The pandemic has forced many industries to adopt remote measures to observe forced state orders. While the shift certainly made it easier for companies to keep their workers safe and avoid liability issues related to workplace well-being and safety, some companies noticed so many other benefits that they totally shifted online forever.
Below are 4 major guidelines to help make sense of transitioning your business online.
GUIDELINE #1 IMPROVED PRODUCTIVITY
A two-year study examining over 800,000 staff at Fortune 500 corporations notes that some remote workers were just as fruitful while working from home, while others were even more prolific. Of course, to keep their remote working personnel upbeat, companies looked after their mental health with a positive atmosphere and honest management.
GUIDELINE #2 LESSER OPERATIONAL COSTS
Many industries have enjoyed lower operation costs by shifting to a digital-based business model. Expenditures such as rent, utilities, etc., are much less. Some enterprises have raised capital by selling off unnecessary office equipment and supplies. Similarly, personnel has saved on expenses such as transportation, food, and so much more.
GUIDELINE #3 LESS EXCESS
Companies have become logically eco-friendly with not as much paper waste and a smaller carbon footprint by embracing remote working measures. Some businesses also use this to their benefit by marketing themselves as greener.
GUIDELINE #4 SUPERIOR ACCESS
Online companies have greater access to information such as customer demographics, conversion costs, and other key performance indicators (KPIs). Using this wealth of statistics, they can improve profitability.
GUIDELINE #5 GREATER MARKET REACH
Corporations suddenly have access to millions of potential buyers with the right website, mobile app, and targeted social media advertising campaign. The better market reach allows companies to raise revenue and cost-effectiveness with their potentially lower operational costs.
Of course, moving a brick & mortar style trade to the web isn’t a straightforward job. Here are some difficulties of moving your business online:
WARNING #1 HIGHER UPFRONT COSTS
Although there are many benefits to implementing digital technology, the upfront costs of developing a cutting-edge website or mobile app can be very high. Companies must be prepared to make the right investments to take advantage of the shift to the Internet.
WARNING #2 GROWING ONLINE ATTACKS
Cyber security assaults involving viruses, spyware, and ransomware are growing quickly during the pandemic because online offenders find many companies unprepared for online dangers. Using spear-phishing, Trojan horse attacks, and more, modern hackers are breaching network defenses and stealing serious material such as customer information.
These are some of the advantages and disadvantages of shifting your business online. Corporations prepared for the digital transformation are most likely to reap the profits, while the ill-prepared will most likely suffer greatly.