Post - Jan 18, 2020 | Reading Time - 6mins
How Investment In Technology Can Make Your Business Grow Faster?
Digital Technologies has become an integral part of our lives, and we can't even imagine carrying out our daily tasks without any tech assistance. Technology has influenced every sphere of our lives right from domestic chores to the professional arena, everything.
Traditional methods are good but they are tedious, time consuming, require effort and are less productive. We all are well aware of the importance of Technology, but what makes it significant for your business growth? Let us see why technology is remarkably important for the success of your business.
Time-Saving and Cost-Efficient : The most significant reason for employing automation at business organizations is that it tremendously decreases the amount of time spent on each business operation. Lot of work and complex calculations can be completed in an instant, a huge volume of data can be processed at a time accurately and all the business modules can be managed efficiently using automated software within seconds. Technology makes everything easier, faster and more accurate.
Increased Return on investment : Introducing automation in the business modules affects revenue generation positively. Increased accuracy and efficiency in the working results in increased productivity.
Leveraging technology for your business processes can boost your sales many folds. Success of any business completely relies on customer satisfaction. If the customer demands are fulfilled.
Let's have a glance at each important pedestal of a successful business that can be strengthened by technology and how these technological advancements can benefit your business growth. Also check out, 10 Things successful entrepreneurs do for their business!
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1. Collecting Customer Data :
"Happy Customers" is the ultimate goal of any business. And companies have been breaking their backs getting the products/services ready for their customers. Designing and providing the products as per customer requirements needs a deep understanding of customer behaviour, preferences, lifestyle, feedback and insights, getting this done in the right way can earn big dividends for the company.
Technology has made it easy for business organizations to collect vital customer data round-the-clock through interactive websites, social media, online chat-bots and many other mediums. This valuable data can be analyzed and processed into significant information and guidelines for manufacturing the products, tailoring effective marketing campaigns, reaching more potential customers and increasing sales.
This huge amount of valuable data generated can be stored in the cloud. The cloud computing technology has emerged as a reliable and secure platform for storing confidential business data. Earlier investing in high capacity data storage devices was quite expensive and a cumbersome process. Currently, it's easy and simple to host the data using vast online data storage which can be shared within the organization and with other authorized users present anywhere across the globe.
Several reasons compel employing cloud technology for the smooth functioning of the business processes like data is available 24/7, easily accessible from anywhere around the globe, making real-time collaborations and dealings effortless. Limitless data can be stored, securing sensitive information through automatic backups has become possible. Utilizing technology for your business will empower you to compete against your contenders and win more customers.
2. Improving Product/Service Quality :
The huge data collected can now be utilized to add better features, discard unwanted functionalities and increase efficiency of the products/services. Infusing automation in the production process intensifies the speed and accuracy. Business organizations can execute multiple processes at a single click saving time, workforce and expenses.
Employing various Business management tools/Software solutions helps you in keeping track of your team and their tasks making your system more efficient. It allows you to keep a check on each of your business modules, quality of product delivered, workforce employed, upfront investments, communication with the clients/customers, return on investment and many more at a single go. The quality of products gets improved, which has a proportional positive effect on the business growth.
For example, if you're a restaurant business owner, implanting a Restaurant management software can work wonders for you. This software will look after your stocks, inventory management, KOT, customer details, number of visits, the billing process, payments, discounts/offers applicable, employee details, working hours, salary calculation. As per performance, Table management, Automatic backup, emailing and sending bulk SMS to clients/customers for better communication, generates analyzed Reports for making more informed decisions and earn more profits.
This software reduces extra expenses on labour and efforts in management. Along with that, these software solutions are highly reliable and secured.
Similarly, in case of a construction company, installing a Tender Management Software increases the productivity, efficiency in the process management and flexibility in communication with the authorities, clients and customers. It reduces tedious paperwork, simplifies documents management, adds security and speed to the system.
Tender management software can assist you in the bidding process, keeping track of tenders awarded, re-tendered, recurring documents at one place, at a single click. The entire projects and their details are properly arranged and can be easily accessed by the authorized users/ account managers whenever required. Effective reporting helps in taking better decisions and getting ahead of your competitors.
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3. Detailed Analysis :
In the Presence of powerful Analytical tools, scrutinising the entire development process, each business module in-depth, investigating loopholes in the marketing campaigns and learning customer behaviour has become quite easy for the business owners.
The detailed analyzed reports are generated based on various metrics like demographics, locality, lifestyle, customer preferences, age groups and many others. Precise reports are generated on the available data that helps in targeting more specific audience, making better decisions at the right time, increasing conversion rates, sales and profit.
For example, many social media analytics like Hootsuite, Buzzsumo and others help in analyzing the marketing campaigns and content performance over social media platforms. These tools provide instant guidelines for improving the performance which relatively improves revenue generation.
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4. Effective Marketing and Communication :
Flexible and Reliable Communication leads to fast-paced growth of a business. Proper communication within the organization and outside with clients/customers enhances the credibility of the brand. With the diverse technological advancements, communication has been improved tremendously, communicating and working with a business team at distant places has become possible, that helps in building a strong, reliable team to achieve a business goal.
Instilling better communication mediums allows business firms to connect with your associates anywhere at any time from across the globe, improving your company's efficiency and teamwork.
All the businesses revolve around customers, introducing technology improves connection with the potential customers and existing customer base. Customer queries and issues can be easily resolved in no time improving relationships with the clients/customers and sales. Effective marketing campaigns enhance brand recognition in the market and build a strong repute, attracting more potential customers and more profits for the company in the long run.
With the help of many software, businesses can design multiple marketing plans and analyze its working on different platforms. With the introduction of Digital Marketing, the advertising sector has become more powerful and productive, it is time-saving and cost effective as well. Digital marketing consists of various paid and unpaid advertising strategies which are executed over different digital/online platforms, target the right audience and reap more profit in less duration.
For example, Social media marketing fosters your brand awareness on multiple platforms like Facebook, Instagram, Twitter, LinkedIn etc, builds your strong social media presence and engages the audiences with the help of interactive content along with learning their likes/dislikes for revamping marketing campaigns, increasing leads generation and returns.
Search Engine Optimization (SEO) improves search engine rankings of your website, increases visibility and traffic drive on your website. Along with that Content marketing and Email marketing are effective in connecting with your customers directly with the latest updates, offers and facilities available. All these technological advancements prove to be an asset for business growth.
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5. Secured Transactions :
Along with adding efficiency in the business system, technological progressions have added the most important feature called Security in the business system, making it more reliable.
The traditional methods are getting replaced with the new automated database management, and secured commercial transactions over the internet through electronic media, growing B2B businesses. The old manual system of record-keeping was prone to many errors and data theft causing huge losses in the businesses. Advanced database technology allows companies to keep records of customers, employees and business safe. These databases can be accessed by the valid and authorized users only.
Internet security technology has made encryption of sensitive data possible, adding on security to the system, safeguarding it from data breaches and leakages.
Ecommerce web portals have changed the face of business and paved the way for securing international business across the world.
Because of easy payment features like Google Pay, WhatsApp Payment, Paypal and others, customers can easily purchase goods from anywhere around the world, small businesses can earn huge profits and grow in less span of time.
Every phase of the businesses are enjoying the big dividends because of technological assistance. We have mentioned a few of the advantages of technology for business growth. There are many more ways in which technology has paved the way for success not only in business but in every scope of life.
Even if you are a small business you can leverage the benefits of technology, gain profits and success your business truly deserves. Technological assistance increases productivity with accuracy, more work can be completed in less time without human intervention.