The pandemic forced many businesses to turn to technology to stay afloat after consumers stayed home to avoid the virus. They went online to connect with their customers who started shopping over the internet for their needs.
Even after the situation improved, technology continued to increase as it was convenient for consumers and businesses. And with the emergence of new variants of the virus, technology will play a major role again in helping businesses remain profitable.
Here’s how technology helped businesses continue operations during the health crisis.
Increasing Use of Remote Workspaces
When the health crisis started, many companies asked their employees to work from home to prevent the spread of the virus. When the situation improved, many businesses started to ask their employees to work in their offices. But others pushed back plans for onsite work due to the resurgence in the cases of the disease.
The situation highlighted the importance of technology since it was necessary for employees to set up workspaces that allowed them to do office work at home. They used devices that allowed secure access to the applications they used at work.
Employees also needed a stable internet connection and software for the remote work arrangements. They used online collaboration tools, including messaging apps, videoconferencing software, and file-sharing tools to work with their colleagues who were also working from home.
Using Cloud Technology for Accounting Services
Businesses also use cloud technology to facilitate the work of their accounting teams. It facilitated collaboration within these teams and ensured good financial reporting in the middle of the pandemic. The technology also allowed employees to access the files they needed even if they were working from home.
Cloud technology also made it unnecessary for accountants to bring the books of account to the office since everything was completed online. Cloud technology also allowed businesses to send invoices to their customers through email. Customers also paid these invoices electronically using the technology. In the same way, businesses can pay the salary of their employees online.
Using cloud technology made it easier for businesses to complete accounting work. It also increased efficiency and productivity among their employees.
Leveraging Mobile Devices for Services
The use of mobile devices increased over the past decade. The introduction of smartphones saw more people using these devices for their everyday tasks. Around 85 percent of US adults own a smartphone, and many of them use it for work and personal transactions.
People use these devices to access their bank accounts, pay bills, and buy groceries. This increased usage of mobile devices prompted businesses to create apps that bring their services to their customers. Supermarkets, financial institutions, and restaurants are among the businesses that have apps that allow their customers to use their services.
The real estate industry also took advantage of the increased use of mobile devices in the market. Real estate agents are using apps to help homeowners sell their properties. These apps can also generate leads for these professionals and connect property owners with homebuyers. It also facilitated communication to increase the chances of closing the deal.
Facilitating Financial Transactions
The authorities highlighted the importance of observing physical distancing to prevent the spread of the virus. Even as financial institutions remained open during the crisis, they also offered digital solutions to keep their clients safe from the virus.
These digital solutions allowed clients to sign up for appointments for their financial transactions. It helped banks to control the number of people entering their premises. Some banks also offered software applications that facilitated transactions even if their clients did not visit them.
Financial advisors also started using videoconferencing software to engage with their clients even if they stayed home. This reduced the need for their clients to go out and visit them in the office.
Securing Business and Client Information
With businesses allowing their employees to work from home, vulnerabilities in remote systems became the target of cybercriminals. The authorities noted an increase in cyberattacks during the pandemic since many businesses had to deploy remote systems rapidly to reduce the effect of the pandemic on their operations. The situation saw increased vulnerabilities in their systems.
Due to this, many businesses had to double down on their efforts to secure their systems. The situation is particularly true in the financial industry. Financial institutions secured remote access systems and protected their systems from email-based attacks. They also enabled multi-factor authentication to prevent unauthorized access to their clients’ accounts.
The pandemic saw increased technology usage after more people opted to use online tools for their transactions with businesses across the country.