Thursday 7 January 2021

Business.com

Business.com

Domestic and Global Economic Recovery in 2021 Depends on the Course of COVID-19

Posted: 06 Jan 2021 10:06 AM PST

With the COVID-19 vaccine slowly but surely rolling out across the U.S., the nation is finally preparing to move beyond the pandemic and some of the other issues that made 2020 such a difficult year. Despite rising caseloads and new state restrictions, the economy seems primed to continue its recovery. But how quickly will recovery come, and what might be holding it back?

On the positive side, consumers have more economic reserves than initially expected, with more personal income and lower spending than economists predicted. This could very well lead to increased spending once the threat of the pandemic has waned.

However, CEOs are not feeling wholly optimistic. According to a recent study by KeyBank – a full-service commercial, corporate and investment bank with nationwide branches – executive leaders feel uncertain about what economic policies the incoming administration will enact, as Joe Biden's campaign promised higher taxes for the wealthy and increased regulation.

In KeyBank's Q4 2020 Economic Outlook Report, Bruce McCain, Ph.D., CFA and former chief investment strategist at KeyBank, explores the current state of the economy and the pandemic's potential effect on consumers, businesses, and global trade.

The impact of COVID-19 on consumer income and spending in Q4

The economic toll of the pandemic has largely been driven by stay-at-home orders and business closures, which have subsequently led to high unemployment and reduced spending. However, consumers seem ready to spend again, as soon as it's safe to do so.

"The economy will be heavily determined by the course of the virus," McCain said. "As we conquer that threat, consumer reserves and pent-up demand should fuel strong spending growth."

Here are a few factors that have played into the current state of personal income and spending among Americans.

Unemployment has fallen, but new job gains will be slow.

At the start of the year, unemployment was low – just 3.5% in February. When the coronavirus surged across the United States weeks later, that number skyrocketed. In April, unemployment hit a peak of nearly 15%. That percentage has fallen to 6.9% as of October 2020, which is strong progress in just seven months.

Over that period, 12 million jobs have been added, though that is still 10 million fewer jobs than there were in February. Additionally, with inconsistent state restrictions for controlling the recent rise in COVID-19 cases, the employment situation could worsen in the coming months. 

Personal income has risen, but spending has declined.

Despite the harsh economy, there has not been as steep a decline in income as many anticipated. Wages and salaries have increased by 1.5% so far this year, while total personal income has increased by 5.9%. This is due in part to unemployment assistance, stimulus packages and other government support payments.

Typically, an increase in income growth correlates with an increase in spending. However, throughout the first 10 months of the pandemic, consumption has declined 1.3%. People are cautious about their spending because of the uncertainty surrounding the virus, and they may remain that way until the pandemic is over.

Consumers are ready to 'get out and enjoy themselves.'

Because people are spending more time at home, their spending habits have changed. As most consumers are currently focused on supporting local businesses, retail trade has increased by 9.8% this year, and the consumption of goods has risen 9.5%. 

Spending on services such as housing, utilities, and financial services has increased as people continue to stay home and work remotely. Simultaneously, these trends have put a damper on sales in gasoline, food and beverages, and overall service consumption – but consumers are itching for that to change.

"'Virus fatigue' demonstrates people are ready to get out and enjoy themselves," McCain said. "They apparently have money to do so. Armed with the right antibodies, we should be able to replace surging virus cases with surging consumer demand."

Why business leaders are wary of the economy heading into 2021

The economy has made significant progress since the deep recession from the darkest days of the coronavirus pandemic. With vaccines being distributed, spending and business activity should swiftly recover. However, KeyBank's research found that CEOs' confidence in the economy fell significantly during Q4. The following factors have played a role in this less-than-optimistic business outlook:

CEOs are more concerned about government policy than COVID-19.

While some of this was due to the increasing coronavirus cases and lack of a federal lockdown, CEOs largely felt this way because of potential changes in government policy.

Biden's incoming administration, paired with the Democrats' potential Senate majority through the Georgia senatorial runoff elections, has many CEOs worried. Democrats being in control of the legislative and executive branches of governments gives them the ability to implement significant change from what businesses have become accustomed to under President Donald Trump.

The Biden campaign ran on tax increases and new regulatory actions. What exactly these policies look like – or whether they'll pass – is currently unknown, but in the meantime, business leaders are cautious.

The state of production in the U.S. remains uncertain.

In recent years, the United States has opened more operational facilities and increased domestic production from overseas as locations became more cost-competitive. When the pandemic hit, supply chains were disrupted, creating doubt in sustainable, U.S.-based production.

Manufacturers are wondering how much production will be in the U.S. versus a low-cost area of the world, such as Vietnam, when the pandemic is over. Companies are currently evaluating production costs, taxes and regulatory policy to consider how to reshape their supply chains in a post-COVID world.

Investment spending has been mixed.

Throughout the coronavirus pandemic, business investment spending has had areas of both increase and decrease. Commercial and healthcare structures have seen a 2% decline in spending throughout the first three quarters of the year. Spending on physical structures and new buildings makes less sense with less of a workforce and no one to occupy these spaces.

Experts expect investment in structures to increase again in the coming years. On the other hand, technology investment has gone up overall. Computers and equipment have seen a 20.8% increase in investment, and software has seen a 1.9% increase.

How domestic and international growth will catch up

The coronavirus vaccine promises a light at the end of the tunnel for the international economic challenges of 2020. How strongly and swiftly the global economy rebounds will depend on how each region responded (and continues to respond) to the virus.  

Domestic trade trends

The pandemic has severely crippled the U.S. trade market. Exports of U.S. goods and services are down by a 19.7% annualized rate over the first three quarters of the year, while the total amount of goods and services the U.S. imported fell to a 9% annualized rate. This left the country with a negative GDP growth for 2020. Once major countries have contained the virus, the trade contribution for the U.S. and its partners should be more positive in 2021.

Economic recovery abroad

The United Kingdom and the European Union have been bringing the virus under control after a second wave of cases. Travel between the U.K. and EU caused this spike in cases, leading to new restrictions that dampened economic activity.

After the second quarter of 2020, the United Kingdom's real economy stood 0.8% below where it was a year ago. This may indicate a lower potential for growth in 2021. The eurozone economy is 4.4% below where it was in 2019, with economic growth expected to exceed the 1% real growth from the previous year.

Japan has done an excellent job of containing the coronavirus, having one of the lowest per capita infection and death rates in the industrial world. It provided more monetary and fiscal stimulus to its citizens than other major countries. This sets Japan up for more economic flexibility once recovery starts. All of these factors mean its economy should be able to recover more quickly. Estimates predict potential growth to exceed 1% in the long term.

There is skepticism as to the validity of China's economic reports. The country has seemingly handled the pandemic well, achieving a positive year-over-year growth. In the coming year, it may not drive up as much growth but should have roughly 5% more growth than other major countries.

The recovery outlook for 2021

As we kick off the new year, only time will tell how consumer, business and international economic trends will play out. Much of it hinges on the pace of COVID-19 recovery and vaccination, but McCain is confident that these interconnected areas will begin to bolster each other as the pandemic subsides.

"If consumer spending recovers sharply, business activity should strengthen," he said. "The potential for improved global trends adds even more to the positive outlook."

Download KeyBank's full Q4 2020 Economic Outlook Report here.

©2020 KeyCorp. KeyBank is Member FDIC. 201231-931436

The Four Rules of Successful Virtual Recruiting

Posted: 06 Jan 2021 10:00 AM PST

A phone interview, followed by face-to-face interviews, will always, for me, be the most effective way of connecting with a person and gauging their cultural fit. I love meeting new people. Technology opens up a world of virtual recruiting with far-reaching opportunities, expanding your talent pool, and, if done effectively, saving you time, reducing spending on hiring, and, in today's new normal, ensuring continuity. As always, finding the right person for the job (and for the company) and gauging if they will complement your culture is at the heart of the quest. 

COVID-19 has accentuated the need for remote hiring strategies. Thanks to our technology and our culture, we have embraced that switch and in doing so, have expanded our team, recruiting more than 300 employees since March. We still use the same recruitment process; it's now relying on technology more than it did before. 

At Moneypenny, people are our specialty, and we pride ourselves on getting recruitment right. We have always done the first interview by phone and then use a combination of personality profiles and team interviews, the latter now via video link. 

Here's what we have learned about finding great new hires even when you're conducting your recruiting virtually.

1. Do not discount candidates who are changing industries or who are returning to work.

Virtual recruitment offers you an almost endless talent pool, and it's easy to waste time hoping to find the right person in that pool. It is crucial before you set about the actual recruiting that you know exactly what you are looking for. What are the traits and attitudes that you need? Will they enhance your team and culture?

Of course, skills play a role; I am not saying ignore them, but if the person is unable to apply them in line with your values and purpose, they aren't going to last long. It is overwhelming the impact the wrong person can have on your business. And the very last thing you want is to start the recruiting process all over again.

If you know what you are looking for in a new team member and communicate that effectively, making culture a central part of that, you can successfully discover the right people in this larger pool of candidates. They could be from a different industry, different profession, a seasonal worker or even someone returning to work. A key trait you are looking for is coachability – you are seeking someone who possesses self-awareness and responds positively to feedback.

There is so much fantastic talent out there; it is a great time to recruit. Focus on culture and traits, and you will improve your success rate of attracting and identifying people who align with the company and the role. 

2. Do not chase applicants down.

Ahh, the perfect candidate. Do they exist? However exhaustive your job description is, it is very rare that you will find the perfect candidate to fill the position. The perfect candidate may be an elusive creature, but the qualities are not. It's not a one-size-fits-all approach.

Your wish list of requirements is absolutely essential, but be flexible. With a new team member comes new ideas, perspectives and outlook, all great qualities to help your business. Think about it, if we were always looking for a templated version, nothing would change, business becomes stagnant, and that's not a business model that will thrive in the world today.

Do not waste your time and money chasing that perfect candidate, and if you catch a glimpse of one, do not waste your time and money chasing them down, as it takes away time from engaged candidates. Be open to the opportunities recruiting represents.

3. Be wary of online skills assessments.

Online skills assessments are not a new tool. They offer a tangible way to assess skills for a role and how an individual may fit within a company, but only as part of a recruiting toolkit that includes other elements, such as an interview or a presentation perhaps. All the elements combined can give you a better understanding of the individual, their capabilities and what they offer. 

There are pros and cons – the key is to balance it out. For example, if you want to ensure against someone other than the candidate completing an assessment test, or that the candidate is answering what they think you want to hear, inform them that they will be retested under controlled conditions later, and use your other toolkit measures to verify. As just one element of a package of recruitment tools online skills assessments can be an effective tool, but it is just that, one part of your suite.

Returning to my point at the start, a face-to-face interview will also be the best way to connect with a person. When that is not possible, a video call can be just as effective. The secret to a good interview is finding out about the actual person. Say little, ask a lot. Keep interviews short. Break it down, and ask several open-ended questions, leading them to reveal themselves and not just their representative. And don't be afraid to get more than one interviewer involved. Our interviews are conducted by at least three team members to ensure that new recruits will fit well with the team. You know that they have the skills, but what you really want to know is will they fit.

Editor's note: Looking for the right video conferencing solution for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.

 

 

4. Do not make remote working your selling point.

All businesses have had to adapt in recent times, and remote working has been a forced but embraced change. It should not be your unique selling point in recruitment, however. Be clear on your remote work policy. Empowering employees, balancing work and life, and flexibility for better crisis preparedness are all policies to be clear on, but that does not necessarily mean remote working, so do not emphasize it as the main selling point of the role. Culture, schedules, pay rates, long-term growth and leadership will speak to those who are interested in more than a job they can do from home. While it may flood your inbox with applications, it doesn't help to attract viable candidates.

 

 

6 Myths About Process Improvement

Posted: 06 Jan 2021 09:47 AM PST

Despite the clear benefits of process improvement, many leaders fail to take the leap toward workflow automation based on an incomplete understanding of system and process automation. To stay competitive, you need to know what these myths are and why they're wrong. Armed with that knowledge, you can take the necessary steps to optimize your business and remain competitive. Here are six costly myths about process improvement.

Myth 1: Process improvement is a one-and-done event.

There will always be a need for continuous process improvement. The marketplace is more competitive than ever. The list of new apps with new features continues to grow. As other businesses deploy these features, your customers will come to expect them. 

This means there will always be a need for new technology, efficient processes and better services in your organization. To stay competitive, you'll need to stay on top of your options.

Process improvement should be a core tenet of your organization. After all, what business doesn't want to cut costs while increasing efficiencies? 

Still, it's not as simple as onboarding every new piece of business software. While it's important to be efficient, not every solution out there will benefit your business. Nor do you want to ignore features that would increase your revenue and keep your customers happy. Instead, you'll need to monitor new offerings and see if they fit your business model. 

When considering new ways to make your business more efficient, you must keep your customers in mind. Every process improvement you make should improve their overall experience with your company.

Myth 2: Process mapping and process improvement are the same.

Process mapping, when done right, is an essential part of process improvement, but they're not the same. Process mapping means making a detailed map of all the processes in your organization in an attempt to locate bottlenecks, inefficiencies and broken systems. 

Process improvement, on the other hand, involves making these processes better in a strategic way. Typically, this means using software to build automation and integrations that streamline workflows. The end result is a seamless system of automation that reduces menial work by moving data through disparate systems automatically.

The goal of process improvement is to provide end-to-end results. This includes testing and modifying workflows after improvements are in place. Your workplace culture also needs a top-down approach to embracing new processes. This will help your employees accept changes and use them, leading to a rapid ROI.

In short, you begin with process mapping to discover your workflows and visualize potential solutions or improvements. Afterward, you carry out process improvement to bring those visualizations to life. 

Myth 3: Process improvement is only for enterprise companies.

Building custom applications is costly and time-consuming. Most growing businesses don't have the budget for that. Besides, their time and focus are elsewhere. The idea of reducing the resources they have to expand their business and grow their bottom line is ridiculous, especially when you consider that the average cost for a custom application is $50,000 to $250,000. 

Despite that, process improvement is still an approachable (and essential) strategy for growing businesses. Luckily, there are affordable platforms for application development. Low-code and no-code platforms, for example, allow users to create custom applications in days or weeks rather than months. There is less code, fewer people, and less testing needed. 

As a result, businesses can quickly build the automations and integrations they need to connect systems and improve their processes without going broke in the process. The truth is that manual processes may cost your business more in the long run than building out the systems you need to improve your business.  

Myth 4: You need to improve all your processes at once.

Sure, there's always a better way to do something. Any process can be tweaked and improved. But that doesn't mean that you need to do it. Just because you improve a process doesn't mean you'll see ROI for it. To get the most value out of the systems you improve, you need a strategy.

Without a process improvement strategy, you'll waste a lot of time running in circles and stumbling into dead ends. You could end up automating inefficient processes, repairing systems that will be replaced, or focusing your efforts on the wrong tasks. All of this will waste your budget and leave you more frustrated (and possibly less efficient) than you were before you started "improving" processes.

A clear road map for improving your systems and workflows is key. This ensures you tackle major inefficiencies in an organized way, reducing waste and maximizing your ROI. 

Myth 5: Process improvement means job cuts.

The moment you mention automation and task reduction, employees start to worry about their job security. This is a common misconception about automation. 

Automation reduces menial tasks. But robots can't take on the awesome, high-level tasks people do. They can't interface with customers or innovate, for instance. And they can't think strategically about how to grow a business or remain competitive. 

Instead, automation simply lets robots manage the task robots manage best. Data entry, data transfer and retrieval, authorization, and many other mundane, repetitive tasks are better performed by software than people. 

If anything, automation makes employees' lives easier. For example, it removes the stress associated with manual data entry errors. It also cuts down on the need to run manual reports and compare them between varying systems. 

With process improvement, the structure of how a business works will change, but the employees and the customers will benefit. Work becomes more meaningful, and people have more time to focus on what matters. 

Myth 6: There's no time for process improvement.

Overhauling your business for efficiency when you're already bombarded with tasks can feel overwhelming, but it doesn't have to be. There are plenty of value-added resellers, consultants and providers with the expertise to help your business scale. Rather than divert your attention to learning a new set of systems, you can easily reach out for help. 

As soon as you begin improving processes in your organization, you'll see a compounded effect. The time and resources your organization saves will provide more flexibility to improve your other systems. The key to success is to focus on the systems that will give you those quick wins so you have more resources to improve other processes. 

8 Awesome Pinterest Board Ideas for Your Business

Posted: 06 Jan 2021 07:00 AM PST

If you're among the world's 322 million Pinterest users, then you probably understand the platform's power for connecting people with products that bring joy or other improvements to their lives. However, Pinterest's unique appeal doesn't always mean that your company easily reaches its target audience on the platform. However, with the eight awesome Pinterest board ideas for your business listed below, that could change.

What is a Pinterest board?

A Pinterest board is a collection of pins, which are images you take and upload to Pinterest or source from the internet. Pinterest boards are infographics in which every image reflects a theme or common thread. You can create a new board directly from your profile or any time you save a pin.

If you want to create a Pinterest board that only you, not your Pinterest followers, can see, you can create a secret board. Alternatively, if you want to collaborate with others on assembling your Pinterest board, you can create a group board in which all collaborators are board owners.

How can I use Pinterest for marketing?

Pinterest boards can also be used as marketing initiatives to reach your target audience. Through your Pinterest account, you can create and distribute content to an online community, educate potential and current customers, direct traffic from your Pinterest profile to your website, and create more sales opportunities.

As you consider Pinterest board ideas to reach your audience, determine which categories are the most likely to intrigue current and potential customers. Using relevant keywords and sharing your Pinterest boards to your other social media pages, such as your Twitter and Facebook accounts, can also connect your company to consumers.

Speaking of keywords, your Pinterest board name choices can make all the difference in your searchability. To choose board names that match your content and make you more searchable, first read about Pinterest SEO and Pinterest's algorithm. Then, use what you learn to increase your chances of appearing in search results and thus reaching customers.

It's important, however, not to create too many Pinterest boards. One study found that Pinterest influencers have, on average, 56 boards. This number may seem ambitious or even impossible, but as you scroll through the below Pinterest board ideas and tips, the ideas you glean may put you at this threshold.

8 awesome Pinterest board ideas to boost your Pinterest strategy

Among the most exciting Pinterest board ideas that can drive your Pinterest marketing efforts include:

1. Food and drink

Pinterest boards are home to literally tens of billions of food and drink recipes. You may want to create a food and drink board connecting all your relevant products.

A great example is the "Food & Recipes" group board by Pinterest user Joanna. Clicking on the board reveals numerous pins of delightful entrees, desserts and sides. Cookware and silverware companies can potentially come up with dozens of intriguing Pinterest board ideas that appeal to their target audiences.

This is the key takeaway with marketing your business on Pinterest: Your company doesn't have to be a manufacturer of foods or beverages to create a Pinterest board devoted to mixed cocktails, entrees, desserts, etc.

If you make silverware, reusable cloth napkins, kitchen tables, or anything that could reasonably appear in a food and drink pin, you can create a Pinterest board to promote your business. You can even do the same if your products look striking next to a cold drink or a toasty oven-baked meal.

2. Travel

Travel Pinterest boards can be more versatile than food and drink boards. You bring all kinds of things with you when you travel. Whether your company makes apparel, nutritional supplements, hygiene products or anything in between, you can find inspiration in travel-themed Pinterest boards.

For example, in Jennifer Chong's "Wanderlust" travel board, there aren't just pins of beautiful landscapes. There are people in hotel beds, pictures of gently shaded courtyards and fascinating interior design ideas.

If you think the travel bags your company makes would look good in these spaces, set up a photo shoot and begin building your board. Or, if you run a furniture company and think your chairs would complement these settings perfectly, go that route instead. With travel-themed Pinterest boards, your options are nearly unlimited.

3. Home decor

A home decor Pinterest board idea is a great starting point for your marketing strategy. Case in point is Moorea Seal's "Home Decor" board, which spans prints, plants, as well as everyday desks and chairs. Use the diversity of this board as inspiration for your own home decor board, whether you sell special photo frames or eye-catching furniture.

4. Inspiration

While the above categories have versatile uses for myriad types of companies, broader ideas, such as inspiration, can be tweaked to appeal to consumers and highlight your brand in creative ways.

One example is Camille Juco's "Dreamspiration" board. This board spans myriad occasions and locations, such as weddings, wooded cabins, sailboats and shorelines. The theme connecting all these pins is, in Juco's words, "a bit of magic and wonder in your everyday." Consider ways that your products bring wonder to consumers' daily lives; once you have some ideas in mind, build a board of evocative images demonstrating how.

5. Art and beauty

As part of your Pinterest marketing efforts, consider creating a board devoted to appreciating natural beauty and artistry. Use the Pinterest board "Beautiful" by user Anna - In The Playroom as an example of how to harness this desire for your own business needs.

Amid striking pictures of mosques and birds are images of flowers, jewelry, fruits, and fireworks. If you sell similar products or items that would create dazzling images by being professionally photographed, set up a photo shoot, and build your Pinterest board.

6. Patterns

Studies have shown that patterns, and the order they represent, soothe our brain. You can harness this effect to generate interest in your products via a pattern-themed Pinterest board. The Pinterest page Polka Dot Wedding deftly achieves this effect with its "Of Polka Dots" board, which showcases polka-dotted wedding dresses, cards, cakes and silverware.

Don't be afraid to stretch the limits of your interpretation of "patterns." You never know whether a Pinterest board of your products arranged by the colors of the rainbow could have a soothing effect until you try it.

7. Products similar to yours

Creating a Pinterest board comprising products similar to yours can gently invite your target audience to explore your brand. As a jumping-off point for this Pinterest board idea, look at Etsy's "Bath and Beauty" board.

Granted, Etsy displaying several products created by sellers on its marketplace isn't the same as your small business showcasing others' similar products, but you may find some striking, creative ways that your products complement – or enhance – other products.

However, you should ensure that should Pinterest users click on your profile after seeing your board, you have other boards comprising your actual products ready to go. Speaking of which…

8. Boards of your products

While this seems like the most obvious idea (and use) for a Pinterest board, it's more nuanced than you might initially think. Let's consider several Sephora Pinterest boards to demonstrate this point.

Sephora's "Back to School" board includes pins of beauty products the brand recommends for people restarting classes. Another board, "Dads & Grads," is geared toward dads looking to give meaningful gifts to their kids who have recently graduated. And the "Holiday" board showcases what Sephora thinks are its best holiday gifts, making customer gift searches much shorter and thereby potentially leading to more sales. Using Sephora's logic, you can group your products into any number of categories that make for an interesting, sales-friendly board.

Holidays, back to school and graduations are just the start. Birthdays, housewarmings and new babies are a few more examples. Let your creativity flow when grouping your items and identifying who might want them and why – enticing Pinterest boards might follow.

5 Reasons to Consider Real-Time Monitoring

Posted: 06 Jan 2021 05:30 AM PST

Network security and performance can play a significant role in your company's overall success. That's why every business, especially those in e-commerce, must frequently monitor their networks to ensure everything is running smoothly. To get a clear picture of how your systems are running, you should have a solid understanding of what real-time network monitoring is and how it can benefit your business.

What is real-time monitoring?

Real-time monitoring is the employment of applications and tools that track and record continuous snapshots of your network's overall performance. Organizations use real-time monitoring to track network activity, improve network security, and identify potential problems as soon as they arise. Every business, regardless of size, can benefit from monitoring their network in real time.

What are the benefits of real-time monitoring?

Although it is simply a good business practice to monitor your network in real time, doing so also provides several advantages for small business owners.

1. Network security

Network security should be a top priority for any business. Monitoring your network in real time is a great way to support security compliance. Real-time monitoring can help you or your IT department identify and resolve security problems as soon as they arise. These issues can include unusual or suspicious traffic, unauthorized requests or devices, cyberthreats, or any other potentially harmful behavior on your network.

2. Network performance

Your network performance can be directly tied to the success of your business. For example, if you run an e-commerce business, you'll want to optimize your servers to avoid issues like downtime, bandwidth overload and long loading times. Monitoring your network in real time can reveal actionable insights about glitches and performance inefficiencies that need to be addressed.

Anthony Petecca, director of IT and security at StaffGlass, listed some of the most common network performance elements that you can monitor, and why they are important.

  • Bandwidth usage: If you are sending or receiving more data than you planned for, your network pipe could get overloaded, which can impact overall performance.

  • Latency: This is the time between a request and response of data. Latency is more important in some situations than others; for example, it's very relevant when you're playing a real-time game.

  • Network availability/uptime: Knowing the actual uptime on your network allows you to confidently advertise your service-level agreement.

  • Speed: The speed of your network will vary at any given point. Visibility into the speed you are receiving versus the expected speed is important to maintaining good network performance.

"Having real-time monitoring allows you to track performance over time to finely tune your network for ideal performance levels," Petecca told business.com. "With enough time passed, it also allows you to prepare for anticipated network spikes (e.g., Cyber Monday shopping)."

3. Incident response time

"Not only do business leaders get to know the status of their network performance and security at all times, but when an incident happens, the real-time alerting allows for faster incident response," said Pieter VanIperen, founder and managing partner of PWV Consultants.

It is important for businesses to resolve incidents as soon as they arise, however big or small they appear to be. For example, it may seem obvious to resolve a cyberattack or data breach immediately, but even something as seemingly inconsequential as a slow-loading website or an abundance of 404 webpages can severely impact your business. Monitoring your network in real time can help you catch these incidents as soon as they occur and respond immediately.

"Faster incident response means faster mitigation, which means less loss to the company," VanIperen added.  

4. Employee productivity

Monitoring your network can increase employee productivity. For example, using real-time monitoring to optimize your network performance can enable your team to send company emails, work on projects and collaborate with colleagues more efficiently. You can also use real-time monitoring to track employee data transfer and protect any sensitive information they may be working with.

Additionally, some companies turn to employee monitoring software to monitor their employees specifically and track productivity in real time.

5. Cost savings

Up-to-date knowledge on how your network is being used can ultimately save you money. Instead of overspending on advanced software or unnecessary site speeds, you can gain a bird's-eye view of the exact technology and support you need. An optimized network can also help you make money, primarily if you work in e-commerce.

How can companies use real-time network monitoring?

You can use real-time monitoring to increase your business's data security, network performance, employee productivity, customer satisfaction and reputation. There is a wide variety of monitoring applications, software, and services available, so the specific tools you use (and the way you use them) will depend on your business needs.

"At the very minimum, I recommend that companies at least utilize real-time networking to monitor speeds and latency of the network," Petecca said. "Having the knowledge of a network slowdown before you see degradation within your company's performance can be the difference of tens, hundreds, thousands or even millions of dollars."

VanIperen said that real-time monitoring can help companies identify what is "normal" for their business and set alerts around those metrics.

"Ensuring that alerts are set around anything that is out of the business normal is key," he said. "When performance changes or there is a security alert, the system can notify you so that fixes can be implemented. This is why it is key to know what is normal for the business – without knowing what is normal, business leaders have no idea how to set alerts."

How to choose tools and resources for real-time monitoring

There are several monitoring applications on the market, which range in features, technical expertise and price. You should choose an affordable platform that is easy to use but advanced enough to support your infrastructure and monitoring needs.

VanIperen offered the following advice for businesses searching for the right monitoring tools:

  1. Compare and vet all companies. Don't just look at cost; look at what you're getting for that cost. Make sure it's what your business needs and that the company you choose is reputable.

  2. If possible, see if your cloud provider offers this service. All businesses should be using cloud services anyway, and your cloud provider may know what is normal for your business better than you do.

  3. Like any technology, real-time monitoring is not foolproof or perfect. It is always best to use several tools to monitor your business and set multiple alert levels for different activities. 

Finding the right tools may seem daunting, but it is imperative for every business to implement some form of network monitoring as soon as possible. If you are new to network monitoring, it's OK to start small and expand later.

"Even having simple monitoring in place for something like speed is going to save you time and money when growing or troubleshooting issues," Petecca said. "I recommend choosing a solution that is easy to implement and use. If you need more complex tools later on, you can upgrade. There is a tool to fit every scenario."
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