Is Technology Becoming The Key To Success In The New Normal?

The COVID-19 pandemic has become a global crisis and engulfed the entire world. The damaging economic impact of lockdown has affected the GDP of South Africa considerably. Low-income groups and small businesses have been struggling to survive, and the recovery process is a long road ahead. However, the adoption of technology has emerged as the only saving grace for businesses in this unprecedented scenario. It has helped them to quickly pivot towards the changing market and consumer behaviour.

Therefore, if you are planning to purchase a business for sale in South Africa, you must leverage the latest technological advancements to stay ahead. The utilisation of modern tools is the best way to come out of recession and start making profits. So here is how technology can become the key to success in the new normal.

Remote Working for Maximum Safety

With most businesses asking their employees to work from home in the current situation, the adoption of free online tools has started soaring. From Skype and Zoom for meetings to using project management and accounting software, they are using every possible digital support system. It has made the process of digitisation much faster as the adoption of technology was lower in South African SMEs. The government is also supporting businesses through relief programs so that they avoid bankruptcy.

These entities are grappling with challenges like declining sales and cash deficits. They have to employ cost-cutting measures and remote working has helped them to achieve their goals. With the staff working from home, they do not need a big office that incurs rent and other outgoings like electricity and water bills. The employees can also save the money spent on travelling to the office every day and utilise the extra time with family. Also, it ensures that everyone is safe as they are staying at home.

E-Commerce Is the Way Forward

The South African online shopping industry took a leap of 40% during the lockdown in 2020, which is way better than the figures of 2019. The growth has been exponential, and the trend will continue as more and more people adopt online shopping in the country. If the pandemic had not struck, many people would have still been using the traditional method of purchasing. However, the contagion forced both businesses and consumers to shift to the digital medium.

It has helped small entities to keep selling their products and services through contactless deliveries. Most of them had to work on developing e-commerce capabilities through payment gateway enabled websites. It has helped in improving the confidence of the buyers in online shopping as it offers extended comfort and ease of transaction.

Skill Development and Growth

The pandemic has made business owners realise the importance of skilled workers who can use the software for higher productivity. It has helped them to accelerate the time-consuming processes and automate a variety of tasks that were eating up energy and resources. Several businesses are encouraging their employees to learn new skills using online courses available on Skillshare, LinkedIn, Udemy and other such websites. Every good leader has to be a great follower and developing capabilities is a part of it.

It has helped them to navigate the choppy waters with the help of knowledge and talent. Consequently, employees have been able to achieve personal goals and are improving their competencies. Many businesses have also created their own apps to help customers effortlessly order from them.

Social Media Marketing

The number of people using social media in South Africa took a giant leap of 19% between 2019 and 2020. Since it is the most convenient and quickest way of connecting with the target audience, it is being leveraged by SMEs to promote their products and services. In August 2020, there were 24100000 Facebook users in the country. Naturally, businesses have understood the rise in popularity of these platforms and are capitalising on them.

Social media has allowed them to engage with their target audience as well as acquire new customers through wider reach. Tools like Hootsuite allow them to schedule monthly calendars for various posts, videos, blogs, etc. It reduces the time spent on promotions and is cheaper than traditional methods of advertising. The marketers can benefit from the fact that these posts are highly targeted and free of cost. Plus, the number of impressions and comments can be reviewed using analytics.

Automation for Higher Efficiency

Besides social media marketing, entrepreneurs can utilise email marketing and customer relationship management systems to gather information about the consumers and utilise it for an improved marketing strategy. Several business processes that were dependent on manual labour are now utilising automation to reduce costs spent on hiring new employees for these tasks. These automation tools help them increase efficiency and make the workflow seamless.

From using automated invoicing and recordkeeping to payroll management, and inventory management, technology is aiding all sorts of business activities. The cloud storage system has added the benefit of securing confidential data on the cloud and doing away with the need for paperwork and manual storage. Automation makes sure that there are no manual errors, and the work is completed on time. Chatbots have emerged as a useful platform for providing customer support and improving satisfaction levels.

Improving Internal and External Communication

The use of technology has helped small businesses to collaborate with their employees. Earlier, arranging face-to-face meetings with the management was a hassle, but online tools have made it easy for anyone to send messages across and conduct video conferencing. The allocation of work has become streamlined, and the project milestones are completed on time without any miscommunication.

Similarly, communication with the suppliers and vendors has become organised through digital tools that help in supply chain management and procurement of raw materials. There is little confusion or chances of delay as the invoicing, tracking and re-ordering is scheduled through the software. It has helped in delivering a satisfying experience to the customers.

Conclusion

Technology has changed our world, and digitisation has made businesses stay afloat in times of crisis. If you own a venture or are planning to buy a business for sale in South Africa, you must utilise the latest technology to become successful.