Many businesses that were rock-solid before COVID-19 are now facing a dilemma. Pivot with a Digital Transformation strategy or close what’s left of their proverbial doors. No entrepreneur wants to be backed into a corner on a decision that changes the very nature of the way she or he does business. Yet, we are here all the same. The good news is that we’re all in this together. We’ve all been backed into the same corner.
Respected health and administrative officials in North America are talking about this spring as the half-way point in our battle against COVID-19. Will your business be ready to meet new guidelines and regulations in order to successfully re-open?
Stambol is ready to help you with the digital solutions you need. So, today we’re reviewing what transformation looks like during the middle of a pandemic.
Digital Transformation Basics
Using digital tools to re-organize, re-structure, and re-imagine the way you do business can take many paths. It all depends on the product you make or the service you offer. How were you finding and communicating with your customers? How did you meet their needs? Were you able to adapt when you had to stop meeting in person?
Now is the time to think about your pain points as well. Was there any change you’d been putting off because you couldn’t afford the downtime? Or maybe you just didn’t know what the solution could look like? Remember, you don’t have to know what the answer is to ask for help with a problem.
If you’re the sort of entrepreneur who likes to turn lemons into lemonade, you’ll already be looking for these opportunities to change. Where can you invest in procedural or technological upgrades now that will help you re-open, and down the road, begin to thrive again?
Learn to Swim in Digital Water or Sink in 2020
Before the year is over, an unfairly large number of businesses will succumb to the pressure of operating under social distancing restrictions. The capacity to transform quickly and re-imagining the structure of a business is just not something every entrepreneur can achieve.
The good news – for you – is that by reading this post and doing your research on Digital Transformation, you’ve taken the first few steps towards ensuring that you aren’t one of the economic casualties of COVID-19.
5 Reasons Digital Transformation is Viable
If you’re not motivated to adopt new tech during this downtime and you’re not sure a wave of digital changes will help, consider the reasons below to take the plunge.
- Customers & Markets Will Retain Changes
Think about all the changes that have sprouted up within businesses still operating during this pandemic. A boom in online grocery orders and video conference calls are the kinds of changes we think will be here to stay. Because a measure that keeps us safe today – and doesn’t interfere with operations – will be hard to justify discontinuing tomorrow.
- Starting Small is Still Possible
Your re-opening plan probably has a checklist you need to complete before you can slam that big red button. Like any to-do, you have to start somewhere. And think of your Digital Transformation as a journey, one that will shift and evolve over the years. It doesn’t have to be one single action that sets it all in motion. A little change can lead to a bigger one, and so on.
- Results Will be Measurable
One of the most demonstrable benefits of Digital Transformation is the inherent accountability of data-driven products. Reporting and recording of ROI will be next-level effective for businesses just incorporating digital solutions now. And if your storefront or office is already digital to some degree, you’re that much more aware of how tech and numbers go hand in hand.
- Upgrade Costs Can be Subsidized
Governments around the world are offering unprecedented support for businesses suffering and adapting during COVID-19. The logic once reserved for environmental benefits or fostering new niche technology is being applied broadly and generously to structural and procedural changes. It may take the form of a loan instead of a grant, but you may be shocked at the funding options available to a business like yours that needs to spend money to bring staff and spaces up to new standards.
- Expert Help is Out There
Many business owners feel like they’re now playing a game with new rules, except that no one person can tell them what the rules are and why. Does that sound familiar? Well, you’re not alone. Figuring out what to change, how, and why – all with shrinking budgets – is the best reason to invest in the assistance a technology partner can provide. Before you spend even more on a solution you didn’t really need and you’re still faced with more expenses.
Business Recovery Via Digital Transformation
If your business hits the pause button and you’re planning a joint re-entry and recovery plan, we’re here to gently remind you that digital tools will be required. Depending on your industry and region, restoration of in-person operations could still be months away. Consider these strategies to help you bridge between Day 1 and your new operations model.
- Make Appointments Online
You’ve already seen prompts on social media to convert comments to private conversations, and to convert message exchanges to appointments. This trend will continue and we recommend taking tools into your own hands. Don’t rely on social media profiles to provide technology solutions for you. Add it to your website and/or app on your own terms for a solution that truly meets your needs.
- Use New Sanitation Technology
How will you reassure your customers that every counter and utensil under your roof has been sanitized effectively? The days of a little hand-written card in the bathroom that tells you when the facility was last cleaned will be so far in the past it will seem quaint. We’re picturing digital displays that relate information about bacteria (or a lack of) on common surfaces. As well as touchless dispensers of all-natural hand sanitizers.
- Smart Sensors to Monitor Health
Would you feel better interacting with a retail worker, server, or bartender if their name tag was equipped with a digital readout of their body temperature? What once sounded dystopian may become commonplace. And it might be required of patrons and shoppers as well as service staff.
- Automatic Doors & Touchless Fixtures
The good news about touchless technology is that we are ready to roll this out to just about any storefront. It could be the low-hanging-fruit of upgrades to your business. And existing touchless devices are just the beginning. Click on the video below for a look at how touch screens could become touchless as well.
- Third-party Inspections & Approvals
Have you ever casually noticed a business license or approval from a health inspector? Something behind a counter or bar that blended right into the scenery? We think those little pieces of paper will fade into history, replaced by digital, real-time reports from trusted sources regarding a business’ proven cleanliness track record.
Accepting that we all had to close our doors – not for days, not for weeks, but for months – was a tough pill to swallow for every business owner. The casualties of this downtime have already started.
Your Business WILL Look Different
Restoration of brick-and-mortar locations requires business transformation strategies with a digital component. Not just because federal and regional governments will require change, but because the above-mentioned consumer standards will change.
This time next year, restaurant customers may refuse to enter the premises if they have to grab the door handle. Even the trendiest establishment could see a drop in patronage if guests are approached by staff members in close quarters.
This time next year, retail shops that encourage staff to physically approach customers could see massive drops in foot traffic. A once-popular boutique known for discerning style advice could be ostracised for violating shoppers’ personal space.
We’re not saying it’s going to be easy. We’re not saying there is a one-size-fits-all technology upgrade on offer. What we can tell you is that you don’t have to fumble in the dark and go it alone.
Digital Transformation Shepherds
At Stambol, we know these changes range from irritating to downright scary. Especially if you weren’t eagerly planning to change. But if you’re ready now, if you’ve taken that deep breath and you are prepared to dive back in, Stambol is the technology partner that can guide you along the rest of the way.
Contact us today for more information on what Digital Transformation can look like for your business. We are here to talk, plan, execute, and generally help in any way we can.
Feature Image Credit: metamorworks / Adobe Stock
President Maduro: Venezuela Seeks Opportunities To Use Cryptocurrency For Global Trade
- Venezuela’s cryptocurrency story continues as the country’s President Nicolas Maduro has presented new use cases.
- A recent report informed that the South American nation is studying the possibility of using digital assets in trades alongside the national Petro.
- President Maduro has presented new anti-sanctions law in the Constituent National Assembly. In a recent speech, he asserted:
“The anti-sanctions law is the first response to give new strength to the use of petro and other cryptocurrencies, national and global, in domestic and foreign trade, so that all cryptocurrencies of the world, state and private, could be used. This is an important project that is under development.”
- The news comes after Maduro suggested last year that his country could adopt cryptocurrency payments.
- Additionally, Venezuela signed a new tax agreement this summer that enabled the nation to start collecting taxes and fees in the Petro.
- A study reported by CryptoPotato revealed that digital assets already play an essential role in the country’s struggling economy. Venezuela’s intensifying financial crisis has catalyzed significant interest in cryptocurrencies as people seek opportunities to escape the devaluating national currency.
- The Bitcoin peer-to-peer volume exemplifies the growing interest in the primary cryptocurrency within the country. As per data from coin.dance, the BTC P2P volume on LocalBitcoins has been continuously surging in the past several months.
Leader That Allowed Scams: TRON’s Justin Sun Responds to Claims by Ex-Employees
Yesterday The Verge published an elaborate article portraying a picture of Justin Sun’s leadership at BitTorrent post the peer-to-peer file-sharing site’s acquisition by the TRON foundation.
Sun later responded to the ‘false-claims’ made by TRON/BitTorrent’s ex-employees in the article with ‘An Open Letter to Anyone Who Cares to Read’ on Medium.
Claim: Megalomaniac Leader; Response: True Libertarian
In the supposedly expose piece, author
Refuting the above portrayal of his leadership, Sun, in his response, stated that he has devoted his entire life ‘to being a responsible, global citizen’. Adding to this, Justin said that is a true champion of libertarian principles for a significant portion of his life.
I have devoted myself to being a responsible, global citizen throughout my entire life, spending significant portions of my personal and professional life to activities promoting universal values of respect, liberty, equality, and kindness.
The TRON and BitTorrent chief impressed further on his ‘global’ approach to things. He explained that the TRON Foundation harbors a ‘global team of talented contributors and developers’. And that he takes ‘pride in working’ with this global community to make TRON ‘one of the greatest decentralized blockchain protocols’.
Claim: Freedom Suppressor; Response: Upholder Of Human Rights, Individual Values
Dunaway reportedly engaged in conversations with folks who are/were associated with the TRON brand and the work culture. From what he gathered, Justin enforced a draconian company culture, with employees officially following the ‘9-9-6’ norm.
According to the article, TRON’s HR had Slack replaced with its Chinese counterpart DingTalk. The communication platform had an in-built surveillance mechanism that would use ‘Apple Health to count people’s steps’. Also, DingTalk used to ping employees literally all the time.
To this, Sun responded by saying that he has left no stone turned in, establishing a work culture that respects.
diversity and individuality through a culture that cherishes fundamental human values freedom of speech, user privacy, intellectual property protection, kindness, a diversified working environment, and compliance with legal standards.
Justin went on to comment that TRON and BitTorrent operate with a ‘globally collaborative team’. One that upholds and respects the ethos of cross-culture teams. Sun claimed that the folks at TRON folks have ‘worked hard’ to create a collaborative work culture. One that values freedom of speech and individual privacy.
Claim: Suppressed Criticism, Allowed Scams; Response: No Control Over Protocol Functioning
The Verge piece mentioned that ‘decentralization’ was just a facade for what was happening behind the curtains. Justin Sun and his core officials exercised strict control over content moving about and within the TRON network.
This involved allegedly paying a Redditor to ‘erase negative posts’. Which later drew the ire of the community.
Free speech is part of the ideology of decentralization, where ideas flow without gatekeepers. Tron started deleting any post it wanted.
The article also claimed that TRON’s administration team was silent and allowed the perpetration of scams on the network. While this happened, scammers and the scammed continue to grow in numbers while the management did nothing to interfere.
Justin, in his Medium post, said that he and the entire TRON administration team function sans control. Even though the team at TRON works to upgrade the platform, they do not exercise any censorship/regulation.
…we have no control or discretion over what applications use the protocol, what data is transmitted, or how its community members use it.
Sun went to add that he and his team are proud of TRON and BitTorrent’s achievement over the years. He went to quote that both have collectively ‘served 2 billion users around the world. These include ‘numerous enterprises, universities, and governments’.
Lastly, the TRON and BitTorrent boss struck down all claims made by ex-employees Lucasz Juraszek, Richard Hall, and Cong Li. Justin declared that the TRON foundation’s legal counsel has submitted all the requisite proofs and evidence pieces to the court. “We believe the decision will speak for itself”, he said.
BTT and TRX’s price didn’t seem to undergo any correction following the release of the bitterly scathing Verge piece. On the contrary, BTT is actually up 2.3% in the last 24 hours.
Featured image courtesy of QZ.com
Ethereum Price Analysis: Will ETH Surpass 2019 Highs Towards $400?
ETH/USD – Bulls Struggling To Pass 2019 Highs
Key Support Levels: $350, $336, $325.
Key Resistance Levels: $364, $378, $390.
Ethereum pushed higher last week to reach the 2019 highs at around $364 over the weekend. Unfortunately, it has not been able to overcome this resistance in the past four days of trading as bearish divergence popped up on the short term charts – highlighted in our last analysis.
For now, Ethereum is finding strong support between $350 and $355; however, it is looking increasingly likely to break this support soon as the short-term bearish divergence continues to play out.
ETH-USD Short Term Price Prediction
If ETH does penetrate back beneath $350, the first level of strong support lies at $336 (100-days EMA). Beneath this, additional support lies at $324 (.618 Fib), $320, $310, and $300.
On the other side, the first level of resistance lies at $364 (2019 highs). Above this, resistance is expected at $378 (bearish .382 Fib), $390, and $400.
The Daily RSI did dip beneath the mid-line to suggest that the sellers are battling to gain control of the market momentum.
ETH/BTC – Bears Continue To Face Resistance at Falling Trend Line
Key Support Levels: 0.033BTC, 0.032 BTC, 0.0315 BTC.
Key Resistance Levels: 0.0337 BTC, 0.0347 BTC, 0.0352 BTC.
Against Bitcoin, Ethereum continues to face the resistance at a falling trend line that has dictated price action during September. Each time ETH attempted to break above this falling trend line, the coin was rejected and headed lower.
On Monday, ETH attempted to push beyond the March 2019 support at 0.0337 BTC but could not pass it. As a result, ETH moved sideways this week and has returned to the falling trend line. Here, it can be expected that ETH should be heading lower – especially with the daily RSI flattening out in the bearish territory.
ETH-BTC Short Term Price Prediction
Looking ahead, if the trend line rejects the sellers, the first two levels of support lie at 0.033 BTC and 0.032 BTC. Beneath this, support lies at 0.0315 BTC (100-days EMA & downside 1.414 Fib Extension), 0.0311 BTC (.618 Fib Retracement), and 0.0305 BTC.
On the other side, if the bulls can penetrate the falling trend line, the first level of resistance lies at 0.0337 BTC (March 2019 Support). Above this, resistance lies at 0.0347 BTC, 0.0352 BTC, and 0.0361 BTC (March 2019 High).
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Cryptocurrency charts by TradingView.
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