is changing. Underwriting automation will come full force as small business and retail customers come back. Software will enhance calculating creditworthiness by a margin of 5%–10%. Banks will come out of the pandemic leveraging transactional data to reduce credit-risk losses and to boost monitoring.

4. The education industry

Educational systems have amplified their efforts to meet pandemic challenges. They’ve had to meet issues of not just COVID but inclusion, drop-out rates and inequalities. A study shows 55% of lower-income students are planning to delay graduating due to the coronavirus compared to high-income students.

Both online and remote learning isn’t likely going anywhere after COVID, and education will continue to reconfigure itself virtually and physically. They’ll reimagine the academic calendar, perhaps making instruction a year-round opportunity.

Main takeaway

Digital transformation will be instrumental from educators to innovative leaders and entrepreneurs to the elderly. Industries across the globe will develop and share and inspire and build meaningful connections. We’re leaving 2020 maintaining the connection but we will grow it, initiating a reset across regions and industries.

In today’s world, technology is becoming an increasingly important addition to almost every part of our daily lives. From home life to the workplace environment, the rise of technology has been almost unprecedented, helping to contribute to the modern, technically-savvy world that we currently live in.

Although it is virtually impossible to run a successful business without using technology nowadays, the way in which you harness the benefits that technology can bring, can have a big impact on your business.

From the creative use of new and innovative technologies right through to reliance on tried-and-tested old staples, the way in which you use the technology that is available to you can speak volumes about your business.

For that reason, it is vital that you do your best to incorporate technology into your company, making full use of all the options on offer to you. However, technology has the ability to work to your business’ advantage in far more ways than you might originally think.

Take the office computer set-up for granted, and instead, focus on using technology in some different ways to improve your business in the months to come.

1. Vehicle Fleet Tracking

If you have a fleet of vehicles or trucks as part of your business, it may be worth investing in a vehicle fleet tracking system. These sophisticated systems can help to keep drivers safe as well as help you to keep tabs on individual driver’s location, fuel efficiency and driving habits.

Smart technology like this can help you to keep everything running as smoothly as possible, ensuring your entire fleet is always optimised and working to full capacity.

Not only should this help to increase levels of productivity and efficiency, but it also has the potential to save you money in the long run. This is because they are able to free up time for those who would otherwise spend long hours doing admin tasks like logging and compiling data or planning routes.

When utilised across your fleet, you should easily be able to begin cutting costs and working towards creating a more efficient, effective business strategy.

2. Sophisticated Computer Systems

From a dedicated Customer Relationship Management (CRM) system right through to specialised accounting software, many computer systems and software packages are consistently becoming more and more valuable.

If you don’t have the digital or coding experience necessary to create a bespoke computer solution that caters exactly to your business’ needs, there are still plenty of existing systems out there and available for you to use.

3. Established Online Presence

Nowadays, more and more potential customers are heading online to check out a business before deciding whether or not to use them or buy from them. For this reason, it is important that you not only have an online presence but that this presence is a strong, effective and valuable one.

Make sure that your company website is up and running, looking its best and showcasing the image of your business that you want to portray. In addition, you should also look to incorporate social media as part of your online strategy – this way, you can work to create a consistent approach to branding across the field, as well as encouraging customers to interact directly with you.

If you have been bitten by the technological bug, now is the perfect time to start incorporating the use of some new and exciting technology into your everyday workplace routine.

Of course, every business is different and these are just a handful of ideas – with the ever-changing digital landscape, there are plenty of opportunities to tailor your technology to suit the exact needs of your business!

As a business owner, you’re probably used to be stretched thin and taking on several different tasks at a time. One of your most important assets is your time, and you need to figure out the how your time is used each day to make the most profit.

It’s also essential to look for ways to save time in your daily tasks. The best and most successful business owners use computer technology throughout their company to help increase productivity and save time.

Here are 10 ways your business can save time by incorporating technology into your day.

1. Manage group projects

The first place to help save time and increase effectiveness is in your project management style. Instead of managing a project in person, with various meetings at the office to check on progress, invest in a project management software app, like Asana.

With a project management app, you can take your to-do lists and work with you wherever you go and get more done each day. Your team can stay on top of each important job as the project gets closer to completion.

2. Communicate with the team

Another key to saving time in the workplace is to increase your team’s communication. Instead of relying on email or in-office memos, make sure you can communicate with your key team members via other methods as well.

Try various team text messaging apps that help keep everyone in contact and on track.

3. Track productivity

Business owners are sometimes so busy that they don’t realize that they’re wasting time. You can avoid this common problem by investing in technology to help track your workday and task completion. There are also tools available that help you keep an offline tally of your team’s working hours.

This can help you truly understand where all of your time goes. Eventually, you can identify the time wasters and look for viable solutions to help increase your own productivity.

4. Collaborate on shared documents

Collaboration is another big part of saving time in today’s effective workplace. For teams that may be working on shared documents, there’s no better tool than Google Docs to help your employees share, comment, and work together on the same item.

This eliminates the old-fashioned method of passing around a document in its paper form and making corrections or changes.

5. Schedule simple tasks

Your time can be used much more effectively if you start scheduling simple tasks. If your social media plan has you making routine daily posts across your accounts, you may want to use a scheduling app or software to help with the workload.

Write your posts ahead of time, and set them up to be posted at a specific date or time when needed.

6. Take effective notes

Note taking can also be made more effective if you take advantage of today’s technology offerings. Instead of writing your notes out by hand in a notebook, use your smartphone’s capabilities to take pictures, record videos, or type out important details.

That way, when you need to get something done, your notes are close to you and ready to be reviewed.

7. Automate payroll

Business owners must also pay attention to routine tasks that are part of being the head of a company, like payroll. Today, business owners can take the headaches out of complex processes like running payroll by investing in automated payroll solutions, which calculate, track, and deliver paychecks to your employees.

This can mean that your skills and expertise can be used for other important tasks.

8. Sign documents electronically

New technology has also made it possible to sign your important documents electronically. This helps you avoid the multiple steps that used to be required for signing a document, like printing it out, signing it, mailing it, and waiting for a response.

Today, with companies like DocuSign from business leader Keith Krach, entrepreneurs can get their big deals going with the click of a button.

9. Account for spending

Your company’s accounting procedures can also be dramatically improved with the right brand of business accounting software. You can track your expenses, spending, and payments easily without having to spend hours each week transcribing this information into your bookkeeping accounts.

This also helps you save a huge amount of time at tax time since you can usually load your data right into your tax software seamlessly.

10. Manage files effectively

Finally, with cloud-based file management systems, companies around the world are able to quickly find important files and documents without searching through a disorganized paper filing system.

With a cloud solution, your company can avoid having to manage files across numerous devices and simply house everything important in one place.

You can also solve the problem of the increasing demands for storage space since many cloud solutions allow for large amounts of data to be housed.

Today’s business owner has a lot more to manage if he or she wants to experience ultimate success.

You can achieve this lofty goal if you focus on investing in technology solutions that save your company and yourself valuable time in your day and during the year.

Businesses today have greater communication options and can expand and share information faster and easier than ever before. Charles Phillips Oracle Corporation president from 2003 – 2010 recognizes the importance of technology in intellectual property-driven companies as well as new media, which gives them a greater amount of control over productivity and error reduction.

(more…)