5 Reasons Technology Is The Most Important Facet Of Your Business

January 15, 2020

There are plenty of contenders for the number one spot in your business. Whether it’s money or employees, they all seem as important as each other on the face of it. However, delve deeper and you’ll find that investing in technology is without a doubt, the most vital facet of any company regardless of size.

With the correct tech, you and your business can benefit from the following. You might be able to replicate them via other means, but tech is an incredibly efficient and accessible medium. And, that’s what puts it above everything else, and why you should value it accordingly.

Improves Efficiency

One of the main reasons advancements in technology have skyrocketed in recent years is due to their impact on efficiency. As a rule, when integrated into your business plan, you’ll find that they open new doors that allow you to focus on other areas of the company without neglecting consumers.

For example, tech now allows you to easily take advantage of various online partner networks. A partner program gives you access to a huge network of other companies that can deal with the issues you are not well-versed in or take up too much of your valuable time. Perhaps you will partner with a third party that will streamline your company's IT equipment; take over and optimize your recruitment; be responsible for your payroll; or help you expand your business overseas, freeing you up to do whatever it is that you truly excel at, whether that be graphic design, providing excellent customer service, or running a restaurant.

Have you heard of chatbots? As far as artificial intelligence goes, they are fundamental and will soon be overtaken by far more sophisticated software. However, chatbots won’t become obsolete because they do the necessary jobs that you don’t have the time to complete. Whether it’s answering common questions and funneling browsers to the info they want, or acting as the front of house for the site, bots seamlessly add to the experience and add value.

You could hire someone to do it, but what’s the point? An employee would get bored and, therefore, not be as consistent as a chatbot. And, this is only one example; there are tons of them throughout the industry.

Boosts Communications

There are two elements to keep in mind. The first is how they help you to connect with new and old audiences. Consumers and followers need to feel loved, and, previously, it was tough as there weren’t many ways to stay in touch that wasn’t expensive and time-consuming. Social media has changed everything in this respect. Uploading automated messages and posts makes people feel special while responding to DMs provides a personal touch that reflects well on the business.

The second part is how colleagues communicate with each other. In the past, businesses would waste resources due to workers that would leave their desks to “confer” with their colleagues. Instead, they’d use it as an excuse to gossip and slack off. Instant messaging apps and email negate this element of corporate life. If people need to interact, a simple WhatsApp message will suffice.

Aside from efficiency, this tech also boosts productivity.

Remote Working

Some bosses aren’t keen on the idea of letting their employees work remotely. To them, it’s another way to do what they want without being productive. Although this can happen, the freedom and independence working remotely offers far outweighs the negatives. This is because employees can’t be treated as if they are in school or prison!

Your environment is going to have a considerable impact on their output levels, which is why you should try and make it as hospitable as possible. Of course, nothing is as homely as their home, so it makes sense to let them be productive from the comfort of their living room. Not only is the company’s productivity at stake, but so is your reputation. To attract the best candidates for new roles, you’ve got to have a good standing in the industry. Applicants that have leverage will look at things such as life/work balance before accepting any offers.

High-quality tech is one way you can ensure you strike the perfect balance for your employees.

Reduces Major Costs

Every entrepreneur knows how the right technology can reduce costs, but the focus is mainly on small ones. Yes, cutting your expenses, regardless of size, is essential if you’re going to stay in the black and out of the red. However, the ability to reduce big costs is what will provide you with the wriggle room needed to avoid going bankrupt.

Technology, among other things, helps to lower labor costs, one of the main expenses on your balance sheet. It does it by eliminating the people who are not needed, but it also offers access to cheaper markets. Remember the remote working aspect of technology? Well, the fact you can hire employees from around the world enables you to pay wages in line with that country’s legislation.

That’s why call centers and manufacturing factories are in Asia.

It’s Affordable

Lastly, all of the above is available at competitive prices. The latest trends aren’t cheap in the beginning, yet the prices fall dramatically after a couple of months.

It’s the beauty of a sector that is always reinventing itself and pushing boundaries!


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