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Managing Business Risks—How Modern Tech is Changing the Game

Effectively managing any part of a business requires you to be one step ahead of the game at all times. If not, unforeseen circumstances threaten your outcomes.

Of course, life and business are unpredictable but there’s a lot you can do to minimise risk in your business. And as a leader, it’s your responsibility to implement the necessary policies and practices that will keep a company safe.

It’s a daunting task, but are you aware of how quickly the aspect of risk management changes? If you’re not a tech enthusiast, you may be missing out on interesting—and very important—ways your company can protect itself against future risk. Let’s list a few.

Loss of Merchandise

The risk of losing merchandise has always been a problem for any business. You can’t guard your merchandise yourself 24/7, but luckily technology makes it possible to install devices that keep you in control of situations, even if you’re not there.

You can start off with high end security cameras installation. This isn’t only about keeping an eye on your products, but cameras also serve as a deterrent. Thieves don’t want proof of their crimes.

Office crime can also be ‘inside jobs’. Add a biometric access system to all areas of your business. You’ll know exactly where each employee travelled throughout the day. This data will help you determine who could have been part of a plan to make your products ‘disappear’.

A Ruined Reputation

In business, your name is often your biggest asset. But how do you prevent a bad reputation turning your brand name into a liability?

Technology can help you prevent or handle everyday risks much better than before, so you don’t accidentally cause bad rumours to spread via word of mouth.

Have you heard about automated accounts payable services? This is especially helpful to small businesses who don’t yet have someone who can manage finances full time.

You can employ a company that helps you manage this aspect, but much of it—such as your authorization of payments—happens via mobile apps. You still stay in control of your cashflow, but with little effort, so you can focus on other aspects of your business. And you prevent the risk of a supplier or service provider telling others you don’t pay.

Incohesive Team

As mentioned, with risk management you need to think ahead. Imagine what the future COULD be and plan for all those eventualities.

A possible long-term commitment takes place every time you employ a new team member. The risk? That individual could negatively impact your team:
– The person’s work ethic could differ from other team members’, resulting in unnecessary conflict.
– The individual may prefer working alone, while you’re used to team projects.
– You realise in a few months’ time his or her skills aren’t what you need to grow your business.
– Certain personality traits don’t fit with other established team members’.

Now, don’t feel you’re discriminating when you think one type of person is better than another. An applicant may be perfect for another company, but just not for YOUR team

So, how do you prevent appointing the wrong types of workers?

Thanks to AI (Artificial Intelligence), HR departments have a surprisingly effective tool to pick out the most promising candidates. For starters, AI can analyse data of current employees, what your business’ future goals are and the team’s current performance. It can then help you find the ideal candidate you need:
– Skills you need to ensure your team can help you prepare for the company’s future.
– Personality traits that fit others’ way of working
– Scouring online platforms for appropriate candidates to invite to apply
– AI can do initial interviews to prevent the possibility of bias, providing you with a short list of applicants that have the biggest possibility of benefiting your unique business
By picking the right employees now, you’re preventing a range of future problems, so your team can enjoy momentum and reach your goals.

Losing Leads

When you’re building a business, each potential customer is valuable. Unfortunately, you may not have the manpower to pursue each lead. Once again, AI can help you manage your workers’ time more effectively.

Imagine someone visits your website and has a question. You may not have someone manning the customer service desk 24/7, but modern AI is smart enough to answer a range of basic questions effectively, without typed replies being irrelevant or ‘too robot-like’.

Whether it’s researching AI for business use or investing in security camera installation Melbourne business owners can sleep easier at night if they make use of tech.

We listed only a few methods of using technology to your advantage and staying prepared—at least most of the time. Stay up to date with tech trends, because inventions see the light on a regular basis. That business risk that’s keeping you up at night may have a solution by tomorrow.

If you know of any additional tips other business owners can implement, please share with us.

About the author

Suumit Shah

Suumit is the serial entrepreneur, a digital marketing expert with more than 8 years of experience in running a successful digital marketing agency by the name of Risemetric. To know more about him, you can follow him on Twitter

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