Technology continues to drive profound change in the way people buy and consume goods, and this has radically transformed business processes, too. It has also placed organizations under increasing pressure to innovate, yet they’re not quite sure where to start. Smart business leaders know there’s a lot more to technology than simply chasing after the latest solutions, and they also know that every new opportunity comes with its fair share of risks. At the forefront of it all remains the need to work quickly to achieve critical goals like the following:
#1. Meet the demands of an increasingly mobile workforce
Over two-thirds of the global workforce now work remotely at least once per week, according to a recent study by IWG. The gig economy is now in full swing, freelancing is becoming more common, and full-time employees are growing accustomed to working on the move or from home. This is all thanks to the rise of ubiquitous internet connectivity, mobile technologies, and cloud computing. Without those technologies, businesses risk being left behind by their competitors as their employees tire of being chained to the office desk using obsolete platforms and applications. However, by meeting the demands of today’s workforce, technology can increase productivity and morale.
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#2. Stay one step ahead of cybercriminals
Businesses face a constant battle to keep one step ahead of the rising tide of cybercrimes, but criminals aren’t making things easy for them. Cybercriminals are using modern technologies, such as artificial intelligence, to carry out attacks at a massive scale. They’re also exploiting older and more vulnerable technologies that businesses are struggling to replace or upgrade. Since going back to pen and paper for running a business is hardly an option, your only option is to use the latest technology to combat threats like malware, phishing scams, and other attacks.
Related article: What happens when you fall behind on technology
#3. Add value throughout your business
Technology can either be a costly liability or an invaluable asset that drives growth. It’s your job to make sure it’s the latter. Old technology can stifle growth and get in the way of lucrative new opportunities. By contrast, adopting the service-based model does away with the problem of technological obsolescence; it also allows for scalability and flexibility. It adds value to your business by enabling better customer service, offering tremendous insights for strategic decision-making, streamlining back-office functions, and helping you keep your digital assets safe.
Related article: Addressing the challenges of implementing new technology
#4. Improve customer experiences
Today, customers are spoiled for choice more than ever before. Companies can no longer compete by price and product selection alone. Businesses also need to provide superlative customer experience. That’s not going to happen when you have people waiting on hold for half an hour while they try to reach a customer support representative, or they are left staring at a loading screen or error message whenever they visit your website. To offer a better customer experience, you need to be consistently present on the same platforms they are using, such as mobile devices and social media. Your business needs to be up to date with modern technology, not for the sake of being trendy, but for the sake of customers.
Related article: Tips to reinvigorate customer communication processes with IT
#5. Reduce capital expenses
There’s no small amount of hype in the world of business IT; many vendors will happily try to sell you as much as they can without taking a moment to evaluate the specific needs of your business. Fortunately, business leaders are learning that technological innovation no longer needs to be a hefty one-time expense, but an ongoing investment. Thanks to the shift towards technology as a service, many smaller businesses are now doing away with costly in-house IT departments in favor of managed services with predictable operational expenses. This model gives you access to the latest and most suitable solutions without the huge costs.
Related article: The benefits of technology integration for your business
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