How To Use Technology To Enhance Productivity
Technology is a tool, and its business returns are predicated on how well the company uses it. Boston Consulting Group found in a recent study that industry leaders (those that utilized cutting-edge technology before others) demonstrated a 15% faster increase in annual revenue than competitors. What these companies have learned over time is how vital using technology to enhance productivity can be. There are lots of places in several industries where the introduction of technology has seen massive results. Entire businesses have been built from technology and its use in business applications. From artificial intelligence to machine learning, technology is marching onwards. But how can a company incorporate these advances into its operations in a practical manner?
Adapt to Changes Wrought By Tech
If a business refuses to adapt, it will start losing business and eventually fold. Most small businesses are aware of how competitive their fields are. Having the benefit of technology means they can compete with much larger companies in the same space. However, the established traditional functions of their business might be better managed by on-premise installations. As a result, many of these businesses adopt a “middle-of-the-road” approach. This hybrid marrying an on-premise installation with advanced technology such as cloud computing and storage has seen positive results. It’s a method of balancing the march of technology with what already works for the business.
Look at Value From Purchases
Not all new tech makes sense buying. If you get the cutting edge, but everything else has no support for it, it’ll end up as a millstone, not a benefit. There are several options for small and medium businesses in this space. Cloud computing is, once again, a great example of this. Companies can take as much or as little storage and processing power as they need and marry cloud solutions with their existing server architecture. Older software that can be safely run on the dated machines can use them. More advanced software that needs modern standards can utilize the cloud install instead. The cloud also interfaces seamlessly with mobile and off-site computers, making it easier to manage the office from anywhere. It makes no sense spending money unless the business gets some form of value out of it.
Control and Protect Data
Security is a constant concern for small and medium businesses. For example, JC Cybersecurity contends that as much as 71% of ransomware attacks target small and medium enterprises. Controlling and protecting data is, therefore, a significant concern. Protection needs to proliferate on both mobile and off-site devices as well as on servers. The cloud offers a simple yet secure way to give employees access to data. Having cloud-based apps ensures that the information doesn’t leave the cloud server, keeping it safe. Another good option for maintaining a secure interaction portal for employees is investing in a virtual private network (VPN). VPNs encrypt connections so that no one, not even the ISP, can determine what’s being sent between the user and the destination.
Understand the Resilience that Tech offers to Business
Access Corp notes that 40% of businesses never reopen after a disaster. Companies need to plan for the unexpected to ensure that they can roll with the punches. Natural disasters won’t happen often, but tech disasters can occur in the blink of an eye. For a business to have a resilient data store, it should invest in technology that allows them to recover quickly. Once more, the cloud is one of the most reliable data stores that a business can use as a backup plan. For smaller companies, data recovery technologies may be an option. It all depends on the price per gigabyte that the business needs to pay to get its data recovered. In some cases (as in the case of ransomware), the files may simply be too far gone to get back. Cloud systems are the best option for all businesses in this case.
Develop Remote Teamwork More Effectively
Remote teams are becoming more of a common sight these days. Businesses have resorted to letting employees work from home to keep productivity up. With mobile and off-site machines becoming more of the norm, teams have to figure out the best way to conference effectively. Tools such as Google Meet and Microsoft Teams offer corporate solutions to the typical meeting room. Productivity tools that allow for collaboration are another element that businesses should consider investing in. These can give employees the utilities they need to come up with solutions while working remotely. As the business world progresses, remote work will become more of a requirement for jobs. Not having these tools in place might be a red flag for talented individuals who want to join your team.
Leverage Analytics to Learn About the Consumer
Analytics seems like a fancy term, but it’s straightforward. Analytics refers to collecting and processing customer data to understand the consumer better. This processing results in more streamlined customer outreach. Large companies like Amazon and Google have been doing it for years. With time, the availability of the technology has filtered down to small and medium businesses, giving them a potent way to pitch their customers. When combined with a robust personalized marketing channel, it could lead to a much more substantial bottom line for a business. However, it relies on having personnel who know what key performance indicators they’re looking for. The tech is sophisticated, but it’s far from foolproof.
Is Tech Worth It?
Businesses that don’t adapt will die. Running a new business may require more information about a field than you could get by a simple Google search. Knowing how to improve the company’s processes starts with accepting tech’s place in aiding a company. Technology can streamline processes and enable remote working with efficient results. With the proper application, it can even give unique insights into the consumer base. The business can rest assured that its data is safe, no matter where the employee might be. Underestimating how vital technology is will inevitably lead to a company’s closure. A business is only as good as the tech it relies upon, and that tech is changing each day.