Why Technology Is Key to Business Growth

by Apr 13, 2020Business & Marketing Tips, Productivity & Mindset

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Launching and owning your own business is a great way of moving toward financial freedom while providing products or services that are currently in-demand. If you run a business, understanding why technology is key to growth and expansion is essential to prevent you from missing out on potential opportunities and losing sales to competitors who are using that technology to their own advantage. With the right technology, it is possible to grow a business in any niche industry or market.

Automation Is the Future

Automation is an integral part of tech and the future we have been creating for ourselves, both personally and professionally. With the use of AI, marketing automation and automated services, maximizing your online reach as a business or brand has become easier and more achievable than ever.

Automation is not only apparent when ordering food online or using an app on your smartphone, but it is also applied in chatbots and marketing campaign strategies. Using automation with your online marketing strategy is a great way to monitor and track trends, keywords, phrases and even sentiments you are interested in honing in on. Automation can reduce the demands on labor and provide you with more time to spend on customer service and the quality of your products, services or content. It will free your critical personnel from mundane tasks and allow them to focus on the big picture.

Modern Businesses Need Technology

Regardless of size, most businesses need technology to remain afloat, relevant and up to date with the latest ways to reach customers. Even small mom-and-pop, brick-and-mortar shops typically rely on technology these days to keep their businesses up and running efficiently. Whether you are investing in a point of sale (POS) system or developing an online marketing strategy to drive foot or online traffic to your store, technology is essential.

According to Straight Edge IT, most of the common softwares require some fundamental understanding in order to use them properly, which is why it is important as an owner or entrepreneur to familiarize yourself with the technology that is most valuable to your type of business. Even if you only operate a local store, the more familiar you become with the technology that is commonly used in your industry, the easier it will be to transition into using those technological tools for the benefit of your own business and your brand.

Adapting to New Tech Gives You an Edge

When you decide to keep up with the latest technology released into the business and retail world (both online and off), you gain a competitive edge over alternate companies in the market who choose to steer clear of technological advances. If you are able to offer your prospective customers products, services, features and functions that your competitors are not, you are much more likely to generate sales and revenue. Rather than turning away from it, embracing technology and choosing to adapt to it instead can ultimately bolster your brand’s image and reputation while simultaneously generating greater revenue.

It Exposes You to New Markets

Choosing to embrace changes and new developments by implementing new technologies for the benefit of your customers is a great way to expose yourself to new markets that might have otherwise been ignored or lost. Without the use of technology, expanding your reach internationally or online has become increasingly difficult, if not impossible, in today’s competitive marketplace. Integrating new technologies and reaching out to new and untapped markets provides more potential revenue streams and future opportunities for even greater expansion and growth.

Security

According to Fire Eye, over 77% of all cyber crimes target small and midsize businesses, and yet, 42% of those businesses don’t see cyber crime as a risk. Cyber security plays a major role in determining how individuals shop online and where they place their trust when it comes to brands and corporations. Using technology is a great way to implement additional security measures into your e-commerce storefront and online presence, further protecting the data and information of your online users and prospective customers.

Scaling

Scaling your business for expansion is an essential part of survival, especially if you are competing for your place in a competitive free market. If you want to grow your business over time, scaling is much easier with technology. Implementing technology is one of the greatest ways to gain access to tools, software and marketing programs that can help to take your enterprise to the next level.

Whether you are the owner of a local mom-and-pop store or an online-only brand, you can employ technology to help promote and market your business while also creating and cultivating relationships with your current followers, fans and loyal customers. Using technology, including marketing solutions, advertising networks and analytics programs, furnishes valuable insight into the demands of your target audience while also providing you with more opportunity to pinpoint which campaigns are most likely to result in favorable outcomes.

Training Programs

According to Convergence Training, you don’t have to train employees in-person anymore — learning management software can do the job for you. Developing efficient training programs for your employees is much easier with the use of technology than it would be through traditional methods of implementing long-term, in-person training for each individual you employ. Using a virtual or online training program also presents you with more opportunity to hire individuals who work remotely in a different state, or even in a different country entirely, allowing you a much larger talent pool.

Relevance

Without relevance and a purpose, businesses and brands struggle to thrive and, ultimately, even survive. Through the use of technology, you can maintain the relevance of your brand without sacrificing your objectives and goals. A range of technologies, including AI, chatbots, marketing programs, analytics software and even social media, can help you to maintain your company’s relevance. The more relevant and current you appear to your target audience and the demographics you intend to reach, the easier it becomes to generate sales and increase your overall ROI.

Even if you don’t have plans to expand globally in the immediate future, understanding the role that technology plays in business growth is extremely important. When you grasp why technology is key to business growth, you will always feel prepared and ready to take on any challenges you encounter. Embracing technology will help you keep your enterprise relevant and successful.

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