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More Resilient Businesses Survive Recessions Better Than Their Peers - Here’s How

Australia may be facing its first recession in 30 years. Although recessions are a natural part of the economic cycle, there are ways for businesses to maximise revenue opportunities as the country emerges from the pandemic. Optimising business opportunities following COVID-19 requires a blend of business resilience and – given a need to review any new investments – an ability to maximise existing business assets. Enabled by new technologies, it’s possible to achieve both business resilience while maximising value from existing assets at the same time.

Nexon Asia Pacific /
Business Applications, Business Solutions

WHAT BUSINESS RESILIENCE MEANS NOW

The rapid pace of change in 2020 has forced businesses to become resilient in ways that weren’t previously imaginable. Organisations that had not previously encouraged remote working found themselves supporting it en masse. Services that were delivered in person were suddenly delivered online. And throughout Australia, businesses found themselves supporting significant increases in customer enquiries.

“We’ve seen two years of digital transformation in two months.” – Satya Nadella, Microsoft CEO

Because of all these sudden changes, business owners found that resilience means adapting and evolving quickly. While these adaptations were undoubtedly scary, they did help businesses find a new sense of strength. In order to increase profitability, businesses now need to become more agile. More importantly, they need to find partners who can help them maximise their existing assets.

HOW TO BETTER LEVERAGE CURRENT ASSETS

As Australian businesses recover, few can afford to make significant fresh investments into new assets, products or services. Resilient businesses see this as an opportunity to instead focus on assets they already have – their existing customer base, their people, and the wealth of data they possess.

1. SUSTAIN YOUR BUSINESS THROUGH GOOD TIMES AND BAD WITH CUSTOMER SERVICE EXCELLENCE

Customer centricity and the attendant focus on customer experience is a habit that resilient companies build and should never be overlooked. Businesses that remain responsive and resilient to changing landscapes through becoming more connected with customers on their journey are setting themselves up for success.

One way to increase customer engagement is by enriching their experience when they interact with your organisation.

By organising and interrogating customer data that organisations hold and bringing this to life through the insight of customer facing teams, businesses are able to define, map, and implement personalised customer experience.

Better customer experience – especially when interfacing with your service teams – leads to better customer interactions, enabling ‘next best action” or upsell opportunities to the existing base.

2. SEAMLESS INTERACTIONS NO MATTER YOUR LOCATION

According to Statista, industries such as finance, property, and business saw up to 49% of employees working from home during COVID-19’s peak. There is now an extensive body of research and recommendations on the best way to engage remote workers.

Many of them come to the same conclusion – accept remote working as a part of your business practice going forward. Then focus on improving employee experience so that they feel included, and there are no barriers to collaboration.

By creating new, more agile, working practices organisations find that their teams become empowered to perform better, foster innovation, and become more productive.

Therefore, there is a need to introduce office-centric communications that are easy to implement. Such communications make collaboration easier, which avoids stalling projects that can boost revenue.

These ensure your critical client and employee data is safe from whichever endpoint it is accessed from.

The net result will be that your team will have the tools and data they need to remain productive and engaged, wherever they are.

3. ORCHESTRATE AND AUTOMATE PROCESSES TO RUN MORE EFFICIENTLY 

Digital transformation was already forcing many organisations to examine whether their processes were fit for purpose. The transition to widespread remote working across multiple teams have further highlighted the need for renewal. The backbone of any new process should be to ensure that teams are able to communicate seamlessly, and securely work together on the same documents

Beyond that, manual tasks and workflows can be automated and shared across teams to reduce replication, paper wastage and enhance collaboration. Intelligence tool can analyse and provide recommendation and insight to drive diverse outcomes.

The net result should be teams working together seamlessly, unencumbered by obsolete and time-intensive processes.

4. MAKE DATA WORK TO EMPOWER RATHER THAN SLOW DOWN DECISION MAKING

Data is one of the biggest assets of a modern-day working world. Unfortunately, more data doesn’t necessarily lead to better informed decisions. Linkages need to be made Orchestration of multiple systems is needed to gain a full picture of customer, partner, product and service level profitability. Once this holistic view is in place Business Intelligence systems can detect patterns and interrelationships to empower decision making.

As an example, next-generation customer relationship management technology, can analyse data derived from customers, partners, suppliers, and manufacturers. Using fine-tuned analysis, it’s possible to improve relationships with and between each group, create new opportunities and drive profitability.

Option A The post-pandemic recession is probably just getting started in Australia and around the world. However, many Australian organisations have people, customer and data assets to leverage to chart a way through the recession and out the other side.

Option B Organisations need to evaluate how they will operate and succeed in a changed world, and that will be challenging if not terminal for some. However, many Australian organisations have people, customer and data assets to leverage to chart a way through any recession and out the other side.

The missing link for many firms will be a partner with the expertise, experience and empathy to understand your challenges. They need the capability to work with your team implementing tools, systems and solutions to maximise the contribution of those assets.

For businesses working towards a more resilient future, Nexon wants to help. To start a conversation or to learn more, reach out today.