The COVID-19 pandemic not only shut down various markets, scuppering demand for various products, but also hampered the ability of businesses to work as they did before. That’s why they needed outsourced solutions by data conversion companies more than ever before.
Organizations reinvented the wheel to develop remote working protocols heavily influenced by technology and cloud functioning.
Is Your Business Ready for the Post-COVID Growth?
Companies have managed to get into the groove and have settled with the improvised working protocols. However, the post-COVID world is emerging and there would be new business opportunities opening up. While many of the improvised functioning mechanisms could continue to be efficient in a post-COVID world and improve business efficiency, organizations now need to wake up to the renewed opportunities that come up. Businesses need to be versatile enough to respond quickly to the new opportunities. As much as businesses need to be prepared for a crisis, they also need to be prepared for opportunity.
The Big Growth Is Coming
In fact, Goldman Sachs economists believe that there could be an 8% growth in the US economy this year, while IMF Predicts 6% growth as reported by Fortune.com.
This growth will undoubtedly involve total online deployments and functioning. Experts predict an explosion in digital growth, according to Fortune:
- There will be more digital interactions
- Work-from-home protocols will continue to be followed at an even greater level particularly for businesses not requiring the physical presence of staff for their various tasks (office-based businesses in the services sector)
- Cloud dependency will rise
Businesses at the forefront of this digital technology will stand to gain the most and grab much of that opportunity that rises. With the opportunity though, would rise challenges, particularly in the realm of cybersecurity. Being prepared for the opportunity also involves being prepared for the risks and challenges coming with it.
How Data Can Give Businesses the Edge
One asset that would give businesses the advantage in this digital transition and the sudden influx of projects is data. Even during the pandemic, some companies that were fully digital and had tons of data to process and strategize from, did benefit in terms of growth and earnings. A glowing example is Amazon which, Phixflow reports, saw its earnings jump 37% in 2020. That’s because Amazon had a lot of data by which it could gauge customer behavior and realize what they needed most in such a global crisis.
Data helps you innovate and finetune strategies. The more data you have, the greater is your ability to innovate since you have a lot more to work on. Data helps your business adapt to the changing market conditions.
With data you can move your digital channels forward, particularly in the area of user experience. This can, in turn, give you better returns on your investment by increasing your customer count.
Importance of the Cloud
Any cloud-based infrastructure is built on data, while the latter is also important for identifying security breaches in a situation where the workforce is distributed farther and infrastructures are more complex to deal with remote working. There will also be automated tools that use machine learning for identifying security breaches, suspicious activity, hacking attacks and other dangers.
Most businesses have come to realize the importance of the cloud. It contributes to reducing costs of physical infrastructure and maintaining data warehouses. With the subscription model of cloud services, you only need to pay for the exact resources you used. It’s economical. The cloud also helps in faster implementation of machine learning models.
Clear-cut Benefits of More Data
Organizations having the most data and that are more comprehensive in their digital transformation get to benefit the most.
- They are more responsive and react faster to changes,
- Have a greater understanding of their customers,
- Can modify their strategies accordingly, and
- Aren’t hesitant to launch new products or services to satisfy the changing demands of their customers
The service or product launch lifecycle is faster. The key pillars for modernization and success are cloud technology adaptation, advanced data technologies, and machine learning plus automation that can give businesses the power to deal with any changes, positive or negative, that the post-COVID world could throw at them in the coming years.
As important as the quantity of data is its quality as well. Phixflow reports Gartner research which states that poor quality of data costs the corporate world $15 million each year. That’s where experienced data cleansing companies can help.
Why Outsourcing Solutions Can Lend a Helping Hand
With total digitization, businesses increasingly need technology to manage the various IT services and internal communications. The security challenges are just more widespread than before. That’s why they need the services of advanced and innovative back office outsourcing companies that can offer comprehensive solutions and have experts handling various aspects of day-to-day functioning and strategizing, including security. Your business thrives on data, but it needs experts to manage it.