With businesses facing a severe blow, thanks to the pandemic, it is now time to take stock of actualities and make the best of it all. The new and revised agenda is staying afloat one way or another. Business continuity will be the primary goal for a majority of Enterprises irrespective of size.
And one of the most effective ways to ensure business continuity is to seriously revisit revenue wastages. What comes as first aid to businesses is often the identification of leakages in revenue. As cliched as this may sound, it is astounding how much companies lose out on annually to revenue leakages.
Studies show that almost 42% of companies experience revenue leakage. That is – almost half the companies in the world unintendedly leave money on the table. And while there is no consensus on the exact percentage of the amount lost due to leakages, it could be anywhere between 2% – 5% of revenue. So as a first-aid measure, it is wise to find the leaks. Fix them in the interest of business continuity.
But aside from the obvious, there are 3 things every enterprise can and must do. They could have a miraculous effect on their business – regardless of the crisis.
Communicate – Effectively, Regularly, and Sincerely
This pandemic has taught us that no matter how technologically forward we – we still long for the human connection. Being forced to physically be away from the people that were part of our ‘erstwhile normal’, has allowed us to embrace the human in us, even more. Being cognizant of this innate need to belong and to be involved in each other’s success can take you places in earning the trust of your employees.
Recognize the fact that this has not been easy for anybody. So communicate effectively, from time-to-time, and not in a way that it seems forced or expected. Be genuine with your updates with your employees. Have them know that every single one of them is crucial to your business at this point in time.
Discuss the way forward, the strategy, the challenges, and have them know that you are working together as a team to overcome the setback that the pandemic has thrown at the business world. Guide them when they need it and ask for assistance when you need it. Keep them motivated and engaged.
This way, the burden of the crisis will weigh less heavily not only on your employees but also on your business, considering that the whole organization will push each other to put their best foot forward.
Become Data-Obsessed like never-before
What you don’t measure, you cannot improve. At a time when the variables far outweigh the constants, it is impossible to survive without data being at the core of your business. Adopt a data-centric mindset if you haven’t already and scale your data-centricity if you have.
The saying “Data is King” is more relevant than ever, now. You could consider a simple example of software digital adoption, to really see the difference that Data can do to your business when leveraged properly.
Enterprises spend millions of dollars annually to keep their employees productive and to help them work more efficiently. However, have you ever wondered how many of those tech solutions really get used? We are talking tens of thousands of employees, in the case of a large enterprise, sitting across different continents, working at different time zones, solving complex problems with the help of a dozen different systems.
Your tech investments can be super successful if even a majority of your workforce uses these software solutions well, to get their intended job done. Sadly, this is still a dream for most enterprises.
It is extremely common for large enterprises to invest in scores of tech solutions without ever questioning the RoI.
And this is why data is king.
When you have the right data at your disposal, you are better equipped to know which investments are paying off, which ones need an intervention to improve adoption and which ones need to go immediately!
This is where a Digital Adoption Platform Solution comes in handy. It helps you understand the typical user behavior for any software and based on your findings you can prompt help content to them from within the DAP. This way, you save tons of dollars annually and innumerable man-hours, considering that your employees will be better equipped to use the software more proficiently.
It isn’t just about having data – it is also about knowing what to do with it and using the data efficiently to move ahead. And in a simple yet powerful manner, a DAP helps you do just that!
Leverage Technology to Empower workforce
With millennials and Gen-Zs contributing to a larger chunk of today’s workforce, becoming a technologically powered organization is increasingly becoming inevitable. When you team the right technology and the right team, the output that is delivered is unparalleled. The kind of automation that is possible today is no joke and the number of automation tools out there is just as astounding!
So, investing in the right tech solutions has multiple benefits than just increased output. It also improves the efficiency of work, motivates employees better, and saves you man-hours which your employees would otherwise be wasted on mundane, repetitive tasks! This is why it’s important to include tech in your employee onboarding as well as training strategies.
You may think twice about investing in technology at a time when everything around you seems to be crumbling. But it is now or ever, the pandemic has revealed to the world that he who is most digitally equipped is the one that is the most future-ready. And crisis or not, being future-ready is of paramount importance in today’s business world because everything is changing so rapidly. The only way you will stay relevant to your customers, employees, and competitors is by cleverly depending on technology as and when you need to.
This is the time to get a head start. Start your Digital Transformation journey now. While you are ensuring business continuity so that nothing can ever shake the foundations of your organization. And the best way to kickstart your business continuity plans, as well as your Digital Transformation journey, is by understanding how well your employees are using the software that you already have in place and how you can improve that adoption to scale from here.
One Area that Needs Desperate Attention
At a time when nobody is sure of what to expect from the next quarter or the next year, clipping out unnecessary expenses seems like the most obvious way for businesses to make sure they stay afloat. And in this bargain, many times, companies invariably do away with employee onboardings & trainings.
And to an extent, dare I say, rightly so.
Traditional Onboarding & Training, no matter the vertical, country, or industry, is expensive. You must make sure your trainer is great. All the infrastructure that goes into these sessions, the man-hours that go wasted. It all ends up costing the organization a LOT of money. And therefore, caning training sessions altogether is bound to give you the assurance that you save a ton of money.
You probably will save a ton of money. Temporarily.
In the long run, though, it will cost you so much more. Because without effective onboarding, your new hires will churn. Well, even before they complete their first month and without training, employee turnover will increase.
One futuristic way to get rid of both these challenges is to digitize your training and onboarding. A DAP helps you seamlessly onboard new employees. Plus, train existing employees, remote or otherwise. In the age of customization, a classroom session will not solve every employee’s needs. A DAP helps you customize and personalize training and onboarding content. This is so that every employee adopts the software to its fullest.
Summing it up…
Business continuity plans involve a lot more than these. But, this is a good starting point. Especially for companies that are clueless as to the first steps towards embracing the next normal.
Unless you truly use and adopt existing technology, you can never fully undergo a thorough Digital Transformation.
Digital Adoption is the bridge between yesterday’s tech investment and using it wisely to define tomorrow’s success.
Divya Bhat works at Apty as the Marketing Generalist & Content Strategist and has years of experience in Customer and Employee Experience. She loves reading about all things Technology and writing about how it can help make lives easier. With her journalistic background and penchant for languages, her curiosity to learn is ever-evolving.