A recession happens when the GDP growth rate of an economy falls for two consecutive quarters or even years. This impacts job losses and increased rates of unemployment. Almost all types of industries face these economic downturns during periods of recession. But, the tech industry is more resilient in facing the impact of the recession. In the recent downturn that happened during the Covid-19 pandemic, the tech companies have faced layoffs, adjustments and other crises in their systems. Many people have lost their jobs and many companies have shut down due to this crisis. That’s why; the technical field is keen to develop new technologies to Overcome Impact of Recession.
The backbone of our economies consists of healthcare systems, industries, and infrastructure, energy and transport systems. To transform the backbone of Economies from industry to infrastructure and transport, we need technology. In this era of the digital world, technology can hold a significant mark to bring the digital transformation of economies. In this way, technologies can Overcome Impact of Recession. Here, we’ll discuss how technology brings huge transformation in digital media and protect the economy from uncertainty or downturn.
Competency-based assessment technology:
A prominent competency-based framework of an organization is aligned with long-term organizational goals and its vision and mission. Then it is used to define the skills, Knowledge, and attitude required to execute the job efficiently. This competency-based assessment technology evaluates employees’ performance based on the pre-defined competencies and their behavioural indicators. This technology helps the organization find a structural model to incorporate their management practices. Most importantly, it lets the organization make hiring decisions and employee’s life cycle in the organization. Assessment technology like Reveal helps the organization to business discover, select, promote and smart-hiring. This tool is very useful to protect every dollar during the period of downturn and Overcome Impact of Recession.
Video conferencing Software or Apps:
Zoom, Streamyard, or Airmeet software using Video conferencing technology become the game-changer in the period of recession, particularly during the time of the Covid-19 Lockdown when most of the employees are working from remote places for their safety. This type of technology aids in making virtual events, like office meetings, conferences, seminars, workshops and more on the digital platform. Anyone can join in this meeting from any place with an internet connection. This is an easier and more cost-effective way of making an event that can help the business to Overcome Impact of Recession.
Chatbots are a type of program that is built to engage automatically with the received message by responding the same way each time focusing on certain keywords. It uses machine learning technology to become accustomed to their responses to fit the situation. Chatbots use the chat medium of SMS text, web-chat-windows, and social media platforms like Facebook, Twitter and more to send and receive messages.
Businesses that deal with customer service use chatbots on their website or app to engage customers and replying their queries without any human intervention. The chatbot serves for 24 hours of the day. Hence, businesses cut their salary cost and customer waiting time with the help of this technology. Hence, a chatbot is a great measure to Overcome Impact of Recession cost-effectively.
Remote device management:
The technology of Remote Device Management (RDM) is a set of tools that can track and control smartphones, tablets and desktops of an organization from a centralized location. An organization can set up devices over the air, and troubleshoot and protect the data from malicious attacks and thefts by implementing RDM technology. During downward trends, RDM helps organizations maintain business continuity that they could not previously ensure. The system Mobile Device management or MDM provides essential automation and control that lets the employee stay productive on a secure organizational scale. In this way, this technology helps the organization Overcome Impact of Recession.
The CRM or customer relationship management system helps the companies to stay connected with their customers by maintaining by accumulating their information, rationalizing the processes, and improve productivity. It allows the organization to find out new sales opportunities, keep monitoring in-progress client relationships and build new marketing funnels. A CRM combined with automation can perk up internal and external communication to the core customers. The CRM system follows this cost-effective and time-saving way to Overcome Impact of Recession.
Robotic Process Automation:
RPA allows better data organization and effectively connects the data silos across several systems. It gets better data accuracy by making input and output automated mapping. RPA leverages digital audit trails to make easy progress measurements and plan the future management strategies of an organization by evaluating past performance. RPA helps the employees to focus on customer-centric tasks without any distraction related to other business processes and they can deliver a good customer experience.
Recession indeed comes like a storm that can break the backbone of economies, the period of downturn gives us the chance to renovate our economies to be more equitable and sustainable. To make a stable economy, we need digital transformation. It’s only possible with the help of innovative and unique technologies. With this technological revolution, the recent pandemic COVID-19 turned down employment, cost-cutting, and different downsizing efforts in many industries trying to stay productive. The above-mentioned technologies are some robust kind of system that helps any organization Overcome Impact of Recession.