How to Optimize Your Business with Tech
As a business, can you imagine life without the convenience of project management software, digital marketing, and cybersecurity?
We can’t either.
In fact, not many people can.
Technology has become a tenant of our life—whether social or business. It has the ability to power growth and communication, increase business efficiency and profitability, improve the ROI, encourage better risk management, induce employee engagement, reduce business stress, and make remote businesses successful.
In short, technology is the key to the future.
So, if you’ve been ignoring technology and its many facets in favor of tried-and-true methods of running a business, know that time’s running out. The future stands on the foundation of technology, and if you want to stay successful as a business, then you can no longer devalue the importance of technology.
Rather, you should embrace it.
7 Reasons to Optimize Your Business With Tech
Here are some reasons why you should use technology to optimize your business:
1. Allows for Faster Communication
Have you ever struggled with contacting an employee or communicating an idea to someone without success?
Chances are, you have.
All businesses struggle with communication breakdowns one in a while. After all, it doesn’t affect your business much if a certain employee is away from their chair and unable to respond to your calls-but only if it happens once or twice.
If communication breakdowns are part and parcel of your business strategy, think again. Not only do breakdowns reduce efficiency, lead to employee demotivation, and operational inconsistencies but also increase chances of risk and customer churn—which can lead to a downturn in ROI and business profitability.
So, as a business, you should start relying on different applications and software, such as Slack, to encourage smooth communication. By doing this, not only will you increase employee motivation, smoothen operations, and ensure effective risk management but also allow your employees to become well-coordinated and efficient—maximizing your ROI and profitability.
2. Increases Security
In 2013, Target suffered a data breach that exposed the credit and debit details of around 40 million people and, as a result, had to pay more than $18 million as part of a settlement to 47 states.
Why did Target suffer this breach?
Because its technological systems weren’t as protected as they should’ve been, leaving them vulnerable to malware and phishing attacks. The lack of segregation between data networks also played a part.
All customer information was stored in one place; as a result, when hackers got into Target’s systems, they were able to access millions of customers’ credit and debit card details without any problem.
In fact, it is predicted that by 2025, cybercrime will cost companies worldwide a hefty $10.5 trillion. And cybercrime is not benign. It can cause businesses to lose data, disrupt business operations, cause revenue losses, and even cause damage to brand reputation that will be impossible to recover from.
And the worst thing is that according to Accenture’s Cost of Cybercrime Study, despite around 43 percent of cyberattacks being aimed at small businesses, only 14 percent of them are ready to defend themselves.
So, as a company, instead of living with lax security protocols, make sure that every aspect of the business is defended if you want to remain successful and competitive in the market.
3. Increased Operational Efficiency
Have you ever had to manually type out an invoice? Or segregate data from data blocks?
If you have, then you know that manual and unoptimized processes can take a hefty bite of time and effort, leading to frustration and annoyance but also operational inefficiencies.
So, what can you do?
Rather than typing out an invoice manually, you could use an online receipt maker/ invoice maker. If you deal with freelancers, instead of assigning projects on a WhatsApp or Slack group, you could utilize a project management software like Asana, Wrike, or Trello, increasing operational efficiency and allowing you to track employee work hours easily.
If you’re struggling to manage payrolls, you could go for software like Zoho, which would track employee hours and manage the business payroll for you.
Not only will business automation increase efficiency but also help your business cut out wastage, increase efficient management, and improve ROI—which is the aim of doing business, anyway.
Also, Read: How Does OCR Technology Help to Digitize the Data Entry Process?
4. Provides Valuable Insights
Machine learning and AI have knocked over the data entry specialists and data trawlers to the floor. Not only can AI crawl through more data in a shorter time but with the help of machine learning, it can segregate data into neat blocks and find patterns that you may have never noticed, allowing you to gain valuable insights from overlooked data.
So, instead of relying on manual processes of data crawling, as a business, you should utilize machine learning and AI to increase business efficiency and profitability. You can also use automated software like Salesforce, Asana, QuickBooks, and more to gain insight into employee and customer behavior, allowing you to target aspects of improvement easily.
5. Increased Employee Engagement
All employees are fond of frequent paychecks, and a paystub generator—which is a technological tool—or software like Zoho can help you achieve this goal. And by automating the payroll, you not only increase employee satisfaction but also employee motivation, which can lead to increased business profitability.
But that is one aspect of how technology can help businesses.
If you, as a business, use project management software, not only will employees find it easier to navigate their assigned tasks but also ask for help when needed. This will increase employee engagement and lead to greater job satisfaction, reducing employee turnover.
6. Improves Business Capacity
When Covid-19 hit, businesses that had zero online presence were the most affected—many had to shut down. But those who had an online presence, like an online store or Instagram page, or Facebook page, were able to hunker down and let the storm roll over them.
This is an example of how useful technology is, not only does it provide businesses with the capacity to survive unpredicted disasters but can also help businesses scale and grow.
So, by incorporating technology into your business operations, you will initiate better risk management, increase employee communication and productivity, streamline processes, create more successful marketing campaigns, and decrease security threats.
7. Improves Customer Communication
This is perhaps the most important advantage of technology. Customers are the bread and butter of businesses, and by using technology, businesses can improve customer relations and also can increase their ability to communicate with customers.
For example, by making a website, a business can convey important information to their customers, such as their product listing, the services they provide, frequently asked questions, and more.
Technology is a boon to businesses. It can increase employee engagement, reduce turnover, decrease customer churn, increase profitability, improve the ROI, and lead to higher customer satisfaction.
So, if you’re doubtful about whether technology will help you or not, rest assured because technology will allow your business to reach its potential—and help you achieve your dream.