Technological advances and mandatory social distancing created new opportunities for businesses to operate remotely. What began as necessity turned to preference as both the workforce and companies within various industries recognize the benefits of a hybrid or fully remote workforce. Remote work adoption has many facets, so both the advantages and challenges must be considered before long term decisions are made.
Some industries are adopting the remote culture more quickly than others. Customer contact centers, perhaps out of necessity, were among the first to embrace remote technology. Virtually every field of business employs customer service representatives as their frontline operators. These trained agents provide information and service in person, via telephone, and through email communication. While some business activities came to a sudden standstill, the customer experience remains a top priority.
Changes in organizational structures that pushed remote work into place have become permanent in some surprising sectors. Call centers were an obvious choice and made the transition with relative ease. Professional services, such as law and medical consulting, have also found a niche in remote operations. As consequences of the pandemic continue to unfold, more industries are likely to remain permanently remote.
Benefits of Remote Operations
Corporate executives who were once resistant to offering remote work opportunities have since embraced the concept. Diligent employees appreciate the flexibility supplied by working from home. In addition to shedding the daily commute, workers also appreciate the ability to create a more meaningful balance between their professional and personal lives. The fears of lost productivity turned out to be largely unfounded. In many cases, productivity levels actually increased as workplace distractions were eliminated.
Cost cutting measures were also enhanced by the adoption of a remote work standard. Lean management and production techniques translate well in remote work settings, and savvy business leaders took advantage of the circumstances to reduce overhead. Minimized office space is one of the greatest savings that businesses recognize as a result of moving to a remote workforce. In addition to decreasing rent payments, insurance and utility expenses can also be decreased or eliminated altogether.
Rewriting Financial Statements
The switch to predominately remote operations can result in cost savings that are significant enough to affect the annual profit margin. Progress made from remote operations offers the promise of scalable growth. Funds from the realized cost savings can be redirected into other areas of the business. Our expert valuation reports can help determine how these changes have impacted the overall value of your company or investment opportunity. Contact us today!