The COVID-19 pandemic has hit the global economy hard, and Australia is no exception. The country is currently in recession, with the economy contracting by 7% in the June quarter of 2020. In these tough times, businesses are looking for ways to stay afloat and even thrive.

One way to do so is by leveraging technology innovation. Technology can help businesses adapt to the changing landscape, cut costs, and improve operational efficiency. In this article, we will look at how technology can help businesses during an economic recession in Australia.

Remote work capabilities for wider talent acquisition and retention

Remote work is not new – it’s been around for many years. The difference today is that technology has made remote work possible and easy for a much wider range of roles. Tools like video conferencing, cloud storage, and collaboration software make it easy for businesses to work remotely.

Remote work has many advantages for businesses in a recession. It reduces overhead costs, such as rent and utilities, and allows businesses to access a wider pool of talent. Businesses can hire workers from anywhere in the world, reducing labour costs and increasing productivity.

Automation for more rewarding, more cost-efficient, and more productive work

Automation can help businesses cut costs and streamline operations. Automation can take care of repetitive and manual tasks, such as data entry, customer service, and accounting. This frees up employees to focus on more important tasks that require human input.

Automation can also reduce errors and improve efficiency. It eliminates the need for manual data entry, reducing the risk of errors. Automation can also speed up processes, making them more efficient and reducing the time required to complete tasks.

Sell to everyone, everywhere through e-commerce

The pandemic has accelerated the shift towards e-commerce. When physical stores closed, online shopping has become the primary way for consumers to shop – and this shift has been made more permanent and preferable for consumers. In Australia, 82% of all Aussie households made an online purchase, and online shopping sales hit $63.8 billion!

E-commerce has many advantages for businesses. It allows businesses to reach a wider audience and reduce costs. There is no need for rent, utilities, or staff for a physical store. E-commerce also allows businesses to scale up quickly and easily.

Reach a wider audience affordably and sell more with digital marketing

Digital marketing allows businesses to reach their target audience through social media, email marketing, and search engine optimization. Digital marketing is more cost-effective than traditional marketing and allows businesses to track their return on investment more accurately.

For example, you can target your ads to specific audiences based on demographics, interests, behaviour patterns, and more, leading to higher conversion rates and lower costs. It also empowers businesses with real-time data that can help you make informed decisions about campaigns, progress, analyse customer behaviour, and adjust strategies accordingly.

Cloud computing empowers business productivity – work anywhere, anytime

Cloud computing is a technology that allows businesses to store and access data and applications over the internet. Cloud computing reduces the need for expensive hardware and infrastructure, reducing costs and improving efficiency.

Cloud computing can also help your business scale up quickly. You can easily add or subtract resources as needed, depending on their needs. Cloud computing also allows teams to collaborate in real-time, improving efficiency and reducing errors.

Make agile growth decisions faster with real-time data through Artificial Intelligence

Artificial Intelligence (AI) is a technology that allows machines to learn from data and perform tasks that would normally require human input. As a result, it works hand-in-hand with modern automation. This tech is also important when it comes to decision-making,  providing real time analysis of data to identify patterns and trends, guiding decisions on improving products and services, managing

Keep data secure and avoid penalties with smart cybersecurity

As businesses become more reliant on technology, they become more vulnerable to cyber-attacks. Cyber-attacks can be costly and damaging to businesses, hurting your reputation, causing downtime, and incurring hefty penalties.

You can use technologies like firewalls, anti-virus software, automated AI-driven cybersecurity, and encryption to protect your data. As so many attacks start with employee behaviour, it’s also important to educate all your staff on cybersecurity best practices to reduce the risk of cyber-attacks.

The COVID-19 pandemic has hit the global economy hard, and Australia is no exception. Businesses are looking for ways to survive and even thrive during these tough times – and tech innovation is key to helping your businesses adapt to the changing landscape, cut costs, and improve operational efficiency.

Remote work, automation, e-commerce, digital marketing, cloud computing, artificial intelligence, and cybersecurity are some of the ways technology can help businesses during an economic recession in Australia. Businesses that embrace technology innovation are more likely to survive and even thrive in these tough times.

Because we’re an SMB ourselves, we understand exactly what you’re up against – and we know what works. We’ll help you keep tech costs affordable and under control, deliver exceptional client service (in fact, your satisfaction is the ONLY KPI we track), and let you get back to what you do best.

Let’s chat about turning tech headaches into workable, affordable solutions that make business simpler, more productive, and more profitable!

, How tech innovation is supporting businesses in a challenging economy

Written by

Jordan Papadopoulos

Jordan is the Chief Commercial Officer at Otto. Jordan is here to help clients remove roadblocks and achieve the business goals they’ve set out. Jordan’s biggest focus is Customer Experience, Business Relationship Management, Risk Management and Strategy.