How Technology Can Help Your Business GrowthPublished on 7th July 2020 2020-07-07T11:00:00+00:00 - Last update on 9th July 2020 2020-07-09T21:12:40+00:00
It is very easy to see that technology has revolutionised every aspect of business. Companies use new technology to drive down production costs, automate routine tasks from inventory to accounts, enhance the customer experience, improve employee satisfaction and save money on business expenses.
But what about business growth?
Successful businesses don’t view technology simply as a way to automate processes but, instead, use it to open up new ways of doing business.
There are many ways that technology can support business growth.
Using technology to cut costs
Revenue and profit are key to business success. Cutting business expenses is an effective way to reduce overheads and instantly increase profits in your business .Productivity software is designed to help improve operational efficiency, replace laborious paper-based processes and reduce costs. The most commonly used productivity software packages include those for office productivity, accounts, communications and email.
Automating manual systems is an effective way to reduce costs and speed up your entire business. You can get your admin done in a fraction of the time, freeing up costly manpower to use elsewhere.
Eliminating paper files and manual systems make your business faster and more agile as well as reducing costs. It means that you can take on more work without bringing in more people.
Technology is the foundation of business growth
But there are other ways to drive down costs. For example, you can use business energy brokers to compare energy prices from a huge number of suppliers in order to find the best rates. Energy is a substantial cost for most businesses and switching suppliers could save you hundreds on your energy bills every year. Switching supplier is now quick and convenient with the help of these sites.
You can also use the internet to find new suppliers, and negotiate price reductions on all your essential supplies - freeing up revenue to fund your development
Utilising digital technologies for marketing
Businesses now operate in a world where having a strong digital presence is essential, not only for success but simply for survival too. The lack of a strong digital presence is a contributing factor in the failure of many SMEs, half of which are failing in their first five years of existence. With limited marketing budgets, SMEs need to make the most of digital technologies for maximum marketing impact.
Digital technologies accelerate business growth because they allow companies to reach a wider audience and build lasting relationships with customers to promote brand loyalty - and bring in the new customers they need.
Many companies are digitally active, but lack defined strategy and work on an ad-hoc basis. This can lead to wasted resources and opportunities being missed. The key is to develop a clearly defined digital marketing strategy, with a clear measure of performance.
A good website is your starting point. Good doesn’t just mean something that looks pretty. An effective website should be user-friendly, mobile responsive and optimised for search engines.
You also need to support your website with channels such as social media marketing, email marketing and pay-per-click advertising. You may need to call in expert help from a professional digital marketing team.
Enhance the customer experience
Whatever your business size or the industry you work in, customer service is vital to your growth and success. This is simply because satisfied customers are far more likely to spend money with your business, provide repeat business and recommend your company to others.
Customers who are unhappy with your service are unlikely to return and leave negative reviews and feedback, creating a poor brand image which deters other potential customers. It is, therefore, vital that you do what you can to create the best possible customer experience.
Fortunately, there is a huge range of new technology that can help improve the customer experience. Modern customer relationship management (CRM) software and Professional Services Automation (PSA) is becoming steadily more effective, benefiting both businesses and their customers alike.
The latest CRM and PSA solutions can integrate seamlessly with business communications systems to provide valuable management insights that help boost customer service levels and promote first contact resolution.
This type of electronic customer record can ensure that a customer is recognised as soon as they visit your site. This makes it easy to provide live 24/7 support with any queries. They are easy to use, provide a quick response time, and can save your business both time and money.
If shopping with you online is an easy and pleasant experience, customers will be keen to do more of it.
Utilising productivity software
Increasing productivity and efficiency is key to reducing costs and maximising revenues, which can then be invested back into growing the business.
Productivity Software is application software used for producing information such as documents, presentations, worksheets, databases, charts, graphs, digital images and more. It increases individual productivity, especially of individual office workers.
Time Management Software allows you to analyse how much time is spent on each task and what one can do to re-prioritise his tasks and spend time on the most important tasks.
Project Management Software lets you delegate, track major projects and have a quick overview of the progress made by each team member.
The scope of business productivity software has expanded even more in recent years with the development of cloud and mobile.
Cloud-based applications are often ideal for SMEs because they carry a lower up-front cost and reduce demands on in-house management. They can also be used across a range of different devices and all locations where an internet connection is available, which further helps to boost staff productivity and efficiency.
Increasing productivity helps cut costs and drive output - making your business do more with less.
Using mobile technologies
Mobile technologies can bring a multitude of business benefits to support growth.
Your team on the road can have all the information they need at their fingertips, with no need to wait to return to the office for the facts they need - or to place an order on your system.
Investment in mobile technologies can help businesses to promote a happy workforce, with staff enjoying an improved work/life balance. This is thought to be very beneficial for business, as a workforce without stress leads to increased productivity and reduced costs as a result of increased staff retention.
Mobile technologies can give a significant boost to efficiency and productivity too, because they allow users to complete a wide range of tasks from any location with full office functionality on-the-go.
This simply means that more gets done, because staff don’t have to wait until they are at their desks to respond to colleagues and customers or read and edit important documents, for example.
With employees able to work away from the office, savings can be made on physical space and the running costs associated with maintaining larger office premises.
Employees can work as a team even when they’re not in the same physical space.
Your business can get more done with less resources - it can feel as though your have already grown onc you adopt a mobile approach
Improve employee satisfaction
A productive team is at the core of any successful business. Employees who are unhappy with their working environment are likely to be less concerned with their performance and far more likely to be looking elsewhere for job opportunities with businesses that embrace the technology they know they want to work with.
A high staff turnover rate will have an obvious negative effective on your business, productivity and revenue. Fortunately, business owners can now use technology to assess employee satisfaction and find ways to improve morale in the workplace. Technology can also help streamline business operations and simplify employee work tasks, thus taking the pressure off of employees.
Solutions made for your business
If businesses are smart about their investments in technology, adopting the right solutions for the specific needs and challenges of their business, then growth and success become easier than ever before.
At Rangewell, we can help find the answers you need for the technology that will power your growth.
As experts in business funding, we know the quickest ways to secure the funding you need. We can help streamline applications - ensuring that your business can receive the funding it needs in the shortest possible time - and start its growth process in earnest.
Call us now – our experts are ready to help you with any finance questions you have.
Share this article
Discover your range of finance. Every type of finance for every type of business.
Our goal is very simple - to help businesses find the right type of finance as quickly, transparently and painlessly as possible.Find Funding