Business risks aren’t a new phenomenon. Whether you are a small scale organization or a successful enterprise, every leader is expected to take measures, ensure the safety and security of their business. However, the definition of reducing business risk has undergone a significant transformation post the outbreak of coronavirus.
The Increased Importance of Business Tools in COVID Times
Sudden outbreak and the threat of mass exposure to the virus forced people to stay behind their doors. This meant no going to offices, let alone run a business. While initially the business leaders were hopeful of the situation and expected to restore their everyday activities soon, as time passed, it was clear that the virus is here to stay and for long.
Adhering to the above, organizations shifted their work to the virtual environment, paving way for remote work culture. Business continuity was becoming a concern and hence the move. Some were prepared and others were acting fast to adapt to the change. Here arose the need to have modern-day tools and solutions to reduce business risk.
According to CocoSign, many Big Tech businesses remained unaffected in the pandemic as they adopted this culture long back. How? Having the right tool in place will help them work together with their teams and stay connected. Meaning that no matter whether your teams are, they stay connected throughout their work hours.
When it comes to signing documents online, digital signatures tools are the best bet. Employees can easily share the document over collaboration tools and get it signed in a matter of minutes. Want to know more about digital signatures? Check this link.
This article outlines similar common tools used by enterprises across the globe to minimize risk and keep pace with the changing times. Without any delay, let’s see which tools every business leader must adapt to deal with risks.
Top tools to reduce business risk
1. Customer Relationship Management
One of the crucial risks that every business faces or experiences is, losing out on their potential customers. Not being able to serve them in the right instance or failing to meet their expectations often leads to a poor retention rate. One reason for the falling customer interest is the inappropriate use of data. Understanding the needs and wants of the customers helps expedite the delivery process.
Here is where you must have a CRM tool integrated into the lines of business operations. These tools store customer data from all sources, process them, and render insights that might be useful when targeting customers. CRM tools have multiple processes that are automated. This reduces the manpower hours required to do a particular job helping employees focus on other important tasks.
2. Bookkeeping Tools
Another risk that most organizations face today is running out of money. The transactions that a business is part of needs to be recorded, processed, and tracked effectively so as to keep tabs on the financial condition of the organization. Gone are the days when accountants had to do paperwork. With digitization, there are multiple tools available that help do the job faster and better.
Modern-day bookkeeping Tools are equipped with AI-technology that further improves the ability of an organization to manage financial risks. Such tools also raise alerts and notifications when something goes wrong, enabling you to make the most out of them.
3. Marketing Automation
Losing out on the competition is another business risk. It is important for every business to stay updated with the industry trends and act accordingly to market their products/services right. With social media coming into play, marketing has become a lot tougher, and hence, the need for marketing automation tools. These tools are packed with features that accelerate the marketing process, gather customer data, and their responses to further customize the approach and make more deals. Furthermore, it is hard to envision business success in online presence in the modern world without the aid of marketing automation. Businesses can greatly benefit from marketing automation, which can be used for not only customer services but also for organizing all marketing operations. Specifically for businesses with multiple locations, marketing automation solutions like Adplorer are crucial for assisting them in managing multiple marketing campaigns simultaneously.
4. Virtual Workplace Software
As organizations are forced to work remotely, it is important to have the right tools in place to create an environment where everyone in a team can work together. Working remotely challenges the communication capabilities of employees and other members of the organization.
Your chosen virtual workplace tool must allow your teams to share documents, communicate conveniently, and perform other workspace-related operations digitally. Make sure you do not opt for an incomplete solution but a full-fledged workspace tool. It will help your teams overcome distance-related problems while working with their team members.
5. Project Management
Conventional ways of assigning tasks to employees, such as emails and phone conversions, are not very efficient. You may think that such methods will save time for you but the need for discussion, confusion clearing, documentation of all tasks, etc. actually result in high time consumption.
Project and task management tools can save time and effort for your teams here. These tools help professionals work in an organized way. That’s what makes them essential for businesses in avoiding the risk of lowered revenue or inefficient processes.
6. Time Tracking tools
Time tracking is a great way to prevent your employees from time-stealing and keep a track of actual hours a project is worked upon. So, with such tools, not only you can manage your teams, but present the proof of work to your clients.
In the time when ventures are striving to operate with their full efficiency, time tracking tools improve productivity for a business. There are plenty of free and paid solutions that you may opt for time-tracking. Alternatively, you will also find project management tools that have an in-built feature of time-tracking. Businesses may go ahead with any of these 2 options.
It is pretty obvious that the corporate world is gearing towards change. And every business leader must rethink their strategies adopting the right tools in their business operations. So, make sure that you use the right set of tools to make things work efficiently for your business. With our suggested set of business tools, you will be able to overcome the problems and risks that businesses face while working in a remote environment.