Q4 is the last quarter of the fiscal year for companies. As Q4 approaches, every company is striving to break through and achieve its annual goals. According to Kabbage’s survey of 300 small businesses in the US, Q4 is the time when businesses generate the largest income of the year. Therefore, companies need to put in high-performance efforts to accelerate in Q4 and make plans for a more productive and successful 2023.
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Overcome the challenges
Before setting and achieving the goals, companies need to review the business performance and identify areas for improvement.
Take time to review performance
Q4 is an ideal time for businesses to review and evaluate business activities in the past 9 months. What campaigns have been implemented successfully? What is the growth rate? What mistakes should be avoided? From there, businesses can adjust their strategic plans to accelerate the goal completion in the last months of the year and make better preparations for 2023.
Ms. Mellissa Kandel, Founder of Little World Studio shared that: “Q4 is the time when we look back on the customer performance to give an overview of the effectiveness of the message and campaign, then make appropriate adjustments accordingly to finish out 2022 on the strongest note possible”.
Evaluate the applied technologies
The main goal of implementing technology is to optimize productivity and save costs. Therefore, if there is any technology that is unlikely to contribute to that goal, cut them off.
In addition, businesses can consider automating time-consuming tasks with Hyperautomation and Robotic Process Automation (RPA). RPA is a tool that allows businesses to fully automate repetitive, time-consuming tasks to promote process efficiency.
According to Gartner, RPA is one of the top 10 growing technology trends in the world. In Vietnam, RPA has received growing attention and is gradually being applied by many businesses. As part of the FPT technology ecosystem, akaBot is a pioneering Hyperautomation solution provider in Vietnam, autonomous in RPA and other technology solutions, and a reliable partner of more than 2,000 domestic and international customers.
akaBot – Comprehensive RPA automation solution (Source: akabot.com)
Boost employee morale
Human resource is a key factor determining the development of an enterprise. Therefore, before entering Q4, businesses should come up with a clear strategy to motivate employees, help them promote their strengths, and work effectively.
Collect employee feedback
The concerns of employees will greatly affect their performance. Hence, businesses should set out a strategy to collect employees’ opinions on a monthly/quarterly basis. This is an effective method for businesses to understand employees, and grasp what is hindering them to come up with the best solutions before entering the year-end race.
Angela Ivey, Director of Communications & Corporate Affairs at Insperity, said: “Our business focuses on gathering employee feedback to deliver the right strategy for the coming year. This also to ensure that we have accomplished our goals.”
According to a report from Achievers Workforce Institute, 35% of employees say they want more recognition. Edgar Arroyo, president of SJD Taxi suggested that: “Businesses can send emails to thank or recognize employees who perform well. Also, business leaders can offer employees a meal for completing an important project milestone”. This is a positive way to show respect to employees, motivate them to work better, and promote labor productivity.
Reduce boring and repetitive tasks
According to Software Testing and Big Data Hadoop, humans spend about 10% to 20% of their time on tedious repetitive tasks. A study by Science Alert showed that repeating a task for a long time causes employees to be tired, thus reducing their work performance.
One solution for businesses is to implement RPA technology to optimize manual processes, freeing employees from redundant tasks to focus more on creative, flexible, and valuable projects. According to statistics, RPA can save employees up to 80% of their time on manual tasks.
RPA supports humans to perform time-consuming manual tasks, so employees can stay focused on more important projects. (Source: singaporetech.edu)
Prepare for the New Year
Q4 is the perfect time for businesses to make preparations for Q1/2023. Hence, businesses should quickly begin the journey toward achieving their goals instead of procrastinating until the last minute.
Attract potential customers
A customer acquisition campaign usually takes 3-4 months to reap the results. Therefore, to get a more favorable start in the new year, it’s critical for businesses to seize the opportunity to find and conquer new customers right from Q4. Thus, when moving to Q1/2023, businesses can continue to develop activities from the previous quarter instead of spending a lot of time preparing and restarting.
To do this, businesses need to actively capture market trends, understand customer insights, and connect with customers at every touchpoint. The key to increasing touchpoints and enhancing customer personalization is to leverage the power of technology. According to a report from Oracle, 77% of leaders say they leverage the power of automation to optimize the customer experience. Besides, SmartKarrot predicts that AI will drive 95% of customer experience by 2025.
The application of technology brings many benefits to businesses when it comes to personalizing and optimizing the customer experience.
Create goals to motivate employees
Defining strategic goals for Q1/2023 is vital for businesses to welcome a new beginning. The purpose is to motivate employees to align with the company’s goals and start achieving them, helping businesses to get ready without taking considerable time and effort to restart before the new year.
Victoria Zelefsky, Brand & Communications Manager for The Menkiti Group, shared that: “As the final quarter of the year approaches, businesses will focus on targeting key campaigns for the coming year and budgeting ahead of time and resources to ensure these campaigns run smoothly the following year”.
akaBot (FPT) is the operation optimization solution for enterprises based on RPA (Robotic Process Automation) platform combined with Process Mining, OCR, Intelligent Document Processing, Machine Learning, Conversational AI, etc. Serving clients in 20+ countries, across 08 domains such as Banking & Finances, Retails, IT Services, Manufacturing, Logistics…, akaBot is featured by Gartner Peer Insights, G2, and ranked as Top 6 Global RPA Platform by Software Reviews. akaBot also won the prestigious Stevie Award, The Asian Banker Award 2021, etc.
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