While many businesses have been run to the ground and filed for bankruptcy, some have managed to ride the wave of change and fight through the difficult times. Despite causing global disruption, the pandemic also offered businesses an opportunity to upgrade their technology and adapt to a new normal
Fremont, CA: The COVID-19 pandemic has had a severe impact on every aspect of life. The virus has managed to spread across the globe and resulted in millions of cases. In light of the pandemic, all the efforts and focus have been shifted to the healthcare industry to provide necessary treatment for the infected patients and develop a vaccine for the virus. Amidst the chaos, people have failed to see the impending challenge of restoring businesses to normalcy. Since March 2020, businesses worldwide have faced significant disruptions due to the lockdowns imposed by various governments. While this was a necessary measure to control the spread of the virus, it has resulted in a potential economic crisis for many nations. Businesses are now slowly limping their way back, but the road ahead is steep.
While many businesses have been run to the ground and filed for bankruptcy, some have managed to ride the wave of change and fight through the difficult times. Despite causing global disruption, the pandemic also offered businesses an opportunity to upgrade their technology and adapt to a new normal. A contactless environment is all the hype right now, and companies are striving hard for such an environment. Technology has developed a lot since the lockdown was imposed, offering innovative solutions for all the problems. Social distancing has become essential, and businesses are doing all they can to ensure the same at their stores and corporate offices.
The priority for every business remains to provide seamless transactions. The finance department is the lifeblood of every business. A seamless transaction processing is the vital plasma that binds the cells and platelets together to deliver oxygen, which keeps life running. Although it may not be evident, fintechs play a significant role in helping corporates to overcome the disruption caused by the pandemic.
The finance department is the culmination point for all aspects of a business. From revenue generation to expense management and asset building to capital development, everything eventually is about the financial well-being and sustainable growth of an organization. It is necessary to empower the finance function to ensure that every dollar that flows in or out of the coffers reaches where it is meant to be. As the world tries to step back into full functionality, fintechs will play a vital role in helping companies with their sales management functions.
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