If you think running a business is a cakewalk, you are indeed wrong. Launching and then running a business requires relentless efforts. It is a process of ongoing improvement. A business needs to develop and evolve with time. Today, the world is moving at a breakneck pace. Ultimately, every functional domain is observing transformations with each passing day. Therefore, businesses need to match that pace too and evolve accordingly. Traditional business practices are almost on the verge of extinction. Companies following the old operational philosophies cannot grow beyond a certain level.
Among all the modern-day advances, the increasing role of technology in business plays the most significant part. Technology has transformed the entire landscape of how companies used to operate. From marketing to finance, every business function has soaked up radical changes over time due to technology. Organizations now realize the importance of technology to secure competitive positions. According to a survey by BDO Digital, 81% of global organizations now believe that technology is vital for their strategic planning. In 2016, this figure was just 45%.
It shows the expeditious widespread of technology in the business world. The digital tidal wave has encompassed the business world at an unprecedented speed. Such a technological transformation never happened at this speed in history. It has become inevitable for contemporary businesses to adopt the current tech advancements. Therefore, this article highlights three tech advancements every business needs to implement to stay relevant.
1. Workplace Security and Tracking
Technology provides convenient and inexpensive ways to secure the workplace and monitor workforce movement remotely. For instance, in a self-storage facility, managing thousands of properties and keeping them secure is now possible with tech advancements. A simple and easy-to-use access control keypad has replaced the need for guards on every doorway. The electronic access management system maintains a complete log of entries and exits. It enhances the monitoring capabilities of the workplace. Businesses can reduce the risk of security breaches and ensure efficient tracking.
These systems have changed the fundamental dynamics of workplace security and employee movements. Though they are more applicable in high-end manufacturing units, they are instrumental in corporate offices as well. Many offices have linked these access control systems to RFID employee cards. Then, the same technique with minor tweaks can also be used for attendance monitoring. It makes the entire process quicker and removes errors. Businesses can keep records with more accuracy. At the same time, data accumulation provides another avenue of analytical control. It can help to improve security and tracking even further.
2. Customer Relationship Management (CRM) Software
A business cannot flourish without a large pool of customers. Business growth correlates to expansion in the customer base. However, it is not easy to maintain a robust relationship with customers as they increase in number. Catering to individual needs and preferences becomes almost impossible. The problem is that the current market dynamics are changing by the hour. The contemporary customer demands personalization and wants its needs to be explicitly met the way they desire. Now customer engagement plays a more significant role than ever before. Therefore, there must be a way to resolve this issue and provide a mass level of customer relationship management.
Technology has again come to the fore in this situation. We have advanced Customer Relationship Management (CRM) software that can perform these tasks for our business. Leading business entities, including Apple, Microsoft, and Amazon, have already invested around $36 billion in CRM. By looking at its benefits, more and more businesses are opting for CRM implementation. According to research by Ledgeview, CRMs can generate a whopping 245% ROI if appropriately implemented. No other tech implementation takes your ROI to such heights. CRM also helps to increase customer retention by 26%.
3. Cloud Computing
As per an industry report by The Diffusion Group, 60% of the global companies lose their essential bits of data within six months of accumulation. A whopping 72% of businesses that witness substantial data losses go out of business within two years. Moreover, according to a survey by Cybersecurity Ventures, data breaches will cost a mind-boggling $6 trillion by the end of 2021. These figures are overwhelming and exhausting for any business, especially those reliant on information technology. However, technology has yet again provided a cushion against these shocks. Now, companies can improve data security and maintenance through cloud computing.
Cloud computing provides the ease of moving business operations to external servers that are accessible through the internet. It allows a safe and secure data backup and prevents severe data losses. Cloud technologies are also increasing the agility and collaborative edge of businesses. They are making companies more customer-focused. It ultimately helps companies to expand their customer reach globally since now their presence is a click away. You can remotely monitor customer engagement with your business and maintain consistency in your operations. Cloud computing has opened an entirely new avenue of possibilities.
Most importantly, it is cost-efficient. It has also leveled the playing field for Small and Medium-sized Enterprises (SMEs) to compete against large companies on the tech front. Now they have access to internet-based accessibility at a significantly lower cost than developing in-house servers.
Suppose you have not adopted technology in your business processes. In that case, you are not going to survive in the industry for long. A vast majority of organizations have already accepted the change and incorporated technology in their business ideology. You can begin with the three tech advancements mentioned above. Implementing the tech change might be difficult for some businesses, but now it is the only way forward. Technology drives the entire business world in modern times. Thus, every company must acknowledge it if it wants to play on global grounds and remain competitive. Otherwise, limited success and market growth are its fate.
Organizations like Blockbuster, Polaroid, and Compaq went out of business because they resisted the tech revolution. They could not innovate timely, and the cruel world didn’t give them a second chance. In contrast, organizations that adopted technology on time, like Apple, Amazon, Airbnb, and Google, are now multibillionaires.