People, Process, Technology

– the last piece of the puzzle

The global pandemic sweeping the planet has made many businesses realise that they have too many people, too much process, and not enough technology.

For the tech sector, there are emerging opportunities within the threats presented by the on-going socioeconomic crisis. 

The advances in technology were accelerating long before the coronavirus gripped the people of the world, and the resultant lockdowns have further increased our reliance on technology. 

Savvy business owners and entrepreneurs understand that whilst the market is highly-competitive, it is also ever-changing, and “unprecedented” scenarios such as the time we are living in offer gaps in the market in desperate need of filling. 

The result is a global tech renaissance that we should all be thrilled about, eventually.

13 July 2020   \\ Technology                                  Author: Alexander Boast

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This isn’t about keeping up with your competitors, it’s about surpassing them by stealing market share, pivoting if needed and doing the right thing for your stakeholders, whether they’re staff, partners or customers. 

Take paperless payments, for example – they’re more sought-after than ever. Technology such as this allows you to protect revenue, reduce overheads and run in a lean and agile manner, all you need is the technology to do it. 

Covid19 has impacted the tech industry, for example, by enabling it to support a whole host of other industries with tech-enabled benefits such as:

  • Smart buildings & offices 
  • Self-service checkouts 
  • Click and collect
  • Pre-ordering your coffee

And many more. 

On staying competitive – oxymoronically, some of the largest businesses in the world are the hardest hit because of both coronavirus and tech issues. Think of British Airways, who suffered enormously from IT-outages long before the pandemic struck. Just because a large firm has money in the bank does not mean it is safe from poor, outdated infrastructure and lack of technological innovation.

Adapt to thrive – as mentioned in our previous blog fashion brands are pivoting away from the traditional wholesale retail model to allow manufacturers to directly own their relationship with their customers through building communities via websites and mobile apps.

Innovate to win – we’ll explore in a future blog the potential of the Decentralised Finance (DeFi) movement in solving problems through the blockchain, something which more and more established and traditional organisations are embracing. 

Ultimately, our belief is that whilst the world has certainly become a more negative place due to the current difficulties it is experiencing, it doesn’t have to be all doom and gloom for business, and that the most trying times represent opportunities to demonstrate innovation and more importantly, courage. 

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