The COVID-19 outbreak has triggered the worldwide healthcare emergency and disrupted the global economy, which posed a threat to small businesses’ survival. Small and medium-sized enterprises are struggling due to the burden of interest payment, loan repayment, and high taxation. Some businesses are facing challenges to continue the business, while others have collapsed already under the economic slowdown’s crippling weight. The crisis has caused disruptions for several SMEs and fundamentally changed the way they do business now and in the future.
Top 4 Ways in which SMEs are Recovering from the Pandemic, According to Adam Veron
Below are the top 4 ways in which small and medium-sized enterprises are recovering from the ongoing pandemic,
- Tracking Solutions are a Savior-A good number of businesses have employed tracking solutions to assist their esteemed customers better. For instance, grocery stores have started to offer online order and delivery services. They are some that also offer free checkout solutions. Following the implementation of physical distancing trends, the demand for contactless solutions has gone up. As a result, most online businesses are offering online order and delivery services. This is helping them to recover from the losses due to the crisis.
- Video Platforms are a Respite-With the government-imposed lockdowns and the social distancing trends, most companies have allowed their employees to work from home. So, employees are making the most of video platforms such as Zoom for external and internal meetings. Besides, the shift to a mobile team has enabled SMEs to put in place technology and policies to run their teams fully remotely. Remote teams offer companies the flexibility that they need and also reduce overhead.
- Analytics is the Driving Force-Though big data is paramount, yet there is more focus on analytics, says Adam Veron. Businesses are making the most of analytics for a plethora of reasons, such as spot prospective problems in supply lines, change forecasting models, and improve modeling techniques. Analytics can help to reduce excess inventory and understand supply needs better. With analytics, it is possible to discover other supply sources or even work out logistics, especially with suppliers for timely delivery of goods. In short, such data sets have turned into a vital component of business operations in the fast-changing post-pandemic business world environment.
- Count on Artificial Intelligence-Artificial intelligence is a major technology that SMEs are counting on to recover from the crisis. This technology has assisted businesses and researchers to have a good understanding of the virus, respond to it, and also slow it. Big data and AI from the perspective of a business can assist businesses in ways untold, such as offering insight into how enterprises have to scale and adjust operations, efficiently apply data practices, track KPI (key performance indicators), and help with the day-to-day decision making.
During this unprecedented time, technology has played a pivotal role in helping small and medium-sized enterprises weather the crisis and also revive the SMEs. Technology is offering small businesses the opportunities and resources to adapt to this new normal.