How digitalisation can save your business during crisis
Global epidemic puts entrepreneurs around the world in a difficult position. Can our businesses continue without face-to-face contact and what can be done to minimise the risks? How to ensure business deals will be finalised if travelling is restricted?
COVID-19 has taught us a few things: when healthcare systems crack, stock plummets, travels are cancelled, people face severe consequences, we are pretty much helpless. However, it doesn’t have to be the end of business activities. Entify COO Victoria Saue says what we need is a strategy and a rational mind dealing with crisis like this one.
Saue emphasises that it’s important to plan ahead as much as possible and adapt when things are going in a different way: “Business does not need to stop but try and adapt to changing circumstances. Old ways can be substituted by technological means: meetings can be virtual, onboarding aided with smart verification processes instead of physical meetings, compliance structured by using various tools available. The world is changing and our ways of doing business need to adapt.”
Automate where possible
According to WHO (the World Health Organisation), one of the most effective ways of fighting the virus’ fast spread is of course quarantine and isolating people who have been in contact with the virus. Home office is another preventative method that is recommended and depending on the nature of the business, might be easily adopted. In this case, a structure for meetings, reporting and information sharing is crucial. “What business owners can do is set proper expectations for results while executing remote work, provide a secure network and check all hardware to be prepared,” suggests Saue. But what else can be done?
“If any processes can be structured into bulks of work, they can be automated. Instead of onboarding or meeting your customers with a series of meetings, use online verification, collect automatically all the necessary documents and information. This will not only help to make processes faster but will enable continued business in times, where workforce is decreased. Real time information for all team members is essential to providing the best customer experience,” Saue adds.
Lose all face-to face meetings and onboarding requirements
Bacteria spreads with touching surfaces and meeting face-to-face, which means it would be reasonable to substitute all physical meetings with virtual ways. Business tools like Entify will give the possibility of continuing with minimal losses and enabling the staff to work remotely. “Customer experience needs to be a priority when onboarding. The way we start our business relationship, often determines the outcome and success of the cooperation. We are happy that people use services like ours to help control the spread of the virus and offer a smoother onboarding for their customers and business partners all over the world, “ Saue commented.
She says that when countries close their borders, it does not mean that life and business activities should stop. “I have received several cancellations and postponed events during the last couple of weeks, all postponed to six months if not more. The following weeks will show more on how each country will be affected economically but in order to survive, I recommend for businesses to turn to technology. When you are in the middle of an over border business deal and cannot travel, use digital identification and electronic signing to finalise the deal. If you are checking a company’s background, use developed tools to gather information instead of manually googling and relying on sending over documents that cause further delay. If your end-customer is a private person, use identity verification. Be smart, start using what is already available”.
Set a good mindset and innovate inside the company
The next wave of banking and trade companies could proactively fight fraud and money laundering and innovate inside the area with new ways implemented into their business processes. “What needs to be done when obstacles occur is trying to come up with ways to overcome them. Optimistic and hopeful view with a grain of reality needs to remain a core strategy for all companies planning their activities. We might see innovation growing from these challenging times that shape the way we work forever,” Saue noted.
Entify is a company that offers a fully automated real-time digital verification process that helps businesses detect fast and securely risks of doing business with different people and companies. The company enables verification in over 195 countries. During last year, around 200 000 verifications were executed.
