4 Things Your Business Needs To Succeed*

*This is a collaborative post*

It has been another stark week of steadily increasing ‘bell curves, confirmed case and death tolls. The repercussions on the global economy likewise become steadily graver. Over the course of the past three to five weeks, in describing the economic impact, we have gone from hearing phrases such as, ‘this will be the biggest recession since the 1980’s’, to this week, ‘this will be the worst recession in a century’. It is a scary time for a multitude of reasons and comments like these help to put into perspective the magnitude of the situation in which we find ourselves. 

On a plus note, some countries are talking about slowly relaxing certain parameters of their lockdowns, with Germany’s PM hopeful that they will be in a position to do so sooner rather than later. Hopefully we will all follow suit in due course, but for now, it’s a case of maintaining the status quo. 

For millions of people around the world, individuals and businesses alike, another threat posed by Covid 19 is financial ruin. But even during times of economic turmoil, there are certain businesses and industries which benefit due to the changes enforced upon our society. 

For some of these businesses the success might be long lasting, for others it will likely die back down once some semblance or ordinary life resumes.

Cloud Computing

Cloud computing has been gaining in popularity for a number of years, however, with more employees than ever being restricted and confined to their homes, more workloads will have to be transferred to the clouds in order to maintain the usual levels of functionality of their respective business.

The coronavirus pandemic is effectively forcing all types of business to buy into the cloud computing and mobility trends, with many organisations undergoing a speedy digital transformation project. Beneficiaries are businesses such as Google Cloud, Microsoft Azzure and Amazon Web Services who are the market leaders but for other companies such Oracle, there will have to be a period of new conversation. This is because they often work with more traditional industries who have perhaps resisted evolution (with regards to cloud computing). 

Therefore, new conversations about enabling the workforce will have to happen. 

It is more than likely that once these businesses make the jump to a cloud-based environment and business model, very few of them will revert back to their original method of operating. This could be a catalyst for even further growth and expansion of the already fast blossoming cloud computing segments.

Data Management Services 

Photo source Pexels

In terms of measures which can be taken by some businesses, especially those which require the collation and interpretation of large data sets at this challenging time. Data management services are something which might be able to help you. I won’t get into the technical nitty-gritty here. In brief, by utilising a software tool/program like Gartner master data management, it will enable you to more efficiently control your business and provide you with clear data which can then be interpreted easily and acted upon in a productive and positive way. 

General Data Protection Regulation legislation over the last 18 months or so has highlighted the significance and importance of data management to the nth degree. If you are unfamiliar with the term, you can familiarise yourself with some of the concepts and terminology here. 

Video Conferencing

Video conferencing has really taken off, and I am quite sure that even the technophobes out there are now aware of Zoom. 6 months ago their stock value was $67.69 per share, now it is priced at $151.56 per share.  A little known company a few months ago has become the ‘go-to’ in the realm of video calls. Zoom is on everyone’s lips. With its current rate of growth it is only a matter of time before it becomes a verb in the English dictionary akin to “tweeting” and “facebooking”. 

We have seen history made in all kinds of ways, and we have seen heads of governments using such platforms in order to hold important meetings with their cabinet members for the first time. Ordinary people are “Zooming”, Skyping and Facetiming, in record numbers. in order to see their loved ones and to communicate and catch up with friends. 

We are lucky to live in an age where this is possible. Just thirty years ago, we’d all be reliant upon phone calls, faxes and writing letters. 

With so many having undergone the aforementioned transfer to digital cloud computing, and in enhancing their remote working capabilities, it seems likely that these methods and systems may well last post pandemic. 

However, remote conferencing will never fully replace the experience of a face to face meeting, whether for business get togethers or meeting friends. Therefore, one would expect there to be a decrease from the current levels of usage once life resumes ‘normality’. 

Cash Isn’t King

Cash is fast becoming a thing of the past, the pandemic has meant that organisations such as Mastercard, Visa and American Express are benefiting on a scale they couldn’t have predicted. Of course there have been long standing trends in this regard, whereby cash is substituted for digital transactions, we have even witnessed the emergence of new crypto currencies such as Bitcoin in recent years. 

The rate of growth in terms of numbers of digital transactions is significant with millions if not billions of us stuck at home. For those who still have an income, but with no pubs, cinemas, restaurants or coffee shops to spend it, millions are shopping online. 

In the face of a global crisis it is interesting to see which industries suddenly see a rapid rise and expansion, particularly now. This current pandemic is historic, it will be written about, talked about and remembered for years to come. It is incredible to see the rise of businesses and of services at this time despite the sheer level of economic hardship and uncertainty which is currently being experienced by the vast majority of us. 

*Contributed by Michael David. *Header photo source Pexels.

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