The pandemic has become a big incentive for the advancement of online business and cloud technologies. Now, technology adoption means not only convenient online services but also different aspects of trust in companies and organizations.
In times of pandemic, lockdown, and economic crisis, the atmosphere of trust becomes a pillar and mutual support for States, organizations, and people. When care, awareness, and the containment of the disease by joint efforts are vital, a lack of trust can lead to disastrous consequences.
It is also true in the business context: a recent Deloitte study
found that three multinational companies that were the targets of scandals lost between 20 and 56% of their market capitalization compared to competitors in the period of three months to two years. Their positions in industry indices fell by 26-74%.
Four Aspects of Trust
Today, companies are rebuilding their progress on the value of trust. CEOs should consider the interests of many stakeholders. Different tools are required to work with customers, employees, suppliers, and shareholders. But all of them are based on four aspects of trust: physical, emotional, financial, and digital.
Physical trust is the confidence of employees and customers in their safety and security from infection. Requirements for customer service standards have grown. For example, users do not accept any delays, even from overloaded or new services. This situation requires companies to anticipate expectations.
Business partners and clients in crisis are interested in building relationships without personal interaction. It requires a high level of emotional trust. The topic of social responsibility is becoming more relevant. Now, it is no longer enough just a low-price offer or a wide range of products. Buyers, employees, and partners must share the views and beliefs of the retailer. Emotional trust is associated with the appearance of compliance with the company's activities of its stated orientation. Employees and customers should see the safety of goods, the support measures taken, and the company's open policy.
Opaque mechanisms or broken promises can lead to a lack of trust. Financial confidence means that partners and consumers are confident that the company will not speculate and will act honestly and responsively to its employees and suppliers. Better and more trusted communication is a necessity in the face of financial uncertainty.
Digital trust means that customers and partners are confident in the protection of remote interaction and the invulnerability of personal data. To ensure digital security, the company must ensure smooth operation in the organization's systems and virtual interaction with partners and customers.
Connect to Trusted Technology
Customers require to get all the benefits of cutting-edge technology. DLT security
, IoT traceability, service automation, and interface performance with artificial intelligence
, machine learning, AR, and VR connectivity make the business more profitable and efficient. The integration of such technologies creates a seamless customer experience, maximizes efficiency, and enhances progress.
FCE accumulates in its systems all the essential elements
that technology can provide for businesses in a pandemic. Continuous and secure remote communication and contracting, e-signature and cloud document flow will make financial flows transparent and trusted. Automatically collected data flow on each operation stored in a secure distributed ledger will validate the company statements and policies. Product safety is supported by sensor data that monitors the state of the environment and compliance.
With this set of tools, the company will receive real-time verification of performance, flexibility in team restructuring and task prioritization, and recognition from partners, employees, and customers. A high level of trust in all aspects will make the company's work smooth even in circumstances of the pandemic.
FCE created the Initiative
for companies that aim to implement advanced technologies successfully and elaborate technology-based strategies to manage the pandemic impact together.
The pandemic has become the most powerful incentive for the development of online business and Internet technologies in the history of their existence. The demand for online services will only grow, people will continue to buy, make deals, and organize meetings in the virtual space when technology has made it accessible and fast. Now companies must take care of their customers, employees, and partners, offering the most secure and convenient service.