Role of technology in dealing with future business challenges

Not many people aspired to be an entrepreneur a few years back. Setting up a business used to be a daunting responsibility. For example, you typically had to be on a robust financial footing to hire staff and get to manage business operations by yourself. Fortunately enough, that is not the case anymore.

Kickstarting a company is far more manageable today than ever before. If you have an attractive business plan, you can pitch it to a pool of investors online and get funds. To encourage entrepreneurship, government authorities have drafted essential policies that have eased the overall business registration process. In many countries, legal authorities do not take more than 10-15 minutes to certify an organization. That is one reason why the concept of entrepreneurship is gaining traction among the masses.

Role of technology in dealing with future business challenges

However, the success ratio in the business world is still hitting rock bottom. Stats illustrate that a whopping 65 percent of companies come to their knees in the first ten years. The figure sketches a vivid picture that running an organization is not a walk in the park. But, unlike the past, modern-day business owners have high-end technology at their disposal. They can seize on it to confront the future business challenges:

1. Ensuring Better Coordination With Remote Workers

Gone are the days when people would be content with a 9-5 job. As time goes by, more and more employees are tabbing into remote work to obtain a better work-life balance. Following a recent survey, work from home has gained 140 percent growth in the last 15 years. It entails that you will have to subscribe to this trend to get talented individuals on board.
By hiring a remote workforce, you can get away from on-site utility bills that typically sweep away a staggering budget. But managers have reported “lack of coordination” as a common problem while working with remote employees. Guess what? Technology can empower you to do away with the issue.

There are many video conferencing software out there that can streamline communication with remote teams. On top of that, some of them do not even cost a dime. You do not have to call for a meeting every time you want to pass teeny-tiny instructions. Project management applications can perform this responsibility to perfection. Do not assume, hiring IT experts who could provide handy communication software is a tough nut to crack. If you live in Sheffield’s whereabout, you have to type IT services in Sheffield, and you will get unending options.

2. Strengthening Cybersecurity

Maintaining a consistent online presence is instrumental. It jacks up your business in multiple ways. For instance, if you have an official website, customers can gain an in-depth understanding of your products and services anytime. You can also put irresistible landing pages on the website and boost sales. Apart from that, online existence helps you cater to a broad customer base. But the problem is the digital infrastructure is playing in the hands of hackers.

According to a study, cybercriminals attack a computer system every 39 seconds in a tech-centric country like America. If cyber worms somehow manage to steal confidential data, it could potentially put an end to your company. The reason being, a single data breach accounts for the loss of a lucrative 3.86 million dollars. The amount is way more than most businesses could recover and get back on track once again. It is particularly true for small businesses.

Thus, developing a formidable cybersecurity strategy is mandatory. And that is where you can count on the latest technology. IT experts highly recommend businesses implement hardware authentication, behavioral analytics, blockchain, and AI to cover cybersecurity loopholes.

Until recently, the installation of these technologies was extremely cost-ridden. As a result, only giant companies could make the most of them. However, they have become cheaper over time, and now small-scale businesses can afford them as well.

3. Speeding Up Task Completion

Since start-ups are multiplying at an accelerated pace, the business world is witnessing intense competition. If you want to gain a competitive edge over other businesses, you must fast pace your business operations. Again, technology could heavily contribute by automating the following tasks:

• Social media management: People do not use social media only for fun these days. They also go through the business’ social media profiles and keep an eye on their activities. Therefore, social media management has become a key component for any new organization. Technology frees you from frequently going to your Facebook, LinkedIn, or Twitter account to share content with followers. You can schedule posts, and they will be published automatically at a given time.
• Recruitment: Hiring a suitable prospect through conventional practices is very time-consuming. On average, the process could last for as long as 15 to 30 days, not to mention hefty financial costs. On the other hand, technology saves an abundance of time and makes sure you find the best prospect to fill the vacant position.
• Customer support: Poor customer support is a big turn-off for consumers. Statistically speaking, nearly 50 percent of people would switch to another brand after experiencing dull customer service. Well, chatbots have made it easier to provide prompt responses to customer queries. The best thing about them is that they, contrary to human beings, stay active around the clock.
• Lead generation: Many companies still pretty much rely on cold calls to capture leads. But the trend is gradually losing its luster. Websites and social media accounts have started to accumulate leads by offering gated content.

4. Helping With Authentic Market Research

The market research gives you an aerial view of all the factors that influence a business. It includes aspects like shopping patterns, trends, customer needs, and so on. Not staying on top of this information, your marketing campaigns would not be as fruitful. Consequently, all your hard work and money will go down the drain.

Having technology by your side, you can keep track of the market like a pro. Advanced analytics offer up-to-the-minute facts and figures.

The Final Verdict

Business experts are anticipating extreme challenges for entrepreneurs in the foreseeable future. We can already feel their glimpses to some extent, keeping in view the sudden pandemic and its influence on businesses. But if you invest in the right technology, your company can take on any future crises.