9 Practical Examples of How IT Is Helping Businesses During Recession

During this COVID-19 slouch, many businesses have started facing financial difficulties that are stymieing the world’s economy. They are unwillingly revisiting the strategies concerning how they will operate and manage the business.

Windfalls of IT Solution

• Limiting IT Costs

Fixed IT consulting costs are converted into flexible IT costs. This provides businesses with the freedom of preparing a budget according to IT needs. It enables pay-per-use solutions, though you can also pay them on an hourly basis.

• Lowered Labor Expense

Unless your business deals with IT core services, there is no significant benefit of bearing the expenses of professionals for IT solutions. You will also need to conduct training programs to ensure the efficiency of the recruits. Most of the new employees need time to understand the processes; so you will need to station a few permanent employees.

• Trained and Experienced Professionals

Most service providers recruit professionals who have valid certification and experience. These IT experts have been dealing with the industry for a long time to vouch for their field of expertise. They are reliable and offer advisory services to augment productivity.

• Quick Implementation

A business can face various types of IT issues. It is only possible for a trained expert to deal with every kind of IT troubles. It takes a lot of time and investment to hire a professional IT employee with a valid educational degree and experience. With such a service provider, you don’t need to worry about recruiting the right professional, managing the crew, bearing high overhead costs for your project.

Reputed service providers appoint employees who have an in-depth understanding of ongoing technological trends. The teams are trained professionals to deliver expert solutions.

• Reduce Risk Factors

Core IT service providers are fully aware of the risk factors in their domain. So it is better to leave the security and compliance problems with them. They are capable of detecting fraudulent or unauthorized sign-ups to protect your data from exploitation.

9 Practical Examples How IT Helps Businesses During Recession

1. Cybersecurity

Data exploitation is one of the major concerns as cyber-crime is rising with every passing day. Businesses need new IT technologies to help them scale and keep up with the fast-racing marketplace.

Small businesses always compromise their security and are vulnerable to cyber extortion. In this pandemic, situation cybercrime has increased by 600%. So, businesses that lack effective safety measures are going to witness a huge downfall. Being a victim of cyber threats will also result in losing the trust of your stakeholders, consumers, and retailers.

2. Online Shopping

To fight back the COVID-19 virus, social distancing is of utmost importance. Many countries imposed complete lockdown. In this crucial time, technology has enabled online shopping, something that not only benefits businesses but also the consumers. Contactless shopping offers consumers to proceed with digital payment and doorstep delivery. Retail e-commerce sales globally account for 3.53 trillion US dollars.

3. E-commerce

E-commerce solutions offer to consolidate management of all the received orders and also manages digital and physical mortar stores. This technology regulates the order by directing them to the nearest store for fast shipping. The innovative solution provides customer satisfaction with minimal effort. Automated updates of stock help businesses to stack up against their storehouses so that consumers never return without purchasing.

4. Omnichannel for Traders

SAP solutions ensure that traders have multiple channel presence across all levels. It means they can go beyond virtual and physical stores to online browsing, online market stations, social media, and every channel that is operated on the internet.

This assists retailers to manage their processes efficiently while enabling customer engagement across several sales channels.

5. Online Payments

Most of the small scale Businesses have limited resources and cannot afford expensive automated machines related to cash transactions. They can use technology for digital payments for in-store purchases. Now, you can even receive payments with a tap of a credit card or debit card.

6. Chatbots

Machine learning chatbots copy human interaction and deliver solutions to written or spoken queries. Chatbots offer 24×7 customer assistance for a better user experience. It ensures that the client’s purchase journey stats on the right track.

7. Self-checkout Operation

Securing cash handling devices and automatic self-service checkouts is one of the best solutions. Initially, it was utilized for security reasons and to reduce costs. It is now proven beneficial in restricting employees’ contact with cash that is touched by numerous people. It also protects employees from getting infected.

8. Virtual Trial Areas

The magic mirror is one such technology that helps consumers see how they would look in different apparel by reacting to their voice over commands and hand gestures. This makes it easier for consumers to make a decision and promotes the UX too.

9. Robotic Logistics

COVID-19 pandemic has affected people worldwide. As millions of people were under sick leaves, the need for workers has witnessed a sudden surge. With robotics, these issues can be handled well as it is widely used and is very affordable. Robot workers do not demand retirement benefits or additional charges in return of the work.

Conclusion

IT solutions dominate innovation to help businesses’ run smoothly and make improvements to keep your enterprises recession-free. IT consulting allows businesses to redesign their IT infrastructure in order to meet clients’ expectations. It also helps in automating processes with data seized at the right time to provide insights and align the processes accordingly.