Navigate Business Impact Of COVID-19 With These Hot Technologies
6 Hot Technologies that Handhold Businesses Amid COVID-19 Impact
The COVID-19 pandemic has had wide-ranging ramifications for several businesses. Forrester predicts that the retail sector will endure a 2.1 trillion-dollar loss in 2020 due to COVID-19. It also said that it will take four years for retailers to experience the growth seen before the pandemic. As COVID-19 continues breathing threats down the neck of businessmen, hot technologies are emerging as a relief to counteract them and lead businesses towards their goals. We will discuss a few of these specific technologies such as cloud, eCommerce, eLearning, automation, virtual collaboration, and contactless services that can help you minimize the effects of COVID-19 on your business.
1. Cloud Adoption During COVID-19
With physical interaction no longer being an acceptable form of communication, organizations and institutions have had to swiftly shift to digital solutions to retain productivity. The domino effect of COVID-19 was seen in various sectors, accelerating the adoption of facilities for seamless remote work. Cloud computing has emerged as an essential technology for critical application and scalability of infrastructure in this regard.
Companies from various sectors are now starting to realize the benefits and value of cloud computing as far-reaching beyond the scenario created by the pandemic. As a result, businesses will have to scale up their digital transformation efforts and invest in cloud resources without delay. If anyone had reservations about investing in cloud computing before this, COVID-19 has proved that its necessity is indisputable.
CCInsights reported that as of 21 April 2020, US and Canadian e-commerce orders have seen a 129% increase.
With restrictions on the number of people that can be gathered in one place, gone are the glory days of shopping malls and brick and mortar stores. COVID-19 has changed shopping behaviors overnight, necessitating brands to adapt and be flexible to meet changing needs.
For example, the Buy Online Pick up In Store (BOPIS) capability has become vital to maintaining sales volume with the restrictions in mind. A good example of this is the mobile phone industry. When foot traffic is curbed, then Mobile Point of Sale programs can be set up to take orders and payment at the same time for business continuity. Membership or Loyalty cards can be now digitalized through mobile applications.
3. Virtual Collaboration
Many developed nations are now stipulating that employees of non-essential businesses work remotely for an indefinite time, making video conferencing vital. Schools, colleges, and universities are also leveraging video conferencing platforms through live or recorded lectures.
This has brought many virtual collaboration solutions to the forefront that facilitate video conferencing, instant messaging, task and calendar management, work collaboration, file sharing, attendance tracking, and so on. A few examples include Zoom, DingTalk, WeChat Work, Zoho Remotely, and so on.
At Fingent, we use InfinCE, a powerful cloud-based enterprise collaboration software that offers support for remote work.
Read Our Case Study: How Fingent enabled a smarter digital workplace solution for Sony Mobile
During this time of crisis, the entire education ecosystem is coming together to ensure that students do not suffer. Educational applications, platforms, and resources offer functionalities across multiple categories such as:
- Resources to provide psycho-social support
- Digital learning management systems
- Digital systems designed for use on basic mobile phones
- Massive open online course platforms
- Self-directed learning content
- Mobile reading applications
- Tools for teachers to create digital learning content
Automation has been helping businesses mitigate disruption by enabling them to stay connected across teams and systems while maintaining customer support in times of uncertainties such as this pandemic.
Robotic Process Automation improves the efficiency and reliability of work outcomes and automates the time-consuming, repetitive tasks that weigh down intelligent workers. The benefits are:
- Digital workers do not need to have the weekend off. They can work 24 hours a day, 24/7 to respond to spikes in business activity.
- They do not have travel restrictions nor are they at the risk of COVID-19 infection or affected by physical office closure.
During the pandemic, companies that have already invested in automation technologies are doing exponentially better than those who did not. It is obvious, that automation can pave the way for a better future.
6. Contactless Services
The coronavirus pandemic has driven a preference for self-service purchasing, boosting contactless services. Consider a few examples available now and upcoming in the future:
- Dining experience: Technology can take care of everything: reserving a table at the restaurant, pre-ordering your food, digital valet services, contactless seating, contactless payment, and online feedback.
- Contactless payment: It lets shoppers integrate their payment information to their loyalty account through an app and then use a QR code for payment through self-checkouts.
- Contactless delivery: This ensures end-to-end hygiene because a customer places an order, makes the payment online, and gets the food delivered without ever coming in contact with the delivery agent.
Grab a Slice of Hot Technology
While the end of the pandemic remains elusive, capturing even a slice of these hot technologies could make a huge difference to businesses. They can even help smaller businesses gain a stronger foothold during this pandemic and into the future. Get in touch with us and help us guide you through this pandemic by implementing the right technology solutions for your business.