Ever since the situation of COVID began, people have been talking about how and what the new normal would be. Organizations stand affected no matter which industry they belong to. The pandemic has impacted real lives as well as the industries. For example, demand forecasting now stands shattered. So, what is the new normal and how is the post-pandemic world going to change businesses?
Finding a New Way
Organizations irrespective of their industries have to come up with new ways to make the most of their business idea. Surely, the losses in the past year have been many, but to sustain themselves there has to be a way out of this. The first step as experts suggest is embracing the digital.
If organizations have to really sustain themselves in the world today, they have to move beyond the barriers of physical. The idea is simple, with people configuring themselves to their homes, it becomes quintessential to reach out to them through other ways. And digital is the only way that can help you do so. Therefore, organizations have to embrace the digital wave and establish their presence on as many channels as possible.
Social media, private websites, marketplaces are a few platforms, to begin with. Social media becomes one of the strongest platforms for businesses to be at right now. They can capitalize on the point that customers are there no matter what. Every single day the number of social media users is only increasing. Therefore, it becomes important to capitalize on the opportunity.
In other words, think about it this way. If you find 10 of your customers standing in a particular region of your physical store, where would you send your salesperson? The answer is simple: you will obviously send them to that region of the store, to ask the customers about the whereabouts.
Similarly, when everything in the world is telling you that your customer is on social media, you must go out and be with them there. If your business involves selling physical products, you can create a profile on the Facebook marketplace. Similarly, in other cases, you can simply create a page as the face of the brand.
Many companies create a dedicated support help page for their customers. This means customers can reach out to the business in real-time through chat and WhatsApp options and get instant answers to their pressing queries.
This is just one way to go about it. While this provides immense satisfaction in your customers, it also keeps you active in their eyes. In other words, you can do so much more with the data that you receive from all these sources. Right from analyzing customer behavior to understanding how tiger demands are being affected due to COVID, there are a lot of possibilities to be explored in this area.
The point with engaging customers digitally is that businesses still have to invest some amount of money and resources. After all, things will not just happen on their own. And more to this, there is no guarantee that the customer will make a purchase because honestly, everyone is going through a financial crunch right now.
Businesses on the other hand have an altogether different goal involved at this point in time as well. They want to minimize their costs. Financial risks are already clouding them and with the demand forecasting failing due to COVID, the only way that companies can save costs is the cost takeout option.
Even as they engage on digital platforms, most of their systems are not capable enough to handle all the digital interactions. As a result of which they have to upgrade their devices. Research suggests that in this conundrum, companies are witnessing a decline in their ICT technologies. Companies are relying on their legacy systems for most of the jobs and similarly, hardware spends have also gone down.
But, since the inefficiencies of companies took over, customer satisfaction declined. Because honestly, the customers don’t care about what you’re going through. They want the best in class experience no matter what. And when as a business your motto is to cut costs and save on hardware investments there hardly seems to be a way out.
However, there is a solution to all these. Cloud technologies are already becoming the talk of the town. Organizations are presented with more agile and rapid options where they can modernize their legacy datasets no matter what. This can help them reduce their hardware costs but still be able to provide customers with a cutthroat experience.
Cloud technology such as cloud data warehousing services replaces the need for an on-premise system entirely. They have a separate allocation of space for storing data as well as performing computations. Moreover, they help in maximizing the resources of the brand while at the same time providing a flexible method of payment options.
So, let’s say that your business is not going well, so you can choose to only occupy a certain portion of the cloud. And the companies will pay you accordingly. Similarly, if you want to preserve all your code and reports without rewriting them, the cloud is the go-to place after all.
Since many organizations are already handing on the tightrope due to cost constraints and a decrease in demands, it is wise to move to an all-encompassing solution, which is the cloud.