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Before the crisis, if your company depended on a physical business location and in-person interactions with customers, vendors and employees, it might have made sense to cling primarily to legacy systems and paper processes. Adding digital components like a website, mobile app or electronic payment processing didn’t necessarily mean you’d undergone a complete digital transformation.
The current health crisis has changed the business community with guidelines and mandates on remote work and social distancing. Even if you’re fortunate enough to continue operating, this radical change may mean it’s time to take a deep dive into a digital transformation, rather than just baby steps.
Here’s why you need to change now, and how to do so on a lean budget.
Crumbling legacy systems and paper processes
Not every business is adequately handling the volume that many financial institutions and state and federal organizations are currently experiencing for loan and unemployment processing. These are prime examples of the insufficiencies of legacy systems buckling under the pressure of increased demand. Healthcare and insurance systems are also struggling in this new environment.
On a smaller scale, businesses and startups are also finding it difficult to continue using manual accounting