Technology is an essential part of any organisation's success. You need to make continuous investments in technology if you want to maintain a competitive edge and stay relevant. Technology never stops, and to keep current, you need to continually review your systems and processes and the technology that enables them.
In this post, we are going to look at seven key things that continuous investment in technology will enable your organisation to do:
Technology drives innovation, which means better products for your customers, leading to increased sales and revenue for your company. Having access to the latest technology can empower staff and improve employee satisfaction. Employees can use technology to work efficiently, productively and working for a forward-thinking organisation at the cutting edge of technology.
Become more efficient & productive
Making your business as efficient as possible is key to success. It means automating as much you can, using technology to replace repetitive tasks and speeding up any process that requires a significant amount of time or effort. Automation can also free up your staff to do more valuable work like managing projects, training new employees or improving customer service and customer satisfaction.
Improve customer service
When employees have more time to devote to customer service, this will improve the overall level of satisfaction and the amount of repeat business your company will secure. For example, when businesses use an integrated CRM or ERP technology to manage customer information - it enables employees to have greater access to customer information, helping them to pre-empt potential issues and resolve issues when they arise.
Technology can provide accurate sales and aftercare data which can help make informed decisions, enabling you to deliver the best possible product and service. It will add to the overall quality of the business output, which will help you maintain and gain a competitive advantage or even market share.
In the current 'new normal' we find ourselves in, it is even more important to have effective channels of communication between both employees and customers. Innovations such as video calling and live chat on websites enable businesses to communicate efficiently, ensuring that staff can collaborate effectively on projects and that customer service requests can be acted upon as quickly as possible.
Many organisations can work remotely due to business management systems and communication tools available in today's market. These facilitate online meetings and removes the need for face-to-face interactions. With the combination of technology and often people achieving a better work-life balance when working from home, remote working is a trend that is likely to continue.
Inefficiencies from waste spend on excess produce, materials or even marketing spend, to lost time carried out on tasks which either were not necessary or could have been completed in a significantly shorten amount of time can be costly. Technology can help your business to reduce waste in all areas by improving current business processes.
Investment into technology, such as a complete business management system, can be costly. But all of the above points can lead to two things, an increase in revenue and a reduction in costs. When combined, these mean an increase in profit.