4th March, 2021
Investing in tech isn’t just something you should do to stay competitive — it can actually drive business growth. Keegan Beikoff explains how.
Investing in your business’s IT infrastructure is now more important than ever before. It’s the foundation of any organisation, driving advancements in internal operations as well as customer-centric practices.
That explains why 44 percent of businesses increased their tech spending in 2020. They understand that modern technology solutions are the need of the hour if they are to beat the competition and drive innovation within the organisations.
With the right IT support, you can set up your business for stellar growth by enhancing financial and customer service processes and that’s just the start. Build a modern tech strategy and you’ll find significant cost savings, additional revenue and greater profits. Additionally, there is a technological solution to solve every business conflict.
So it’s no wonder that two-thirds of all organisations today use at least one emerging software, while more than two-fifths use multiple technologies in their business processes to optimise and enhance results. But, it all boils down to choosing the right software for your business.
Successful businesses don’t view technology as a way to speed up their processes. For them, it’s a way to find exciting new ways to conduct everyday operations.
Let’s look at some of the ways that technology can support your business growth.
Deploying cloud services as part of your work strategy is a sure-fire way to improve your company’s profitability and efficiency. Additionally, when businesses invest in big data and cloud tech, they experience faster revenue growth than their competitors.
With cloud services, you can manage your operations from anywhere and anytime, using any device. This makes it possible for remote workers to stay up-to-date with work, making communication easy between workers and managers.
Cloud is also one of the safest software for backing up all your essential data and documents. Even better, all your data on the cloud is encrypted and password-protected in order to minimise the risk of data theft.
Companies that use cloud technology as part of their business operations have a competitive advantage over their rivals as it offers to reduce costs and increase productivity.
READ: Cloud accounting explained
Small business employees can save millions of work hours every year by using mobile apps for various functions. Video meeting and conferencing apps are a part of the deal.
One of the drivers of a productive workforce is the team member’s ability to be on the same page regarding business operations.
But, with a raging pandemic and strict stay-at-home orders, it became impossible for employees, managers, and colleagues to collaborate and cooperate in real-time… that is until apps like Zoom and Microsoft Teams became mainstream.
According to Forbes, 72 percent of companies witnessed an increase in client collaboration and team engagement after using video conferencing tools as part of their business operations.
This increases engagement, productivity, and promotes company growth. Team members can see, share and annotate documents, all in real-time, reducing time and money costs.
With thousands of online tools and apps, driving to the bank to manage your money has become redundant. Signing cheques is considered primitive when you can log in to your bank’s app and transfer money in a matter of seconds. Who would want to wait a whole day to cash the cheque you gave them?
Digitising your funds simply makes sense, and it can make your life a lot easier.
Besides, ongoing digitisation, stricter regulations, and generational changes are also some of the drivers of the cultural shifts that make businesses go digital with their accounting practices.
Business software and accounting tech fulfil this need, helping businesses forecast cash flow, plan budget and even build payrolls for employees. These apps can streamline your finances by managing bills and even tracking inventory where applicable.
Planning the future of your business has never been easier.
There are thousands of apps, software, and tools that can provide you with a quick and efficient solution to all your business conflicts.
Gone are the days of painstakingly writing financial ledgers, tracking customers on handwritten index cards, and using spiral-bound notebooks to write the meeting minutes. Smartphone-based technology solutions have made it easier than ever to track finances, secure data and interact with stakeholders, offering many benefits to your business.
Once you know the kind of results you are looking for, it becomes easier to select a tool and incorporate it into your business operations for efficient, sustainable business growth.