Deborah Adeoye
A business risk is anything that undermines a company’s capacity to meet its financial objectives, understanding that we are in a fast growing digital world, we will be enlightening you on how best to manage these risks with new technologies and digital skills.
Let’s look at factors that causes business risk:
Natural Elements:
Since nature is an uncontrolled entity, humans have no power over it. So Natural disasters like earthquakes, floods, droughts, famines, etc. have a major impact on businesses and can cause significant loss of resources and property.
Human causes:
It includes dishonesty from employees, carelessness, and nonchalance attitude to work ; internal strife; ineffective management; strikes and riots; etc.
Economic causes:
These include shifts in supply or demand, price changes, advancements of new technology also Financial issues like tax increases and increase in loan interest rate has its role to play here.
Other causes: These could be due to unforeseeable occurrences like changes in political system or government, political unrest or exchange rate swings.
Business risk can be managed by embracing new technologies and digital skills.
Most business and corporate sector today has a functioning laptop or desktop and a smartphone, which allows them to operate and perform much more effectively.
Now, the business world has been provided by technology with a wide variety of beneficial apps, systems, and programmes that can help anyone with communication, bookkeeping, financing, management, and much more all these helps to manage and reduce .
These includes:
1. Credit card reader app:
You no longer need to carry money around or keep physical binders of transactions or invoices, technology has made easy by developing an app that serves as a credit card reader, it will help you track your inventory ,review your sales, generate digital receipt there by making the process faster.
2. Timesheet system:
It is a software that helps you to keep track of every thing that occurs in your business, that is all your employees working hours, payroll, personal request , leaves and expenses accurately and in a timely manner.
3. Communication app:
Gone are those days people travel far to pass information across , Now we have communication apps that business owners can discuss with their clients from the comfort of their homes. It also have useful features where you can search for certain post , upload your products, chat and call with clients without any distance barrier.
4. Cloud based solutions:
Technology has made it easier for staff and business owners to share and submit important document through a shared computing platform, to avoid the hassle of going through physical paper work. It helps to save time.
5. Robotic process automation ( RPA) :
The AI features of RPA allow it to manage a variety of jobs, including record search, analysis, computations, query authoring, transactions, setups, and many more. in every business. There by saving time and allowing the employees to focus on other important task therefore increasing productivity.
In conclusion, new technologies and digital skills need to be integrated in different businesses because it helps to increase productivity and reduces business risk.
Espact can help you to drive your business growth with digital skills and new technologies. If you need our help, you can send an email to info@espact.com or WhatsApp/ Telegram: +2348081553042.
