With technological innovations influencing every single part of our lives, there is little doubt left whether it should take its rightful place in the business sphere. Yet, some businesses are still reluctant to invest a considerable portion of their income in technology, and might need a bit of a push. So in order to help you understand why this is not a choice but rather a necessity, here are some essential reasons why you should invest in business technology.
There is no argument that all businesses are striving towards an improved productivity. And in today’s business world most of it comes from technology. It is no wonder that 81% of business executives in Europe believe AI will impact the overall business functioning in the next four years. And this involves all aspects of business, from manufacturing and distribution to customer support and data entry. According to Forbes, manufacturers will invest $267 billion in IoT by 2020 to improve their product development and manufacturing efforts. This types of automation enabled by the technology will allow for employees to be less burdened by the everyday routine tasks, thus freeing their time and allowing them to focus on resolving more complex issues.
Higher levels of communication quality
The days of fax machines are long gone. Now you can send data and establish communication with just a click of a button on your smartphone. Of course, having a well connected office space is essential for maintaining a higher level of intra-company communication. This is why a lot of businesses turn to trusted providers like Orange for getting company phone networks along with the actual phones.This is just one of the ways to increase and speed up the communication within the company. It is also imperative to acknowledge the value of smartphones, and the effect they have on the speed and quality of communication when it comes to businesses. So it is important to consider investing in both if you want to have clear, undisturbed lines of communication not just with the respected customers but also with your employees.
Better sources of information
Investing in technology can lead to better sources of information when it comes to your customers. This in return leads to improved services and products and increased customer satisfaction which is clearly translated into a higher ROI. For example, big data analytics and real-time data tracking are helping management make informed business decisions. This means that you will be able to provide your customers with products and services tailored to their individual needs, and technology is there to tell you what those needs are. And not only that, it is also important to consider that technology allows companies an unhindered means of communicating with their customers, thus enabling real-time reaction monitoring, which in return can speed up the process of adjusting a certain product or service to the needs of the customers, resulting in a far better response and customer satisfaction.
Better security options
Some might say that the use of technology such as cloud computing and IoT exposes your business to additional treats. But at the same time with the right security plan it can be argued that theses things actually keep your business safe. With cybersecurity being the number one priority, investing in technology related to this aspect of doing business is of absolute priority. This is one aspect that you can’t overlook or put on the back burner, recent statistics have suggested that the average cost of a data breach at a larger firm is £20,000, but the damage is actually much bigger if you take into consideration the effect a breach can have on customer trust. Now with hackers getting more and more sophisticated, it is important that a company keeps investing in this type of security so as to be able to guarantee the safety of both its data and the data of their customers.
Now, these are just some of the reasons investing in technology is essential for any modern businesses. Apart from increased productivity and communication, the information gathering and data safety present an imperative for any business owner who strives to succeed in this technologically driven business landscape.
Guest Author, Raul Harman, s a B.Sc. in Innovative entrepreneurship and has a lot to say about innovations in all aspects of digital technology and online marketing. While he’s not enjoying travel, football and great food, you can find him on Technivorz.com.