Before, businesses did not have the luxury of technology. Smartphones, the Internet, e-mail, and telecommuting were considered as figments of imagination. Today, companies (big or small) have access to vast amounts of information, thanks to the Internet.
Communication is almost instantaneous, and anyone can connect to nearly anyone in the world. Technology tools helped transform small and local businesses into global ones.
The adoption of new technology is key to business productivity. CRM software, cloud computing, and smart devices are just some of the business technology solutions you can use. Adopting these technologies helps improve employee productivity and business innovation.
Here are some examples of how technology can improve business productivity:
Utilizing the power of the Cloud
Cloud computing enables authorized employees to facilitate tasks such as website hosting, virtual meetings, and file sharing. They can now view, create, and share data with everyone. Employees can also work remotely or telecommute. Since it can reduce the advantages of scale, smaller industries can now compete with larger companies.
Manage finances and create financial strategies
With financial management software, you can do the following:
- Compute your payroll
- Monitor inventory purchases
- Leverage on predictive analytics risk management
- Manage the cash flow in different parts of your business
- Track financial activities such as receivables, payables, sales and expenses
It helps streamline and automate all your mission-critical tasks to comply with the ever-changing accounting laws and financial guidelines.
Financial management software also helps entrepreneurs come up with better business strategies through accurate analysis. These are tied in with their startups’ operational procedures.
Take the bank anywhere and everywhere
Advances in technology made it simpler for entrepreneurs to manage their finances on the go. Online banking services provide the most convenient way to transfer funds and replenish payrolls. Smartphones and other mobile devices also let business owners monitor their accounts and check current balances. It is easier to manage finances without going to the bank.
Market your business on a global scale
Thanks to technology, marketing was freed from the restrictions of traditional marketing practices (e.g., print ads). Online technology has brought businesses on a global scale with Internet Marketing. Websites serve as online brochures for customers to learn more about products or services.
Other features include scheduling appointments, asking questions in real-time, and placing orders. Newsletters and e-mail campaigns also broaden company awareness among target customers.
Discovering untapped business opportunities
It is one of the best features of customer relationship management software or CRM. By mining customer data, it’s easier to formulate marketing or sales techniques and methods in client engagement. Companies can now improve the entire customer experience.
Also, CRM can shorten sales cycles, increase revenues, decrease overhead marketing costs, and increase customer satisfaction.
Keep technology in check in the workplace
Technology’s benefits seem endless, but it can also be a hindrance to productivity. Businesses should take note of these before incorporating technology in their company’s workflow:
- Apps and software are good tools for managing a list of tasks. Do not let it distract employees from actually completing them.
- Adding more technology will not increase productivity. Time management and focusing on set goals are still critical.
These technological solutions are great tools to start with. With the proper use and training, they can contribute to a business’s growth.