How to maximise the potential of your business with digital technology

As technology continues to develop and evolve at an exponential pace, we are seeing more and more how society in general and the way it does business is changing. From cashless societies like China and Sweden and the progress towards fully automated vehicles to EMV chips inside everyday items like mobile phones, keyrings and pens, the role of technology in the world is growing all the time. But the question on many small business owners’ minds is how can you harness the power of the tech revolution to give your business a competitive edge? Whether you’re big or small, technology adoption is something that every business needs to consider, if you aren’t already. So to get you started, here are just 5 ways of the many ways in which you can maximise the strength and potential of your business through technology.

1. Make use of cloud-based technology

For an ever-growing number of UK businesses, cloud-based technology is becoming an important fixture in their day-to-day operations. Cloud-based technology allows you and your staff to complete, in real time, a large number of vital tasks. These can range from invoicing, bookkeeping and administration to resolving financial obligations, from anywhere in the world with an internet connection. As such, cloud-based technology is a digital tool that can boost the agility of your day-to-day operations and enhance your business’ productivity whilst saving you precious time.

Looking to further enhance the capabilities of your business through adopting the latest technology? Need help coping with the costs? Apply for Business Finance or learn more about how your business could benefit.

2. Reinforce customer relations

Keeping in touch with customers is essential for maintaining good relationships and interest, which is why incorporating Customer Relationship Management (CRM) into your business’ operations is so crucial. It’s a tool which allows you to actively engage with your customers so that you can identify any issues and resolve them using the information that they provide you. So before a problem can escalate into a major PR disaster, you can get on top of it early and ensure absolutely nothing interferes with your customers’ enjoyment of your goods and services.

3. Enhance communication and collaboration

As well as assembling a strong team of talented and dedicated individuals, their ability to communicate effectively will also play a vital factor in the success of your operations. With technology further enhancing our ability to connect, information can now be shared instantly amongst your colleagues, partners and customers. Of course, email is still an important part of your business, but by having an effective team backed up by the latest technological advancements you can develop a distinct competitive edge. What happens if a portion of your staff works from home or in other parts of the world? Thanks to digital communication tools such as Skype, Facetime, Appear.in and so on, your ability to connect and share information in real time is no longer constrained by distance or time zone. So you can gain the information you require to ensure your business is exactly where it needs to be. Ahead of your competition.

4. Allow employees to incorporate their own items into their tasks

As technology becomes more and more a part of our personal lives, why not take advantage of this by allowing your team to incorporate their own devices with their tasks? Sure, acquiring your own tech can be useful, but by allowing them to use their own laptops, iPads and smartphones they’ll be using devices that they’re already familiar with, reducing any troubleshooting issues.

Plus, this can also be a useful way to develop a harmonious working environment that relieves pressure and reinforces productivity, allowing employees to remain connected with their colleagues and clients regardless of their location. So with bringing your own devices (BYOD) growing in popularity with employers, could this business model eventually become a standard prerequisite for all new hires?

5. Make your business future-ready

Although none of us has a crystal ball, it’s important that you maintain a constant watch on how technology is evolving. Doing so will allow you to prepare a long-term business plan that factors in any technological advancements, ensuring that both your hardware and software is regularly kept up to date. Making sure that your devices possess sufficient memory and speed can make all the difference for the efficiency of your business’ day-to-day operations. However, you should also plan for how any new technology can be adopted. In order to maintain high levels of productivity and ease any troubleshooting issues, gradually phasing in new technology could be a wise move.

Is your business prepared for the future?

With technology becoming more accessible, it’s a very exciting time for business owners. The way in which your customers find you is also changing as a result, so making sure that your goods and services are tailored towards their every whim needs to be a priority. However, in order to make certain that you’re prepared for the future, you must also make certain that you’ve got access to the necessary funds to do so. Fortunately, thanks to the growing popularity of the Alternative Finance Industry you now have access to a diverse range of Business Finance solutions. But with so many different products to choose from how can you be certain that you’re applying for a solution that’s suitable for your business?

At Rangewell, we’re an Access to Finance specialist working with over 300 lenders to offer you an overview of more than 23,000 business finance products. Our services are free to use and we’ll also guide you through the application process. We’re with you every step of the way. So if you’re looking to gain access to external funding opportunities that could help future-proof your business, apply for a Business Finance solution today or find out more with Rangewell.