[This article was written by Katie Gorden.]
The gulf that once existed between small startups and large corporations is disappearing thanks to technology. Technology is making it possible for small businesses to streamline their processes, improve productivity, and compete with their large counterparts.
Successful businesses cannot be afraid of technology. Instead, they must embrace technology. Blockchain, 5G networks, and artificial intelligence are here to stay, and they will have an even greater influence on business going forward.
The option for small to medium businesses is to learn about technological trends or get left behind.
Be Ready to Invest in Technology
Investing in technology is a must for businesses to thrive in 2020. Here are four reasons why investing in technology is worth it.
- Technology saves time by taking processes your business already performs and makes them more efficient.
- Technology improves security by preventing data breaches that can destroy the public’s opinion of you, rendering you untrustworthy and potentially putting you out of business.
- Technology and innovation work together. If you don’t stay ahead of the tech curve, you will be outperformed by competitors.
- Customers are becoming more reliant on technology and expect your business to be at the same wavelength, especially when it comes to communication via social media platforms.
Technology is not free. New technologies may require improvements in your infrastructure that may cost more than what you think. Smart startups accept the fact that technology comes with a cost. But the cost is worth it if it means staying relevant.
Don’t Skip the CRM
Some of the best types of business technology are virtually mandatory if you want to maximize your profits and streamline your processes. For example, if you don’t have a customer relationship management system (CRM), you are squandering the opportunity to have one central database that manages all your customer information and interactions.
With a CRM, you can automate customer outreach, manage marketing efforts, view and nurture leads, and understand the data behind your business. CRMs like Salesforce dramatically increase your productivity, data collection, and outreach. If you’ve never used one of these for your business, you have basically been navigating in the dark.
Tech Innovation Is Business
Information technology drives business, leading to smarter apps, faster processing, and wide information distribution. Online shopping, social networking, VoIP communication, and cloud computing make your startup more efficient. If you embrace innovation, your startup will have more accurate business planning, may have higher sales, will benefit from real-time management, and have the ability to offer instant customer support.
Without embracing some technology, your startup will cease to exist. It is difficult to think of any sector that experiences long-term business growth in today’s market without the use of information technology. Business transformation services can help assess your current technology and suggest improvements.
Technology Should Empower Leaders and Managers
Those taking the lead in your startup need to make good decisions. Technology empowers leaders because it provides information and improves productivity. The way that your customers use technology to interact with you and the way that your employees use technology to get closer to your customers is what is going to propel your startup into the future.
In order to accomplish this, you need to assess the current technology used in your startup and make sure that you understand it, including its features, functions, and failings. You need to be able to create a technology optimization strategy based on what your startup needs and use that information to implement projects that allow you to make the most of current technology.
At the end of the day, the implementation of technology in your startup is not today’s IT project. It is a leader initiative. It will succeed if you create a culture in your startup that encourages everyone to embrace the technology best suited for your field. The true value of technology and its potential can only be reached when all, from the leadership down, embrace it.
Katie earned a BA in English from WWU and loves to write. She also adores hiking in redwood forests and photography. She feels happiest around a campfire surrounded by friends and family. If you are looking to improve your company efficiency, Katie suggests you check out business transformation services from Kanerika.