There are basic ways that technology can help your company become more successful.
It goes without saying that the use of technology in business has increased dramatically over the last few years, especially in the United States.
SMBs and established firms alike have benefited tremendously from technological advancements ranging from IT help in the UK to security solutions, cloud computing, and other services. Because these companies are having to spend more money and make less money, this is having a big effect on their budgets and profits.
Interested in learning more about how technology may help your company become more profitable? Contact us today. Then continue reading.
Here are only six examples of how technology can increase the profitability of your company:
1. It enables you to complete tasks more quickly and efficiently.
No one can deny that there is a relationship between the speed with which a project or assignment is finished and the profitability of the project in question.
Technological advancements emphasize speed and efficiency, providing both the means to speed up current processes within your company (for example, by automating tasks that would have previously been completed by hand) and the opportunity to introduce newer, more efficient ways of working to your employees.
Even the simple act of creating a website that is more responsive has been found to increase business profitability!
You will be able to take on more business if you can complete projects for your customers or clients as quickly and efficiently as possible. This will ultimately result in higher revenue for your company.
2. It saves money on other expenses, too.
Technology plays a big role in reducing (and, in some cases, completely eliminating) the extra costs that your business has to pay.
The amount of time spent on unproductive tasks is reduced, the risk of human mistakes and security breaches, as well as the costs associated with them, is minimized, and the need to spend dollars on physical resources (such as paper) is reduced, among other things.
Small and medium-sized businesses that use Microsoft Azure have seen their IT operating costs drop by an average of 20%, and 70% of those businesses have chosen to invest their savings back into the business instead of giving them away.
In a word, by helping you to save money on additional costs, technology can provide you with the ability to reinvest the money that you previously did not have towards growing your company’s profits.
3. It helps to boost internal and external communications alike.
David Grossman did a survey of 400 businesses with a total of 100,000 employees. He found that each of these businesses lost an average of $62.4 million (£45.38 million) a year because of poor internal communications.
Research has also found that not talking enough with customers can make businesses less trustworthy, which can lead to big losses in money.
Firms with an effective communication network in place for their employees, on the other hand, have higher levels of employee engagement and, as a result, up to 22 percent more profitability. At the same time, strong customer communication has been shown to be linked to more money.
The advancement of technology has had a significant impact on our ability to communicate in our professional environments over the years. More specifically, electronic communications have removed significant time and distance barriers between businesses as well as between their employees and their clients.
One such application is Windows Teams, which gained popularity as a result of the coronavirus pandemic. It allows internal teams to collaborate on projects and quickly handle day-to-day concerns.
Furthermore, it has enabled businesses to efficiently interact and collaborate with their clients and consumers in a way that fosters strong working relationships and results in project briefs being completed more quickly, efficiently, and accurately than ever before.
4. It improves the customer’s overall experience.
According to recent research, organizations that provide high-quality client experiences earn 4–8% more revenue than their competitors.
Taking advantage of the collaborative and communicative approach above, as well as the ability to complete tasks more quickly and efficiently, will help you build a memorable and pleasant experience for your customers and clients.
There are numerous additional ways in which technology can improve client experiences, such as the use of intelligent customer assistance software, email marketing campaigns, the supply of detailed insights and analytics for the purpose of making future enhancements to your organization, and so on.
5. It increases the productivity and retention of employees.
The advantages of technology for your company’s success extend beyond communicating with your staff.
In recent studies, employee engagement and retention have been shown to be directly correlated with staying on top of cutting-edge technologies. As previously stated, the more engaged your employees are, the more productive they become and the greater the amount of revenue generated by the company.
Additionally, it’s important to note that staff turnover is quite expensive; in fact, the cost of replacing a departing employee is typically greater than £30,000. There is a lot of new technology being made to help with this, and it is working very well!
6. You will gain a competitive advantage as a result.
As a result of well-executed technology, you’ll have everything you need to distinguish yourself from your competitors and gain the upper hand. This includes faster and more efficient processes, better communication, less risk of failure, a great customer experience, and happy employees.
7. Entering data into a computer
Although the technology was intended to make our lives easier, the ugly fact is that data entry actually means that we’ve created more work for ourselves. We are expected to keep the client satisfied while also recording our work in timesheets, CRM databases, project management tools, and other such systems as necessary. This requires manual intervention in several locations, which is absurd.