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Finding Hope in the V-Curve – How Understanding the Coronavirus’ Economic Impact Can Prepare Your Business for Future Growth - BrainSell Technologies - ContactCenterWorld.com Blog

Finding Hope in the V-Curve – How Understanding the Coronavirus’ Economic Impact Can Prepare Your Business for Future Growth

These days it seems like all anyone can talk about is the Coronavirus. As it continues to affect schools, health centers, nursing homes, and the global economy, more and more employees are switching to remote work. And the media is taking advantage of it.

With an influx of information, statistics, and reports of the virus’ effect on not only the health of our peers and loved ones but the world economy, the outside world–and foreseeable future–are looking a bit grim…or are they?

I’m no psychic, but the global response to the virus is quite amazing. Though the stock market has plummeted and many businesses and institutions are closing their doors, there may be hope in the V-curve.

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The V-Curve

As we’ve seen time and time again, both economic booms and economic slowdowns eventually come to an end. A mere three months ago, we were in a bull market, meaning all aspects of the financial market – stocks, bonds, real estate, currencies, commodities, etc. – were on the rise or were expected to rise. And then the virus emerged.

So, what is this other “V” word? The V-Curve!

“When you think about a V-curve, it is exactly like you picture,” says Andrea Eisfeldt, an economics professor at the UCLA Anderson School of Management. “You have a fairly sharp drop, and then a fairly speedy recovery.”

As a health shock is primarily driving the recession we’re now in, it will likely have a quicker recovery rate as opposed to an “L-shaped recession,” which has an even steeper decline and prolonged recovery.

As families and workers worldwide take precautionary measures and self-isolate, we’ve seen companies around the world react similarly. Conferences, events, festivals, and more are being canceled or postponed left and right. Sports games and entire seasons are either canceled or postponed indefinitely. And we’ve already seen the positive effects of these actions. Chinese hospitals are discharging patients, and temporary hospitals in China are closing down — and life is beginning to return to normal.

On social media, several have joked that due to hockey cancellations, Canadians have nothing better to do than to look for a cure – and in a matter of days, Sunnybrook Research Institute, the University of Toronto, and McMaster University were able to isolate and replicate the virus in a lab.

“The isolated virus will help researchers in Canada and across the world develop better diagnostic testing, treatments, and vaccines, and gain a better understanding of SARS-CoV-2 biology, evolution and clinical shedding,” the research team said in an official statement.

What Does This Mean for My Business?

In short, you can interpret this as — hopefully — the end is nigh. No, not the end of the world, but the end to this recession, pandemic, and international fear. While it may still be a while, there is hope that Wuhan’s success will be reflected here as well. And we should prepare for that.

As we enter the low point, please keep in mind that we will recover. Humans are, if nothing else, resilient. We will improve and learn from our mistakes, and hopefully never have to endure this pandemic again in our lifetimes.

So, when the recession slows and the economy begins to pick up, my question to you is: are you prepared?

As Alexander Graham Bell once said, “before anything else, preparation is the key to success.” By preparing for the upturn of the economy through investing in new technologies, forecasting trends, and remaining optimistic to your clients and peers, not only can you position your company to bounce back but grow exponentially when the recession comes to an end. We’d like to recover from this recession with you, and we’d like to be part of the reason your company bounces back stronger than ever with the best technologies in place to succeed.

It might be a stressful time, but always remember that you are not alone, and you don’t have to go through it alone. At the end of the day, we are all human beings and not defined by our titles. So while we are not therapists here at BrainSell, if you find yourself stuck or need tech advice, we’re here for you. And maybe, somewhere down the line when the economy recovers, you’ll turn to us for your technology needs.

Has your company already switched to remote work? Here are some tips for how to enable your remote workforce to collaborate and be successful.

Source: https://www.brainsell.net/blog/2020/03/finding-hope-in-the-v-curve-brainsell/

Publish Date: March 20, 2020


2022 Buyers Guide Knowledge Management

 
1.) 
168Solution

Contact Center Innovation Channel and Digital Transformation Enabler
Providing Research, Training and Consulting related to Customer Experience Delivery, support Project Management by Unit or Corporate.
Have the ability to conduct research for specific needs.
Having deep knowledge on the Digital Interaction/Contact Center / Omni Channel / CRM various Stakeholder and Emergency Response ecosystem in Indonesia.

2.) 
3Fiftynine

Branches
Combines knowledge management with call support as continue improvement.

3.) 
eGain Corporation

eGain Knowledge + AI
eGain's knowledge management software, powered with Case-Based Reasoning, an Artificial Intelligence technology, lets you provide intranet or extranet access to the common knowledge base, enabling contact center agents to provide distinctive, productive, and brand-aligned experiences in every interaction, across all channels and touchpoints.

4.) 
eGain Corporation

eGain Knowledge + AI
eGain Knowledge+AI™, the top-rated, analyst-awarded knowledge management software, guarantees quality customer service by infusing your customer service agents with knowledge, making all agents as productive as your best ones. By providing agents and other users a range of ways to get to information from the common knowledge base, it ensures fast, consistent, and accurate answers.

5.) 
FuzeDigital

FuzeDigital offers an affordable yet comprehensive knowledge base to answer your consumers' and staff questions. When assistance is needed, our email management system ensures your timely and accurate delivery of responses. Used by companies large and small that seek to deflect common questions while providing exceptional support.

6.) 
Happitu

Happitu is your customer support team’s personal coach. It guides your team through every interaction with custom workflows, responsive scripting, and dynamic help topics.

Documentation in Happitu is automated, detailed, and consistent. Go beyond handle times and service levels with the rich insights of Happitu – from granular interaction data to aggregate data and trends – you get the complete CX journey!

We intentionally built the Happitu Workflow Designer with your customer support team in mind. Using our intuitive tools that provide quick and safe iteration, you eliminate the need to involve IT or Development. Yes, you will no longer have to dread submitting a change request to Devin from IT!

Try it free for 45 days!

7.) 
Knowmax

Knowmax is a knowledge management software for enterprises. Customer service of any organization can leverage this tool to create, curate & distribute the knowledge at assisted as well as digital channels promoting self service.

8.) 
livepro

Knowledge Management software
livepro are experts in Customer Experience Knowledge Management and are passionate about improving customer experience. livepro is feature-rich yet easy to use, delivering answers to agents – not long complex documents to dig through. This makes customer service quicker, easier and more efficient. Staff require next to no training on complex procedures thanks to livepro’s intuitive design, which brings confidence up and training costs down.

9.) 
ProcedureFlow

ProcedureFlow is a step by step visual guide that supports agents as they navigate company processes. With a knowledge management solution that simplifies complex information, employees can spend less time searching and focus on what they do best. ProcedureFlow’s simple and intuitive platform enables contact centers to quickly and easily create, maintain, and update company processes in real time. With ProcedureFlow, teams can work more efficiently, better serve customers, and drive results that matter most to their business.

10.) 
Synthetix

Knowledge: For Your Team
Synthetix’s intelligent knowledge base software, Knowledge: For Your Team empowers your agents whilst fuelling your digital customer service channels.

With one centralised source of knowledge that is simple to use and update, providing customers with the right information – whether that be through self-service or direct – is efficient and always consistent.

With their own integrated knowledge base that recommends articles based on what they’re typing and decision tree technology that produces scripting, agents are more productive and Average Handling Times can be reduced by 25%.
 



View more from BrainSell Technologies

Recent Blog Posts:
Finding Hope in the V-Curve – How Understanding the Coronavirus’ Economic Impact Can Prepare Your Business for Future GrowthMarch 20, 2020
The Benefits of Migrating to Sugar Sell and ServeMarch 3, 2020
Salesforce vs. Sugar Sell: Is It Truly a David and Goliath Fight?February 25, 2020
Four keys to boosting customer lifetime valueFebruary 7, 2020
Which is a Better CRM: Salesforce vs. Sugar SellJanuary 29, 2020
Free CRM and Marketing Tools: Are They Really ‘Free?’January 27, 2020
Drift vs. Zendesk Answer Bot: Which One Does My Site Need?January 23, 2020
Leveraging Your CRM for Sales EnablementJanuary 8, 2020
[On-Demand Webinar] CRM Solution BlueprintDecember 11, 2019
[On-Demand Webinar] CRM Comparison: Salesforce vs. HubSpotOctober 8, 2019

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