Barely three decades ago, only the largest, big-profit companies could afford to go digital, invest in computers, online software, IT systems, etc. Today, technology is accessible to virtually every business actor, from startup ventures to well-established multinationals. Regardless of its industry sector, technology now serves as a vital tool for a company’s exposure, operations, and long-term development. In such a competitive environment, how do modern businesses, both big and small, utilize technology to drive their growth and generate profits? Hopefully, this guide will provide some useful answers.
Technology helps protect businesses against breaches, viruses, cyber-attacks, and a host of other risks online. Ensuring the safety of your information confidential data is paramount with hacking and intrusions being so prevalent nowadays. Companies often opt for managed IT services by a trusted third-party to improve their cybersecurity and enhance online workflow. So, whether you’re based off San Francisco or Miami, you’re bound to find an expert service to manage your online infrastructure, saving you the hassle of hiring an in-house IT team.
With recent technological breakthroughs, millions of people no longer need to rely on manual processes to conduct day-to-day business. They can operate machinery, automate tasks, enter data, manage accounts, run reports, and more, all with just a few clicks. This time and efficiency gain has made employees increase their productivity like never before. More productivity often entails less need for labor, which can in turn help save businesses a lot of money and retain their margins.
Enhanced Team Collaboration
Another beneficial aspect of technology is it allows people to collaborate more easily and efficiently. Gone are the days of physical documents, mail, and old-fashioned presentations; the impressive array of modern tools at your disposal will increase your employees’ capacity for smooth cooperation both inside and outside the workplace. Online services and apps such as Microsoft Office, Google Suite, Skype, Slack, Zoom, and countless others have considerably facilitated communication, file sharing, and project management.
Marketing certainly isn’t what they used to be. Today, this business activity has mostly turned digital, making it infinitely more effective, dynamic, and cost-effective. Rather than invest in giant billboards and paper ads, companies build attractive websites and harness the power of social media to advertise their products and services, increase global brand awareness, and expand their customer base. With promotion platforms and design software, businesses are able to minimize costs while putting together impactful marketing strategies to drive their growth and capture lucrative market shares.
Evidently, maintaining healthy finances is a prime consideration for businesses across all sectors. In that regard, accounting tasks and internal audits have become far less tedious and time-consuming thanks to modern technology. With dedicated software and word processing tools, accountants and bookkeepers gain considerably in productivity, organization, and reduce their margin of error. This provides an accurate financial picture, helps avert oversights, and potentially costly mistakes for both the employer and the end client.
In a similar vein, technology is immensely beneficial in the way it has allowed companies to monitor their performance and check whether they’ve fulfilled their strategic objectives. In this day and age, without regular activity reports and automated analysis tools, businesses would have a hard time figuring out where they stand, how they fare compared to their competitors, identify areas of improvement, and establish viable future growth projections.
Remote Operations and Mobility
In light of the COVID-19 pandemic, technology has proven an invaluable asset for businesses to help them carry on their operations. While many sectors still require manual labor and physical presence, companies in banking, sales, communication, media, education, and more were able to pursue their activities thanks to remote work arrangements. It certainly isn’t ideal, but during challenging and highly restrictive times, technology offers practical solutions for businesses to avoid shutting down completely.
Better Customer Service
Last but not least, all companies know the importance of providing customers with exceptional service and support. As such, by utilizing technology, you can enhance the customer experience by setting up online help desks, appointment scheduling tools, chatbots, and offering questionnaires for feedback. The more available and responsive you are as a business, the more loyal customers you will attract down the line.
Of course, none of these perks negate the need for manpower, but at the end of the day, there are a thousand ways businesses can benefit from utilizing technology. Whether you’re a flourishing tech startup owner or leading the regional division of a large insurance firm, the multitude of tools, software, and cloud services that contemporary tech offers will help you thrive and take your business to new heights. Use them to your advantage!