As small businesses look at recovering from COVID-19, cash liquidity is the number one concern. Many do not have enough cash reserves to survive a financial crisis. A report by the Harvard Business Review revealed that a majority of small businesses have less than two months of cash on hand; the median business with monthly expenses of more than $10,000 didn’t have enough to cover two weeks of their spending.
Technology adoption is helping businesses stay connected during the pandemic. According to an online report by McKinsey, 75% of people using digital channels for the first time indicate that they will continue to use them going forward. In order to ensure success, companies will need to provide digital channels that are equal to or better than those of their competition.
Companies that are struggling to meet the expenses of starting over again should consider solutions such as migration. Migration ensures that existing systems are upgraded and equipped to deal with upcoming challenges, including meeting client deliverables despite reduced staffing and weakened financial capabilities. Integration is a vital step to ensure successful coordination between an existing and an updated system.
Migration and integration can help support sustainability efforts for a business, improving capabilities and operations, while also controlling overhead. Consider the following:
- Embracing technology on a budget
With digital adoption key to business sustainability in a financially uncertain landscape, migration can provide businesses a way to harness technology without making existing systems redundant. This can help businesses gain from current advancements at reasonable costs. Building on existing systems can also allow businesses to analyze their situation on an ongoing basis – a critical advantage when sustainability is a challenge. Businesses may need to rethink their direction depending upon their budget and new prospects brought in with new technology.
- Gaining a competitive edge
With the challenge of sustainability, most businesses are dealing with lack of staffing due to the furloughs brought on by COVID-19. Migration helps upgrades and allows businesses to scale capabilities within their financial means, without compromising current trends. Upgrades can help businesses offer value to clients, while also helping them take on once infeasible service extensions.
Choosing the right solution is critical. Business needs must drive the type of migration required. The ability to keep pace with advances must be tied to any upgrades, thereby ensuring that systems don’t require constant updating.
- Keeping pace with technology
Digital upgrades enhance security, improve capabilities, and allow businesses to offer customers added value. A well-planned migration and integration can help businesses optimize new and enhanced capabilities, thus opening up revenue streams for the business. Partnering with a technology services company to ensure a successful migration and integration can also allow businesses to enjoy a prolonged return on investment, as the partnership supports and services the system after the migration and integration.
Adopting and implementing
The changes adopted globally, especially digital habits, might become standard. Some of the conveniences afforded by technology, including secure contactless transactions and seamless remote collaborations, might be here to stay. An effective migration and/or integration can help businesses with financial efficiencies through improved infrastructure capabilities.
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