Common Businesses Challenges 2020
When we are about to start our business, we are not ready to accept any challenges. In last three-four months most of the businesses converted to online platform due to Global pandemic. Though in this year 2020 technologies and businesses sloped to downwards, but still them providing useful solutions and ideas.
1. Ensuring Data Security and Protection
According to Statista, just last year, there were 1,473 data breaches in the U.S over 164.68 million sensitive records. Additionally, the World Economic Forum cites “data fraud/theft” and “cyberattacks” as two of the top 10 likely risks hamper our lives. So, for emphasizing digital transformation data security and protection should increase.
2. Adopting Efficiency and Automation
For increasing efficiency most of the businesses adopted automation technology and sensor. By doing this it is expected that the organisation will decrease 30% of operational cost in the year of 2024. It is predicted that the robotic process automation (RPA) global market will be worth $7.7 billion in 2020 and $12 billion in 2023.
3. Embracing Change, Innovation and Digital Transformation
Don’t forget failure in the light of success. If companies are constantly involve in a reactive or defensive mode, digital transformation will be difficult to implement. It should be handled in very careful way that it can catalyses the innovation.
4. Customer Acquisition and Retention
For all the start-up businesses and enterprises customer plays an important role. So that the companies should find the every way to keep touch with them.
5. Combating the Economic Effects of COVID-19
COVID-19 pandemic gives the highest challenges to the companies. But they have to adopt the following changes-
Rethink their business models
Adapt to dramatic changes in consumer behavior
Alter their advertisement and communication strategies
Adjust to remote work or adhere to social distancing measures
Navigate timeline uncertainty and
Prepare for and adjust to an economic recession
6. Combatting Common Business Challenges in 2020
Most of the small companies are joined with large companies to face the challenges. With the help of new technology and tools they can adjust any climate.
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