Technology is rapidly evolving, but many firms have yet to find out how to take use of it.We’ll look at how to leverage technology to improve your chances of long-term survival in a competitive market in this post. Businesses that do not take advantage of technology rarely achieve growth, relevance, or consumer satisfaction in the twenty-first century. In other words, a company’s growth rate can be measured by the technical trends it follows.
Those that fail to use relevant technology tools lose their competitive edge, fail to optimise earnings, and fail to match customer expectations, and eventually die out. Businesses who use these technologies like GammaStack, on the other hand, see a revival that puts them ahead of the competition. According to Forbes, 55% of businesses without the technology to conduct a digital transformation feel they will lose market share in less than a year.
Here are a few ways you can use technology in your business to ensure that this does not happen to you.
1. Ditch the office and work from home
Running a business from a physical location can be costly. Fortunately, you may transfer the money you spend on rent each year to other aspects of your business thanks to the internet’s swift and far-reaching arms.Remote work is statistically less expensive, but it has numerous advantages for both businesses and employees.
The benefits of the former go beyond saving money on rent, furniture, computer equipment, and other necessities that keep an office running. You’d have access to a wider talent pool, as well as faster recruitment, streamlined production procedures, higher retention, and increased productivity. If your business operations can be coordinated through the internet, you should consider closing the office.
2. Improve Your Productivity to Get Better Results
Implementing useful productivity tools can have a big impact on your earnings and overall business. To gauge your team’s contribution, start with time-tracking tools. Data can help increase accountability, productivity, and process improvement when used correctly.
Dictation software, project management, and task management tools can help you keep on top of your operations by streamlining processes. You may alternatively use a cloud-based storage option like Google Drive, which allows you to save files online and view them from any device with an internet connection. Automate email routines to make it easier to remain on top of your correspondence for email management.
3. Messaging and video chat
In order to run a remote office successfully, effective communication is essential. To hold meetings with your team, use Zoom, Skype, or other secure video conferencing options. It’s preferable to devoting so much time and effort to planning in-person meetings.
Consider Slack, a web-based collaboration solution for businesses, for instant messaging. Your staff can access the system from anywhere in the world and can come and go as they like without losing essential updates.Communication-enabled technical technologies can alter how you coordinate and arrange your activities. It can also help you become a more hands-on leader by bringing you closer to your team.
4. Communicate more quickly, securely, and effectively
Traditional phones are no longer compatible with businesses due to technological improvements. Landlines and personal phones aren’t equipped to manage voice communications within and around your company. Voice over Internet Protocol (VoIP) offers a solution to this problem.
When you transition to VoIP, you’ll benefit from lower prices and more accessibility. You’d also benefit from increased scalability, improved voice quality, and complete mobility. Softphones and VoIPs help organisations manage leads and existing clients, as well as provide more flexibility. It offers multitasking, contact management, reminders, and advanced capabilities for all teams, large and small, in the majority of circumstances.
5. Improve Your Marketing Campaigns
Most businesses want to make the most money and gain as much exposure as possible. Fortunately, a well-thought-out marketing strategy may help you achieve that aim by driving traffic to your products and services. You no longer need to distribute fliers across the neighbourhood or purchase advertisements on television, newspapers, or magazines in this age of advanced technology.
Start with marketing planning software and use social media platforms to spread the word about your company. Create a blog to help you build a community. Use an opt-in form to collect email addresses from your target audience. You can also utilise video marketing to reach out to potential customers and advertise your company on the web.
6. Take into account web-based payments
Having access to simple, yet entirely secure web-based payment systems like PayPal, Skrill, or Stripe is one of the main advantages of using technology. Bank wire transfers aren’t always the best option because they’re time-consuming and may require a trip to the bank or assistance from an operator.
You must consider online payment methods if you work largely with vendors, outsource work to freelancers, or have contractual staff in another country. They enable you to send secure transfers that take only a few minutes to complete. Web-based payments are adaptable, allowing businesses to provide customers with a number of payment alternatives.
7. Make Accounting Processes More Efficient
Technology is on a mission to transform our world, and for the most part, it is succeeding on all fronts. Businesses can still operate normally and have their financials automated using word processing software and specialised accounting software. Accounting software programmes can execute simple tasks with little to no margin of error, allowing accountants to focus on the issues that matter most.
Small firms who cannot afford full-time accountants have found accounting software to be extremely advantageous. Simple duties like invoicing and payment tracking can be completed at any time of day.
8. Purchase backup software
You would run a paperless operation if you worked from home or telecommuted. While it is good for the environment and a good method to save money on office supplies and rent, there is a risk of losing files.
This is why, to protect the safety and confidentiality of private files, you should invest in a backup solution. You’ll never have to worry about data loss or breach again if you have this system in place. You can also access your cloud’s contents, download files, and make necessary upgrades. If you use backup software, be wary of hackers and discuss any issues you have with your data storage provider.