How technology can help your business scale up and transform
Its 2020 … hmm it’s tricky twenty. Businesses across globe have witnessed its all-time need to act and react at speed and a scale to sustain. Everything is changed, hence it’s important to navigate the change smartly to up scale the business and digital transformation.
Technology has always been proven to play a vital role to deliver better customer and employee experiences.
You might be in dilemma what should I be doing to make my business technology inline to 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 question has now metamorphosed into; “What is the New normal?”
New Normal in simple words is “How Technology solutions can help in 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, sustainability of your business and digital transformation.
Machines make machines and artificial intelligence, once hallowed, is now just passe. The customer is now 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 report $570 Billion technology investment will be done between 2018-2025 by Asian mobile operators, on 5G deployment
By investing in technology, small businesses can now compete with big players of 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 a position of paramount importance, dictating business operations, management of 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 both small and large businesses. A Deloitte report states that businesses that have adopted new technology have a growth rate that is four times higher than less engaged organizations.
Globally, companies make huge 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 tasks like 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 a key factor in the recruiting process.
The range of technology solutions available today are driving 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 as well as 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 completely. 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 are playing a pivotal role in studying pain points and areas of opportunity. The intelligent systems help collect real-time data and give a chance to analyse 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 problem arises AI integrated apps automatically respond with in-built contingency strategies.
Eg. In cloud computing auto-scaling, load balancers help servers keep active and faster at times when a high amount of users access the application. That is not the extent. All processes can be defined in advance.
3. A means of remote access and lucid communication
In our digital transformation era every employee possesses a smartphone. This 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 less distractions. Workplace engagement is also highest amongst employees who can work remotely, all 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 are also extremely valuable.
Inter-office communication is also facilitated through technology solutions. A social intranet software like a 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.
Eg. 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 article published in Forbes:
- Nearly 77% of companies say their relationship with technology investment is average or above average.
While 55% of companies believe without a digital transformation they have less than a year before they start to lose market share
5. A mode of collecting real-time data
Here real-time is key. 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 this information 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 mode of customer segmentation
Nowadays, as technology investment has risen, businesses thrive on what they know about their customer. This enables the marketing teams to focus on targeted markets, which would eventually result 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 innovation and business technology go hand in hand. For customers, the social currency/value of a company 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 technology and information security keeps employee and customer data safe from unauthorised access.
According to Norton’s report, the 2019 fiscal year’s budget of the US President allocated $15 billion to cyber-security programs
Secure environments can be created by business owners 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 minuscule backgrounds in information technology can make the most of these business technology solutions.
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. Patient stays at hospitals dropped by 14% when secure messaging apps were used as the official mode of communication.
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 true today when it comes to business technology.
Whether you’re part of a startup or an established small business, investing in technology should always be on the lookout for the next big 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 can be 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 labour in business functions can be reduced by the implementation of business technology. This, in turn, means that a business can avoid paying labour costs along with employee benefits.
Even the most basic business technology can have a major impact on employee performance. E.g. Supervisors can place employee performance appraisals on an online framework and subsequently create measurable goals to sustain the company’s 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 or software development is one of the best means to become a smart business in the time of change. Technology investment is the number one force of business transformation. Constantly evolving and adaptive technology transforms the way companies function.
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 assists companies in expert consulting to make the right decisions, match time-line and budget, lowering costs, focusing on, and completing their core business functions. The most commonly outsourced functions are software development, technical support, and customer service.
According to the Deloitte Global Outsourcing Survey, 78% of business owners across the globe 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 Companies Should Invest in Technology
1. Technology improves business
40% of businesses report better agility, flexibility and responsiveness after they have deployed a cloud computing solution, such as SaaS. The effect of technology on a company can be gauged by the popularity of cloud computing.
The current generation wants to work for themselves, and they desire success. They have understood how technology and digital transformation is mankind’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 other business technology solutions 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 when compared to the cost of 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 who is 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. Clearly, 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 its customer interactions is to enhance customer loyalty. Apart from rule numero uno, which is to offer 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 a business interacts with the market/customers has also increased and so has the level of detail of these interactions.
The key is data management and analytics. Data is collected from customers to analyse their preferences. This data is then used 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
So now, we have gone through what a lean and aligned tech strategy can offer a business and why every business should be investing in technology. However, at the same time, it poses new challenges for organizations.
Technology Challenges For Businesses
- The management of a company might indulge in its tech strategy a little too much and over emphasise on business transformation thus causing the focus of 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 come up with a tech-intensive product that though extremely advanced, is not of any use to the customer or business itself.
- The top brass might give into 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 what is the ideal recipe for a progressive and fruitful technology investment, the coveted technology mix; The answer, prioritization.
Funds for technology investment should be 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 assist them in discerning the ideal technology mix they need for their own company and determine the scale of technology investment needed 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 recommendations made by the technicians and adjust the company’s financial disbursement. This 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 to 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 the customer’s needs. Technicians pass on this information to the R&D team, which then makes 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 publicize their accomplishments in the field. 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 apply technology in a strategic way.
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 the competitive edge.
But before you jump in, do your research and remember, only make technology investment based on your unique business needs.
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!