6 Key Reasons Why You Should Invest In Technology

Technological innovation is progressing faster than ever and technology itself is becoming more integral to the private and public spheres. In terms of running a successful business, you’ll need to be aware of developments within all areas of tech; from artificial intelligence and the ‘internet of things’ to 3D printing, renewable energy, and remote working potential. If your company isn’t up to speed on the latest developments in these areas, you risk falling behind the pack.

Regardless of sector or industry, to thrive on today’s commercial battlefield, embracing the emerging technologies, trends and cultural shifts is crucial. If your business is looking to secure a sustainable commercial future, investing ample time, money and energy into your digital transformation strategy is a wise move.

If a company wants to be successful, it needs to always work and be in line with the times. This means investing in technology, staying up to date at all times. No matter what line of work you are in, understand that as your company grows and changes, so too will its needs and priorities. More employees, greater outreach, stronger market share, and just more work in every single way means a lot of pressure will be placed onto your existing systems. What was once absolutely liberating now hinders you, it will hamstrung your evolution.

Furthermore, the last thing you want is getting trampled by time, letting yourself become outdated and obsolete. Tech is constantly changing the landscape of any and every business, and you need to keep up. If you’re still not convinced, we suggest you read the blog below and understand just how important it is to invest in technology for your businesses.

Save Time

Investing in technology is a great way to save time by taking a process you already undertake and making it more efficient. It can also help with automating, simplifying or even eliminating certain tasks that would otherwise take employees days to complete.

Additionally, if your business requires consistent and quick communication between staff and customers, investing in laptops for remote work or mobile technology could be a productive move. Alternatively, if your budget is limited, most of your employees will most likely already have access to such devices anyway. Therefore, setting up an online content management system which they can access via the internet rather than a completely separate device could be a good solution. There is a reason why cloud storage companies and team management apps like Asana, Pipedrive, and Trello do so well. One report suggests that investment in such technology can increase productivity by 20% and that employees who spend 60-80% of their time working remotely have the highest workplace engagement.

Improve Security

Investing in information cyber security is important for any successful company. Data breaches will render your public opinion as untrustworthy and could potentially put you out of business altogether. We lock our cars when we go shopping and secure our front doors when we head out to work, so invest in the same measures when it comes to your business.

Investing in this area will keep all your employee and customer information safe and protected from unauthorized access. Install security software or perhaps consider having someone trained in this area on site if you have the capacity.

The war between cybersecurity experts and hackers has become a cat and mouse game. After cybersecurity white hats counter one problem, another malevolent behavior occurs almost immediately. Because the Internet is now a hacker’s play field, cybersecurity is no longer an afterthought for both big and small businesses and government agencies. Medical advancement and commercial opportunities offered by the Internet of Things (IoT) has also brought with it new challenges for cyber warriors.

Better Interaction with Clients

Clients are getting smarter by the day. They love and are up to speed with technology and you need to be on the same wavelength to interact and connect with them. For instance, if your clients use Instagram to send you complaints and order queries, but your company checks its Instagram account once a week, you’re going to alienate current and future customers. Everyone else is doing it, so you should too. In fact, 84% of small businesses in the U.S. use at least one social media platform to provide information to customers, and 80% of small enterprises use digital technology, such as instant messaging apps, to communicate with vendors and customers.

Chatbots on company websites are a hit with younger generations too, with 60% of millennials having interacted with a chatbot at least once in their lives. For many of us, waiting on hold and then trying to explain an issue to someone takes far longer than an instant message which can be picked up in seconds and addressed. Indeed, the chatbot market is expected to reach $1.23 billion globally by 2025.

Reduce Capital Expenses

There’s no small amount of hype in the world of business IT; many vendors will happily try to sell you as much as they can without taking a moment to evaluate the specific needs of your business. Fortunately, business leaders are learning that technological innovation no longer needs to be a hefty one-time expense, but an ongoing investment.

Thanks to the shift towards technology as a service, many smaller businesses are now doing away with costly in-house IT departments in favor of managed services with predictable operational expenses. This model gives you access to the latest and most suitable solutions without the huge costs.

Technology has brought about several improvements in the business world. It is a concept that has brought great automated solutions. The benefits of technology in business cannot be overemphasized. It increases productivity, speed, ease of sharing and storing information, reduces human error through automation etc. All these benefits lead to lower cost structure and an increase in revenue for businesses. Fortunately, there are several technological concepts you can implement in your business to reduce cost.

If you are thinking of ways to save cost for your business, use cloud computing instead of servers and other equipment in your office. Customer relationship management software will help to do away with unwanted software programs. Business to business integration reduces overhead costs. Teleconferencing helps to manage business costs and webinar helps to attract potential customers without spending much money. Now, you can choose from any of the above technologies and start reducing costs for your business.

Meet the Demands of an Increasingly Mobile Workforce

Over two-thirds of the global workforce now work remotely at least once per week, according to a recent study by IWG. The gig economy is now in full swing, freelancing is becoming more common, and full-time employees are growing accustomed to working on the move or from home.

This is all thanks to the rise of ubiquitous internet connectivity, mobile technologies, and cloud computing. Without those technologies, businesses risk being left behind by their competitors as their employees tire of being chained to the office desk using obsolete platforms and applications. However, by meeting the demands of today’s workforce, technology can increase productivity and morale.

Greater Efficiency and Productivity

Technology allows us to do our jobs faster and better, while using fewer resources. Regular tasks will be done faster thanks to better machines, tedious grunt work can be delegated onto software, better equipment means more done in less time. Getting people better tools for the job means better results, in less time.

However, don’t just invest in your primary technology systems. Of course, you should start with what matters most to you – getting the newest software for a design company, getting more powerful computers, or purchasing cargo tracking advice if you run a warehouse. Let’s stick with this warehouse example. Sure, software that helps you keep an eye on the goods you are shipping and storing takes precedent. But, you should also invest in just getting better computers. Maybe get stronger accounting software for your financial department, or better gear for certain technicians. Every single part of your company can help you advance. You also don’t want to end up with a weakest link situation, having one department hold the rest of the business back due to poor tech.

Final Thoughts

Information technology can boost growth in companies of all sizes. An investment in new technology can result in reduced costs and improved profitability. Technology helps you improve security, and to be on the same wavelength to interact and connect with your clients, and improves your data security. It also helps you meet the demands of an increasingly mobile workforce and allows us to do our jobs faster and better, while using fewer resources to increase productivity. Keep up to date with the latest developments in information systems and communications technology and choose the ones that are right for you. Effective business technology management can make all the difference.

Many small businesses work better in flexible settings. Equip their employees with laptops, tablets, and other devices so they can both work in the office and as they travel to meet their clients. Interested in exploring what technology your environment could use? Get in touch with us today. However, remember the key is making the right investments. Technology trends come and go, so do seek out the advice of an experienced technology consultant when considering an investment.

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