Harnessing technology for business growth during uncertainty

Even though the latest economic forecasts indicate the European Union (EU) economy is poised to avoid a recession in 2023, the underlying message remains—expect persistent headwinds.

So, businesses must act now to future-proof their operations. If you want to make an immediate impact, your technology stack is a crucial area to review.

By leveraging new technologies, you can drive impressive operational efficiencies while ensuring your organisation maintains a competitive edge in what is a constantly changeable economic climate.

Let’s explore four ways technology can support business growth during these uncertain times.

1. Unleash the power of the cloud

Cloud technology is a must-have for organisations aiming to thrive in the digital era.

Whether it's seizing new opportunities, making informed decisions or empowering teams to reach peak performance, cloud technology offers a range of advantages. Moreover, it allows businesses to gather, store and analyse a wealth of valuable data at scale.

For example, a cloud-based solution like Vodafone Analytics uses Big Data to gather and analyse telecommunications information based on user geolocation and behaviours. As a result, your sales and marketing teams can better meet customers’ expectations by understanding their needs and make savings by delivering targeted metric-based campaigns.

2. Transition your business online

Hybrid and remote working are here to stay.  According to a survey by the Chartered Institute of Management (CMI), 80% of businesses have shifted to hybrid working since the start of the pandemic. Moreover, reducing the amount of physical office space can help companies to lower overhead costs and boost productivity.

Cloud-based platforms like WhatsApp, Slack, and Microsoft Teams enable employees to communicate instantly, support greater collaboration and free your people to engage with higher-value work.

The advantages of the hybrid model go even further. All these solutions offer a new level of flexibility by reducing commuting times, thereby boosting productivity and helping businesses recruit from a global talent pool. 

For example, our Vodafone Business UC with Ring Central solution offers flexibility on features and subscriptions. But also seamlessly integrates with your existing infrastructure and current cloud applications, making it easy to tailor to your specific needs and preferences. So no more struggling with tools that won’t speak to each other.

3. Boost your sales success with social media

If you want to connect with customers, build brand awareness and credibility and nurture your sales funnel, you must be on social media. But, with so many different channels available, it can feel confusing.

Start by setting set goals. For instance, your focus may be to generate new leads, increase sales, grow revenue, or build a community around your business or products. Next, identify your audience and where you can find them—are they Instagram scrollers or active Reddit contributors?

For example, the social media app TikTok is great if you want to reach Generation Z and Millennials. A recent survey discovered 77% of European users reported discovering small businesses on TikTok before seeing them elsewhere.  If, on the other hand, you’re interested in B2B marketing, then a channel like LinkedIn should be your first choice.

Lastly, review what your competitors are doing online.

4. Unlock efficiency and savings with HR Tech

The truth is, when done manually, HR processes like payroll are immensely time-consuming and tedious. To address this, HR software like HiBob and Sage HR can help you automate a range of workflows such as new hire onboarding, document management and employee communications.

What's more, HR technology can significantly reduce staff workloads, help attract better talent, and improve the employee experience leading to lower turnover rates.

For example, Spanish HR start-up Vidahora found a 40% reduction in time spent on repetitive administrative tasks by HR teams using an AI assistant in their tech stack. In addition, employees also reported improved happiness and well-being levels.