The advent of the latest technological solutions and their rapid advancements are transforming the business world. New technological progressions such as Artificial Intelligence, the Internet of Things, etc., are playing an integral role in the private and public domains. If the organizations fail to catch up on the latest technological developments compatible with their business needs, they might risk falling behind their competitors when it comes to faster progression.
Seasoned entrepreneurs understand the importance of technology when it comes to business communications, client database management, and the proliferation of the business landscape. These elements are among the crucial contributions that add up to the growth of the business landscape regardless of shape and size.
Moreover, as per research conducted by American Express, 19% of the business expenditure accounts for the IT department itself. Technology is disrupting multitudes of aspects of business operations, from how an employee engages with clients to the way consumers invest in the organizations to buy the products and services being offered.
Besides enabling the companies to reach their brand exposure and service offerings with the latest technological adaptation, technologies such as digital employees, workflow automation, networking, inventory control system, accounting system, etc., can also enhance the overall workforce productivity and efficiency of business operations. It might seem frightening to adopt and incorporate technologies with budgets going beyond social media network marketing, it isn’t impossible to incorporate the latest technologies with similar budgets.
Having said that, we have listed down a few reasons that enlighten why every business owner should think about and start investing in the latest tech tools and solutions.
1. Software Development Can Improve Businesses
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Businesses have witnessed organizational growth to the next level with the implementation of smart software over the years. In the ’90s, organizations that had recently gained prominence were commencing their enterprise journey aiming to embark on their organizational success. These organizations were continuously searching for new algorithms that could help them to propel their business concepts forward and elevate them to the next level.
Eventually, software developers got a grip of the business ideas as canvased by those entrepreneurs, and today, these companies are highly recognized, constantly striving to research and implement better algorithms that can advance their IT infrastructure.
Cloud computing, for instance, illustrates how new technology can affect businesses. As per a report by Statista, after the deployment of a cloud computing solution, such as SaaS, almost 40% of the businesses have reported improved agility and responsiveness.
As a result, software companies today constantly develop new ideas that can help entrepreneurs re-write history and turn a start-up of any scale into a million-dollar project potential.
2. Improve Customer Experience Through Technology Investments
As per a report, 84% of small businesses in the United States are utilizing social media as a technological tool to enable better customer interactions. Personalized technology is on the verge of becoming commonplace for businesses as Artificial Intelligence and Machine Learning technologies are starting to mature around business-specific use-cases and shall be ably affordable for small businesses soon.
Let’s look at chatbots as an example. As per Forbes, 60 percent of millennials have interacted with a chatbot at least once, making them highly popular among young people. Moreover, 70 percent of the millennials mentioned their interactions were positive. In light of this, it shall not be surprising to learn that as per research by Business Insider, the chatbot market is expected to reach $1.23 billion worldwide by 2025.
With the advent of natural language processing and adaptation of voice assistants such as Amazon’s Alexa, chatbots are now empowering businesses to provide faster responsiveness to customer queries, thus, leading to the improved customer experience through technological investments.
3. Meet the demands of an increasingly mobile workforce
Any organization that intends to be successful must invest in information technology security since a breach of corporate data by cybercriminals has the potential to damage your public perception of trustworthiness and could result in your business being shut down. As per research conducted by IWG, over two-thirds of the workforce worldwide work remotely at least four days a month.
Now that the gig economy is thriving, freelancing has become more prevalent, and certain workforces are now able to work on the field or remotely as per business specifications and convenience. Cloud computing, mobile phone technologies, and ubiquitous internet connectivity are all major contributing factors responsible for the gig economy’s growth.
By not adopting and implementing the latest technologies and solutions that can streamline the operational procedure of remote workforces, businesses might risk being left behind by their competitors. It becomes vital for the workforce to de-apply overly complex and outdated platforms to enhance their productivity.
4. Improvement of Data Security
We lock the door of our cars and cross-check it the instant we step out of the parking lot and make way towards the office premises, similarly when it comes to organizational data and business security, businesses should invest in the latest technology as similar to the precaution mentioned above.
Businesses need to invest in this area so that all the organizational corporate assets such as intellectual property, mobile phone devices deployed by the organization, or organizational data stored in employee’s mobile phone devices, and customer information are safe and protected.
Solutions like Mobile Device Management can offer the business owners certain features that can enable the IT admins of the organizations to manage the fleet of mobile devices being used by the remote workforces as well as prevent the organizational data to be compromised in event of theft or reporting of stolen mobile devices. Additionally, multitudes of other security measures can also be enabled in all the managed mobile devices used by the remote workforce such as password protection, VPN set-up, containerization of personal and corporate data in minimal IT operational costs.
5. Investment in technology isn’t expensive
Technology is often misunderstood as expensive by businesses, making them reluctant to invest and implement it in their organizational operations. Yet, in verity, investing in technology is significantly less expensive than what business owners might believe. Implementing the latest technology in business can also prove to be substantially more cost-effective in the long run. For instance, if you automate your business processes using reliable software, you won’t have to incur and commit to a monthly salary, taxes, and benefits as you would have to if you hire a full-time employee for similar work that can be executed using this software. Having invested in technology, you won’t need a substantial investment in financial resources and commitment. It is also highly effective in minimizing the risk of human error.
Closing lines…
The potential for technology to change the manner of how business operations can be conducted progressively is enormous. Businesses should tailor their technological investments as per their business-specific needs and budgets. You will see your business moving in the right direction in no time by taking one step at a time.
Internet-overlooking companies found it difficult to compete in the 21st century. As for technology today, the same holds. No matter whether you're part of a start-up or an established small business, you should always look for areas of innovation that will not only keep your business competitive but will also lead to the formation of the next billion-dollar venture.
Author Bio-
Ayush Maskara is a Content Writer at Scalefusion Windows MDM Solution. A media science graduate, a photographer, a fiction author, a storyteller, a fiction manuscript editor, and an avid self-help reader, Ayush has been penning the creative wisdom for six years and have stepped into the IT domain for further exploration and staying awake with technological trends across the globe.