No matter your business, whether it's selling shoes or being an accountant, technology is essential for success. Companies today must not only sell their own goods and services but also be proficient with various digital tools.
Software, payment systems, computers and mobile devices are just some of the examples. Companies must ensure their devices and networks remain protected at all costs; any downtime in technology could have a devastating effect on their operations.
According to 98% of surveyed companies, an hour of IT downtime costs them more than $100,000. Every company is now a technology company due to its dependence on technology.
No matter the product or service you offer, this statement rings true. Let's examine why this is so in today's world.
What makes technology the backbone of any successful business?
1. Technology is an integral component of business
Even farmers rely on technology to monitor commodity prices, keep tabs on their livestock and manage their books. Software is essential for most companies; without databases containing crucial data, operations would be impossible.
IT downtime can have devastating results, as evidenced by the breaches at JBS (a global meat producer) and Colonial Pipeline. In these instances, ransomware attacks caused these companies to cease operations.
Both companies paid ransoms to their attackers in order to reopen their businesses. Without technology that has become so embedded into our daily lives, many would have had no choice but to close down.
2. Customers Expect an Excellent Digital Experience
In a survey on the top priorities for businesses over the next five years, customer experience came out on top with nearly 46% saying it was one of their top priorities.
Customers who have had a negative experience with your company will likely move on to another. Such failures are all too commonplace in today's digital world.
- Navigating to Your Website
- Navigating to your website can be quite the adventure!
- Experience Checkout
- Schedule an Appointment With Ease
- Notifications of shipment
- Online chat is an effective way to receive assistance.
- Customer Support Response Time
- Social media gives your company the unique opportunity to engage directly with its customers.
Technology is paramount to meeting consumer expectations for 2023 and beyond. People expect seamless digital experiences, from your website to payments processing.
3. To drive productivity, employees need devices
How can employees boost efficiency and effectiveness without access to a tablet, computer or mobile device? These gadgets keep staff connected with customers and each other; they facilitate communication and guarantee office work gets done efficiently. Without these tools, business productivity suffers as staff become disoriented or unproductive.
4. AI & Automation Help Companies Stay Competitive
Automation and AI enable companies to move more quickly. AI can personalize the shopping experience for consumers. Automation increases sales team conversion rates by more than 200%, leading to 30% more transactions closed.
Companies must utilize technology tools that leverage AI and automation to stay competitive. They should be able to identify the most efficient use of these tools, as well as integrate them with existing solutions.
5. Information is being generated at an incredible speed
Companies are creating digital information at an astoundingly rapid rate. Imagine having to reorganize all your paper files - it would require a separate building for each filing cabinet!
Digital files, documents and customer records have become almost exclusively digital in recent years. To keep track of this data and make it searchable, technology skills are necessary.
6. Legacy Systems Are Being Abandoned by Vendors/Substractors
Assess the vendors you use to run your business. Do they only allow in-person interactions? No emails, no digital documents? In many cases, the answer is "no."
Companies you rely on to run your business are also technology companies. Many will move away from legacy systems like fax machines and paper documents, so you must learn how to communicate digitally with them.
7. Lack of technological innovation poses challenges
Without technology, people's mental and physical capacities are severely limited. Computers and technology have greatly expanded this potential; many still rely heavily on manual labor as well as processing work manually. 7. It can be challenging to grow without tech innovation
The challenges facing business today require innovation across many fronts in order to stay competitive and remain profitable.
Cloud computing is often praised for providing small businesses with an equal playing field, enabling them to leverage technology more efficiently and for less cost.
Without the wise use of digital tools, it can be challenging to expand your business. To do this, review your technology infrastructure and search for new innovations that can enhance efficiency.
8. Business Continuity
Business continuity refers to the capacity of your business to keep running during any emergency. A natural disaster can wreak major destruction on a building and its contents, yet your business can still function if all data is stored online using cloud software.
Businesses without backup systems face the potential risk of being shut down. Technology solutions enable businesses to operate from anywhere and boost their resilience.
What Does Your Innovation Roadmap Look Like?
Navigating technology in a secure and productive manner can be overwhelming. Let us take that burden off of your shoulders - reach out today for assistance!
