Why You Should Be Investing in Technology More Than Ever Due to COVID-19

people sitting around a wooden table using laptops to invest in technology

COVID-19 has fundamentally changed businesses around the world and how they operate, especially in relation to their technology.

While many companies have been tempted or scared into cutting out IT resources due to the financial hardship caused by the pandemic, smart companies will use this time to invest in their technology instead of slashing IT budgets.

Even before the pandemic, companies with greater digital fluency held an edge over their competition. And although businesses are struggling, it’s those that are investing in technology now that will come out ahead once the storm has passed.

Here are four reasons why you need to invest in technology now more than ever.

You Need Remote Resources

Perhaps the number one reason why companies are leaning into technological investment so heavily right now is because of the necessity of remote work.

Businesses fortunate enough to have processes that can be performed off-site were able to stay open and productive throughout the first few months of crisis if they could get the resources in place to move teams to remote operations.

The mass transition to remote work is an experiment performed out of absolute necessity that would never have been attempted so rapidly (and, by some, haphazardly) if it weren’t the only option.

But it’s an experiment that has so far been encouragingly successful. In fact, one of the most significant lessons that has been learned by many business owners during COVID-19 is that they can still perform, and perform well, while working entirely remotely.

In addition to solving the immediate problem of keeping a business’s (figurative) doors open, remote work capabilities also create more opportunities for businesses and their employees in the future.

When you have the equipment and processes in place to enable remote work, you can lower your overhead costs because less or no office space is required; you can attract talented employees who value the added option of working remotely; and your employees may be able to maintain a better work/life balance when commuting time is cut out, leaving them (and your workplace as a whole) happier.

Investing in technology helps to ensure that your business runs smoothly now while remote work is necessary and also that you can continue to reap the benefits of remote capabilities in the future.

Cyber Attacks Are an Increasing Threat

The rate of cyber attacks rose dramatically during the first weeks and months of COVID-19, with the WHO reporting an observed five-fold increase in attacks on their organization and  companies across the board soaring by 600% in the month of March. This significant increase is likely due to hackers both preying on the public’s panic and uncertainty and exploiting the number of people that are working from home on insecure networks.

To defend your business from this wave of attacks and the ever-more-threatening reach of cyber criminals in the future, you need to invest in your cybersecurity.

Putting a strong security system in place can save you from significant financial costs in the future and give you peace of mind right now. If you suffer a data breach, you can lose valuable data that is costly to replace, face exorbitant fines, penalties, and legal action, and lose customer trust and business.

That’s why you can’t afford to cut the essential IT functions that protect your systems.

Consumers Are Taking to the Digital World

Digital consumerism has been popular for quite a while now. (The success of Amazon alone can attest to that fact!) But COVID-19 has forced many consumers who would normally shop in person to make their purchases online. It also caused many more to expand their online shopping to products and markets that previously did business mainly in person.

People who had never ordered delivery food found themselves trying it out, and online grocery ordering with curbside pickup became much more frequently used. And many of these shifts in the public’s daily buying habits are expected to stick around once consumers are accustomed to the convenience digital solutions can provide.

With customers continually seeking new, more efficient ways to interact with businesses, if your online presence is nonexistent, you’re likely losing out on a significant section of your market already.

To reach customers, you need to be where they are. And, more and more, where they are is online. You need the digital resources and technological equipment to meet them there. That’s why now is the time to invest in the solutions and channels that your customers really use.

You Need to Future-Proof Your Company

If COVID-19 has shown us anything, it’s that technology can be a pivotal factor in a business’s success or demise.

It proved the importance of having technological plans and solutions ready in case of emergencies. If you put emergency protocols and solutions in place as part of a business continuity plan before disaster strikes, you’ll be prepared for when it does.

But even if catastrophe never comes, the world is changing. You also need to keep up to speed with current technological advancements to protect your company from the very real threat of becoming obsolete or being outpaced by competitors.

You need a trusted partner who can set you up with these solutions as you update your cybersecurity, remote solutions, IT strategy, and technological processes. When you invest in Managed IT Services from Tolar Systems, an experienced managed service provider, you receive the guidance of an industry expert who can help your business stride boldly into the future with cutting-edge technology solutions.

Meeting real-world issues with IT solutions will lead more businesses to thrive—even in the face of a pandemic.