New Normal: Transform your business by investing in technology

New Normal for Businesses

How technology can help your business scale up and transform

It’s 2020 … hmm, it’s tricky twenty. Businesses worldwide have witnessed its all-time need to act and react at speed and a scale to sustain. Everything is changed. Hence it’s essential to navigate the change smartly to upscale the business and digital transformation.

Technology has always proven to play a vital role in delivering better customer and employee experiences.

You might be in a dilemma what should I be doing to make my business technology inline with the ‘New’? Is this an opportunity? Is it time for investing in technology to transform?

Now comes the next biggest enigma of 2020,i.e., The “New Normal.” Till about a month ago, businesses put forth the question, “When are things going back to normal.” A month later, the problem has now metamorphosed into; “What is the New Normal?”

In simple words, New Normal is “How Technology solutions can help in the continuity of your business process.”

To implement the ‘New Normal,’ you need a reliable technology partner who can act at speed and confidence with equal attention across growth, profitability, the sustainability of your digital business transformation.

Machines make machines and artificial intelligence, once hallowed, is now just passe. The customer is directly connected, intelligent, short of time, and, most of all, demanding.

The customer preference for digital interactions is quickly restructuring the market. Digital transformation is transforming the companies’ opportunities leading to a new positioning of business practices. As a result of emerging technology, businesses and systems are becoming more customer-centric.

According to a report, a $570 billion technology investment will be made between 2018-2025 by Asian mobile operators on 5G deployment.

By investing in technology, small businesses can now compete with big players in the industry. It doesn’t matter if you are just getting started. You can leverage digital technology to put forward your products to a global audience, thus increasing brand awareness.

However, how does the right technology investment in place help? Why you, as a business, should be, investing in technology?

The Role of Modern Technology in Business

Let’s take a look at the world today. Business technology sits in paramount importance, dictating business operations, managing data, and even the way employees engage with customers. The icing on the cake is that – business technology also controls how consumers buy a product or service. In the age of digital transformation, if a company is not able to perceive the all-pervasive, omnipotent importance of technology and embrace it, it could result in serious setbacks.

Upgradation of existing technology solutions or automation of processes offers returns massive in magnitude for small and large businesses. A Deloitte report states that companies that have adopted new technology have a growth rate that is four times higher than less engaged organizations.

role of technology in business

Globally, companies make substantial technology investments in new business technology solutions. Many have in-house IT departments that use advanced software for functions like data analytics, targeted marketing, and customer segmentation. Most also rely on HR management platforms to make payroll, employee onboarding, and other time-consuming tasks more efficient and lean. Some businesses go so far as to integrate virtual reality into their daily operations

It is even expected that by 2021, global retail eCommerce sales will reach $4.5 trillion.

62 percent of small enterprises say that having strong digital and media skills is crucial in the recruiting process.

The range of technology solutions available today drives businesses to save time, grow quicker, and deliver an enhanced and immersive customer experience. This eventually leads to improved work performance and cost savings.

Industry leaders use advanced AI algorithms to research and segment their prospective customers, create detailed buyer personas, and produce accurately targeted product and service opportunities.

The digital transformation has ushered in greater transparency, efficiency, and convenience for businesses and the customer.

Here is a dive into the nitty-gritty of how technology solutions can leverage business objectives.

For a Business, well-planned technology investment is-

1. A time-saver

The integration of technology into a business process immediately makes it more efficient. By investing in technology, many labor-intensive tasks are either automated, simplified and in some cases, eliminated. A report by Gallup suggests that investing in technology can increase productivity by 20 %.

As per reports, investment in technology can increase the productivity in your business by 20%. Click To Tweet

2. A problem solver

Through data analysis and business intelligence applications, technology solutions play a pivotal role in studying pain points and areas of opportunity. The intelligent systems help collect real-time data and give a chance to analyze the big and small data collected to make the next business decision more informed.

With the help of predictive data analytics, a problem can be predicted, and an opportunity can be found well in time. And in the off chance in which a question arises, AI integrated apps automatically respond with in-built contingency strategies.

E.g., In cloud computing auto-scaling, load balancers help servers keep active and faster when a high number of users access the application. That is not the extent. All processes are defined in advance.

3. A means of remote access and lucid communication

In the digital transformation Journey , every employee possesses a smartphone. It means uninterrupted connectivity around the clock. It also means that an employee can take his work with him and complete assigned tasks on the go.

What’s more, a study says that workers are 20% more productive while working remotely and 13% more efficient due to fewer distractions. Workplace engagement is also highest amongst employees who can work remotely, thanks to the company for timely investing in technology.

Technology investment has assisted small businesses in improving their processes of communication. Texts, emails, websites, apps, etc., provide for improved communication with the consumer.

Using a bevy of information technology communication methods allow companies to broadcast their message to the point of market saturation. Feedback received through these electronic communication methods is also extremely valuable.

Technology solutions also facilitate Inter-office communication. A social intranet software like spark or skype provides employees a centralized portal where they can access and update internal documents and contracts and pass on relevant data to the concerned department, all of this instantly. These same methods also help companies reach consumers through their hand-held devices in real-time.

Read More : Best Tools For Managing A Remote Team

4. A cost saver

Business owners can leverage technology to reduce costs; here’s how. Enterprise software allows a firm to automate back-office functions like record keeping, accounting, payroll, etc. Mobile technology powers home offices and enable field reps to interact in real-time.

E.g., Field reps can access the accounting software at the brick and mortar office remotely, and they can use mobile apps to record daily expenses as they incur them.

As per an article published in Forbes:

  • Nearly 77% of companies say their relationship with technology investment is average or above average.
  • While 55% of companies believe that they have less than a year without a digital transformation process before they start to lose market share.

    Advantages of technology for business

5. A mode of collecting real-time data

Here real-time is critical. A company possesses data about not only what a customer is doing right now but what they have been doing in the historical context, i.e., what they did yesterday, or the day before. It has a lot more data to use and make informed decisions about what the customer will do tomorrow and use it to better its strategy.

A customer data platform that provides a unified view of all the collected information and interaction data is recommended to simplify collecting and assessing real-time data from multiple sources.

6. A model of customer segmentation

Nowadays, as technology investment has risen, businesses thrive on what they know about their customer. It enables the marketing teams to focus on targeted markets, resulting in more brand recognition, higher value, higher sales, and faster growth of the business.

7. A Differentiator

Constant innovation is key to achieving company goals, and design and business technology go hand in hand. For customers, a company’s social currency/value is directly proportional to how tech integrated its functions are. Being ahead of the curve is an immediate requirement, or else a competitor might begin outperforming the company in question.

8. A means of Security

Data is the new oil. This statement has been heard before, but it still rings true. A breach can influence public opinion and could even put an organization out of business. Investing in IT transformation strategy and Security keeps employee and customer data safe from unauthorized access.

According to Norton’s report, the 2019 fiscal year’s US President’s budget allocated $15 billion to cyber-security programs.

Business owners can create secure environments to curate sensitive business or consumer information. Most business technology or software development programs are built to be as user-friendly as possible, and business owners with little background in information technology can make the most of these digital transformation services.

9. An edge over the competition

Investing in technology is not only a way to gain an advantage over a competitor; it is now a vital instrument in scaling a business. Sears used tech acquired data to reduce time in rolling out marketing campaigns from eight weeks to one week. The patient stays at hospitals dropped by 14% when secure messaging apps were used as the official communication mode.

Businesses that shifted from PSTN to VoIP saved $920K every year in employee productivity. These are just a few examples of what investing in technology can offer a company.

10. An in-road to the customer

In the words of Nick Bawa, CEO and Co-Founder at Convintus: “Businesses that didn’t pay heed to the internet at the start of the 21st century had a hard time keeping up with the competition. The same holds today when it comes to business technology.

Whether your part of a startup or an established small business, investing in technology should always be on the lookout for the next significant innovation – not just to stay in the game but to build the future billion-dollar business.” Having a detailed tech strategy available enables a company to take a step closer to the ‘smart’ consumer.

11. A mode of delegation

Technology investment abets connectivity, and that enables more cost-effective and agile remote teams . With technology-driven outsourcing, companies can now focus on what they know best while a technology partner deals with other functions. Current practices are simplified with software development, software upgradation, services, and programs that Outsourcing companies offer.

12. A mode of increasing employee productivity

Enterprise software allows employees to process more information than manual methods. The amount of human labor in business functions can be reduced by the implementation of digital workplace transformation. This, in turn, means that a business can avoid paying labor costs along with employee benefits.

Even the most basic business technology can have a significant impact on employee performance. E.g., Supervisors can place employee performance appraisals on an online framework and subsequently create measurable goals to sustain its objectives. Business operations can also be expanded using technology rather than employees since technology provides a better, more standardized output.

13. A mode of collaboration and Outsourcing

Software outsourcing and Enterprise Software Development is one of the best means to become a smart business in a time of change. Technology investment is the number one force of business transformation. Continually evolving and adaptive technology transforms the way companies function.

Read More : 5 Things to Consider while Building Software for your Organization

Businesses that hope to compete are in a constant race to develop and adopt these technologies before the business technology becomes irrelevant, lest the business slips and ends up falling by the wayside.

Outsourcing helps companies in expert consulting make the right decisions, match time-line and budget, lower costs, focus on, and complete their core business functions. The most commonly outsourced operations of an enterprise digital transformation are software development, technical support, and customer service.

According to the Deloitte Global Outsourcing Survey, 78% of business owners worldwide are satisfied with their outsourcing partners. 57% of companies outsource to focus on business objectives

To make things simpler, we have collated three reasons why every company should be investing in technology.

78% of business owners across the globe are satisfied with their outsourcing partners. Click To Tweet

Top 3 Reasons – Why Digital transformation?

1. Technology improves business

40% of companies report better agility, flexibility, and responsiveness, after deploying a cloud computing solution, such as SaaS. The popularity of cloud computing can gauge the effect of technology on a company.

The current generation wants to work for themselves, and they desire success. They have understood how technology and digital transformation is humankind’s new fire. Their subsequent-technology investments have driven an industry disrupter.

Today small to mid-size industries have better access to software development, business software, apps, and another digital transformation roadmap that are better than the varieties used by big corporations from a couple of decades ago.

2. Technology is “worth it!”

When one thinks of implementing a technology strategy, spending big bucks is the first thing that comes to mind. However, spending on digital transformation is worth the overhead. A recent Forbes article broke down the cost of technology compared to other business processes. Take an outsourced project vs. the expense on an in house team. Office space costs $2 per hour, and an experienced worker costs approximately $60 per hour. Now, let’s compare that to an offshore software development team that is currently building/executing your software strategy.

New software development with a pro working on a workstation that supports the latest tech solutions without any technical issues or lag costs exponentially less at just $0.20 per hour. It is worth it to pay mere cents per hour for tools that will allow for greater reach to a broader audience.

3. Technology builds better interactions with the market/customer

One of the foremost goals of all businesses in terms of customer interactions is to enhance customer loyalty. Apart from rule numero uno, which offers quality products and services, a business needs to be responsive to customers.

New technologies have come to market to make it easier for businesses to provide customer service. The number of channels through which business interacts with market/customers also increased; so has the level of detail of these interactions.

The key is data management and analytics. Data is collected from customers to analyze their preferences. This data is utilized in the future to generate market/customer insights that would enhance the effectiveness of targeted marketing.

40% of businesses report better agility and responsiveness after deploying Cloud Computing.Click To Tweet

We have now gone through what a lean and aligned tech strategy can offer a business and why every company should be investing in technology. However, at the same time, it poses new challenges for organizations.

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Technology Challenges For Businesses

  • The management of a company might indulge in its tech strategy a little too much and overemphasize business transformation, thus causing the company to shift from the customer to the technology. As a result of the shift from “what we can do for the customer..” becomes “What we can do technologically.” The company might then develop a tech-intensive product that is not used to the customer or business itself, though too advanced.
  • The top brass might give micro-management of the companies processes just because business technology offers them to control. In this second scenario, the Top management metamorphoses from decision makers to a sort of moral police that hinders operations more than it helps.

So why digital transformation? And what is the ideal recipe for progressive and fruitful technology investment, the coveted technology mix; The answer, prioritization.

Technology investment funds are allocated based on the relevance of technology to the organization in the short, medium, and long term. Technical professionals in the company can guide management in these matters. Their interactions with experts help them discerning the ideal technology mix they need for their own company and determine the scale of technology investment required to create and run the technology mix.

Another report concludes that 94% of Workplaces Struggle with the apps and software they use

Through periodic reviews of budgets, top management can take stock of the technicians’ recommendations and adjust the company’s financial disbursement. It would, in turn, minimize the wastage of technology investment funds while optimizing productivity.

If you have a limited budget or time and want to stay focused on your business key objectives, the best solution is to connect with the right software outsourcing partner.

And now, we come to the customer. Customers also play a vital role in determining the allocation of company funds. As technical staff interact with the customer and explain product features and service highlights, they learn more about their needs. Technicians pass on this information to the R&D team, making the necessary updates in the development process.

But now, let’s take a look at reality. Technology investment could prove not very cost-effective to a company. Before launching a technology investment, competitive organizations must ask themselves the following questions.

  • Whether the system or software is in line with the company’s business objectives?
  • Will technology investment help the company attain and maintain market leadership?
  • Does it address a customer’s needs?
  • Does it augment current technology?
  • Is this the next dimension in technology’s evolution?
  • Does technology investment reduce costs overall?
  • Will it help in expanding the product mix?
  • Does technology investment help in upgrading existing products?
  • Does technology investment help make greener/cleaner products?
  • Does technology investment create process enhancements that cut down on the use of raw materials that are difficult to procure?

In simple terms, companies must forge a technology-business bond, a collaboration between top management and technology managers or a business and your software development outsourcing partner at every stage of the decision-making process, thus fortifying the connection between business and tech teams.

The organizations that enjoy a tech advantage spend more time investing in technology and publicizing their field accomplishments. Here, the technology investment plan forms a part of the business plan.

IDG’s Digital Business Survey reveals that 89% of organizations have plans to adopt a digital-first business strategy for business transformation

In this digital transformation age, companies that are aggressively investing in technology can outperform traditional competitors in any industry by miles, provided they strategically apply technology..

With the proper use of technology, your workforce will spend less time on manual tasks. Your data will be safer, internal and external communications will be enhanced, and you will have a competitive edge.

But before you jump in, do your research and remember, only make technology investments based on your unique business needs.

Please have a look at the bespoke tech solutions we have rolled out for more than 2900 satisfied customers spread across 25 countries and helped them achieve succeeding their business goals aligned with the right technology in place time-to-time.

Wish to scale your business with the latest technology? Contact us now!

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Maitray Gadhavi is a senior business development manager with Radixweb who accelerates the growth of organizations through innovation-led custom software development. Balancing the long-term gains in an evolving industry, he brings the voice of the customers into the enterprise. Binge-watching favourite series is his idea of fun after work.