5 Ways Technology Helps Business Grow
Categories: Business, Productivity, Technology,
Modern technology has proven to help business with long term sustainable growth. It should come as no surprise that the most successful companies out there are the ones that embrace technological improvements. In order to harness the power of modern technology and grow your business, there are several kinds of improvements to keep in mind.
1. Better Process Management
Technology is here to reduce the manual efforts and risks that strain your employees (anybody who has managed large inventories with a bar code scanner can attest to this.) Ordinarily, a small error or mistake can cause cascading problems in your processes, which makes them much harder to manage. Having your infrastructure set up properly allows you to execute functions more consistently. And unlike your human employees, when managed correctly, your technology doesn’t need to call in sick or take days off. Well-maintained technology does exactly what it has been instructed to do, repeatedly executing tasks with the same level of quality and consistency. With these tools, your business processes can become seamless and controllable.
2. Better Equipped For Growth
These days, all businesses now run on technology. In order to consistently and effectively grow your business in this new landscape you need to choose the best hardware and software that fits within your budget. That means no more bargin-hunting for mass-produced computers at those big, everything-under-one-roof super centers. Higher performance, business-grade equipment and software is always more beneficial and more reliable than a home-office option.
Consult with professionals and search the web to find the best options to improve your business. Purchase purpose-built hardware and software so that your infrastructure doesn't let you down right when you need it most. Additionally, having solid policies and procedures defined and working in conjunction alongside your technology will allow you to take the framework of your business and repeat it in branch locations. Utilize those processes and successes to expand and grow your business.
3. Increase Revenue
Bringing in more money requires your business to adopt the latest technology available. Think about it this way, if technology increases 3x per year, that means that technology in October 2019 is going to be right around three times better than technology today. Now think about the average age of the technology in your office. Does it still make sense to ask your staff to use un-maintained computers that are 7+ years old if your competitors are using equipment that's only two years old? Now, the 3x multiple above is an arbitrary measurement for the purposes of this post but it illustrates an important point: if you simply rely on the same old technology you opened your business with, you will severely limit your company’s ability to earn higher amounts of revenue.
Grow With Speed
There are two main ways you can leverage technology for increased revenue. First, you can increase the speed at which you process or produce your goods or services. This means less time and more product. Better, faster sales = more revenue. Automation is one of the ways to achieve this kind of improvement, a CRM system would be another.
Grow With Quality
Second, improve the quality of your product or service. Improvements in your technology are critical as old tech and equipment make it increasingly more difficult to achieve quality over time. For example, a sushi chef's most important tool is his knife. It must be kept razor sharp and ultimately replaced or else the fish they slice will just get crushed and mangled by a dull blade. Utilizing the right modern technology greatly increases your ability to produce better products and provide better service more consistently and more profitably. Increasing your revenue starts with choosing the best technology for your needs.
4. Improve Productivity
It is an unavoidable fact that your employees can often be the source of a productivity bottle neck. Investing in training your employees on a regular basis is an excellent way to improve productivity in your business. How many times has a software update caused you to have to slow down until you re-familiarize yourself with the new system? Your business will grow when your employees better understand how to use the technology and processes that are critical to daily operations.
Without the latest technology and the training to utilize it your business cannot grow. You must adopt and embrace this new era of business. Don’t settle for status quo just because it's familiar and comfortable. Invest in the technology and the people that produce your goods or services so that your company can achieve more in less time.
5. Become More Profitable
Not only can technology help you bring in more business, it can also help you make more profit per transaction. Businesses become more profitable when they invest in improving their technology to speed up and streamline their processes. Technology saves you and your team a lot of effort which saves you the critically-important resources of time and energy.
When you outsource the management of your technology to a trusted company you can actually help your business grow. You can even combat the effects of inflation by reducing the human efforts required to improve and maintain your technology. In short, you can do more with less staff. You must maintain your technology but doing so no longer requires you to keep an in-house expert on salary. The more departments within your business, the more stress and cost you incur. Likewise, improving your technology and keeping your employees focused on generating revenue will help to make your business more profitable.
Yes, Technology Helps Business Grow
It takes a lot of time and ongoing effort to manage your business and processes. By leveraging new technology and outsourced professional resources, you will have the time and energy to focus on other mission-critical tasks that can help your business grow. Spend less time fighting technology. Don't fall into the trap of thinking of it as just another annoying expense. Embrace technology, outdo your competitors, and become sustainable in the long term while increasing your profits. Gain the time and freedom you need focus on growth.