From Uber overturning cab and taxi companies to Airbnb transcending the hotel industry, a wide array of businesses have been transformed through technological advances.
In the Digital Age, no industry is safe from the toppling effect of technology. Small business development and growth is essential to survival. The market changes every day, and only businesses that learn to adapt and take advantage of those changes can prosper for long.
Resources are more abundant than ever for entrepreneurs, including knowledge and information on how to start a business, social media, and content platforms to generate visibility from scratch. Even financial opportunities are greater like crowdfunding to help any business get off the ground. Existing businesses are being forced to adapt to these new technologies, putting traditional businesses in uncomfortable predicaments and forcing major corporations to pivot faster than they’re used to.
Advantages of Adopting Technology
You may be questioning how you can be absolutely sure that technology will help and not hurt your business. This is a perfectly normal concern shared by many so it is important we lay out the main points. The primary role of technology for your business is to increase your business’s efficiency and effectiveness. The goal would be to use technology to help your business run more quickly and smoothly, although it may not sound particularly exciting on the surface. Increased efficiency can help save you hours upon hours of time which results in saving money for your business. Technology has the ability to help identify bottlenecks in your business, leading you to discover new opportunities and save even more time and more money.
Even if your operations seems to be running smoothly, there are always competitors out there that are looking for better faster ways to run operations in their business. If you become complacent, you could risk falling behind your competition. The reality is the world is constantly changing, and changing more than ever before. Although some industries are slower than others to catch up, it would be in your business’s best interest to stay proactive and protect your business from failure. As technology drives society forward, your business needs to reach your customers where they are, which is online and through mobile devices. Establishing a digital presence is essential to business success and meeting the needs of the modern market.
Along with the evolution of technology, we have highlighted three things modern businesses will need to remain efficient, competitive, profitable, and appealing to works and consumers alike.
#1. Remote Offices
Remote work has a host of benefits for workers. Although not every business will be able to survive without some kind of office environment, the vast majority of jobs will soon be capable of completion from employees in remote locations. Communication technology has evolved to a point where face to face group conversations are possible without physical proximity. This technology will only get better and more sophisticated from here.
Many remote jobs also come with flexible schedules, which means that workers can start and end their day as they choose, as long as their work is completed. The work-life balance of the employee becomes invaluable when it comes to attending to the needs of your personal life. Additionally, the existing telecommuting population (3.9 million employees) reduces greenhouse gas emissions by the equivalent of taking over 600,000 cars off the road for a year, according to the “State of Telecommuting in the U.S. Employee Workforce” report.
Not only does remote office provide benefits to the employees, but there are also some benefits for the employer. Companies with remote staff could save money. That’s what Cisco found in their 2009 survey of nearly 2,000 employees. “The company has generated an estimated annual savings of $277 million in productivity by allowing employees to telecommute and telework.”
Saving money is great but some employers argue productivity. A whopping 91% of respondents in one survey said they’re “more productive when working remotely.” The survey examined answers from over 500 American employees, 58% of them were between the ages of 25 and 44, who work remotely.
#2. More Data
Big data analytics helps enterprises embrace their data and use it to discover new opportunities and extract information from your data to enhance products, more efficient operations, higher profits and satisfied customers. This area of technology has the potential to transform business and enable business leaders to make data-driven decisions faster.
Data has also evolved dramatically in recent years, in type, volume, and velocity – with its rapid evolution attributed to the widespread digitization of business processes globally. Data has become the new business currency and its further rapid increase will be key to the transformation and growth of enterprises globally, and the advancement of employees, ‘the digital natives’.
Data is an enabler of future strategies and immediate change, thanks to the power of predictive analytics and advanced data science. Correctly harnessing data can help to achieve better, fact-based decision-making and improve the overall customer experience.
#3. Higher Personalization
In today’s world, we’re leaving the old business model of offering standard product selections behind and embarking on a new business model where personalization rules the purchase process. Everything in the technology world is on a path to become more personalized, from search results to news feeds on social media. Soon, your business is going to have to adapt to survive. For the most part, it’s going to come down to your marketing and advertising campaigns, delivering just the right content and just the right ads to the individuals within your audience, possibly by leveraging the power of big data at the same time.
Additionally, you’ll also need to adopt more personalized approaches in your customer service department if you want to keep up with the competition. Personalization isn’t a fad or trend–it’s the way of the future.
Limitless Investment and Capital Business Development and Growth Services
The days of paper pushing and overflowing invoice shoe-boxes are coming to a close. With changing demographics driving increased technological and cloud adoption, a new kind of small business is emerging. Limitless Investment and Capital can help your small business keep up to date with the latest accounting software to help give your small business a competitive advantage in its industry. Having sound financial management is the key to making better business decisions and long-term survival and success. Contact us TODAY to get a conversation started.