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How Technology Helps Business Growth

As technology evolves, business trends and customer expectations also change. For example, over 3.6 billion people were using smartphones as of 2020, with a projection of 4.3 billion by 2023[1]. This changes how consumers communicate with the brands, buy, expect to get service or have information available instantly for decision making, and else.

Technology saves time.

One of the core reasons we use technology is to enable us to get more done in less time than it would take if the tasks were done manually. Once you have the right technology tools, you will always save a lot of time spent on tasks, leading to more efficiency and improved customer experience.

For example, most of the questions clients will ask your sales and later your support team will often be similar; having answers to these questions automated will save your team the mental energy they would have used to respond to all those questions. Conversational and transactional chatbots have already proven their efficiency here[2].

Peace of mind.

You can choose to automate the repetitive task and let your team focus on tasks that require critical thinking and human judgment. When set right, technology will flag when human involvement is required and critical.

From scheduling meetings to sending automated customer emails to nailing the sales process and cross-functional connectivity, tools like Calendly, Zoho Bookings, HubSpot or Zoho CRM can help.

Technology saves money.

Contrary to what some people think, using the right technology can save you a lot of money. One of the best examples is using digital marketing over traditional marketing strategies. Running Ads on platforms like YouTube and Facebook has proven to bring more returns than traditional media platforms like TV and radio.

With these new technologies, even small businesses can send a message to their target customers at a much affordable price than it used to be a couple of days back with radio and TV.

Technology boosts productivity.

Today, almost every section of any business has software that can be used to improve the productivity and efficiency of staff.

For instance, project management tools like Asana, Monday.com, Trello, or Zoho Projects enhance teams’ productivity. However, you need to sit down with your team and choose the right tools because not every technology tool out there suits your business.

Easier and more effective collaboration.

With technology, it is easier for teams to work together on projects and the day-to-day tasks of your company. Now that working remotely has become a new normal for almost every business, taking advantage of technology tools like Slack, Zoom or Zoho Remotely is more crucial than ever before. Using the right collaboration tools also ensures effective communication amongst teams, leading to a stronger bond.

Better customer service.

According to a study by Microsoft, over 90% of Americans use customer service as a factor in deciding whether to do business with your company or not[3]. One of the more reliable ways you can enhance your customer support scores is through using customer relations tools to enable you to respond to all their queries in time.

SaaS platforms like Intercom, Zendesk, or Zoho Desk have been built to enable your team to handle all the customer support queries in time. Besides prompt feedback, most of the customer support SaaS platforms have machine learning capabilities that will help you send personalized messages to customers based on how they interact with your website or social media platform.

How businesses can take advantage of technology

Besides the technology tools being available, there is a need for business leaders and owners to build the right strategies that will take advantage of these tools. We have compiled a list of tips that business leaders and owners can use to get the best out of the technology.

Tip #1: Start with a strategy before choosing software.

The technology tools alone will not solve your business problems but what you use them for and how you use them is what matters the most. Before spending any money on specific tools, it is crucial to determine your business needs first. Then matching the right tech stack becomes simpler.

Tip #2: The fewer tools the better.

These days all-in-one platforms like Microsoft Dynamics 365, Zoho suite, and Salesforce can help cover most of the business needs, from Marketing to Sales, to Operations, to Service. Using such platforms is cost-effective and customer-centric. When all the data about your customers are concentrated in one hub, you become extremely relevant to prospects and customers; and staff feels supported and meaningful.

Tip #3: Do not do it all at once.

One of the common mistakes businesses make while trying to implement digital transformation is going in all at once. However, it is best to integrate tech tools into your business gradually and assess their impact before adding more. Using the agile approach – 2-3 weeks implementational sprints – while integrating digital solutions into your business operations is the way to go.

Tip #4: Train your team on how to use the tech tools.

It doesn’t make sense to pay thousands of dollars for a specific software when no one on your team knows how to use it. After purchasing the software, ask your IT team or outsource a trainer to teach the relevant users how to use the technology tools you want your company to adopt.

How to measure the success of the tech solutions you have adopted

Some simple parameters that businesses can use to measure the success of specific technology they have adopted can include:

  • Whether the targeted users are using the tool: A successful technology solution is one that all the targeted users take advantage of to ease their work.
  • Conversion rates: Track conversions (when the goal you set is achieved, be it in sales or operations, or service) to see whether there is a significant improvement compared to when you were not using the software tools you have adopted.
  • Revenue growth: The end goal for adopting all the tech solutions in your business is to boost its revenue. So, a successful technology solution is one that grows your company’s revenue over time.

Closing thoughts

Technology is here to help us grow our businesses, but it is upon the business leaders and owners to lay the right strategies that can be used to take advantage of all the technology tools at their disposal. Any business that wants to get the best out of these tools should take time and study its needs and then choose the right tools that were specifically designed to meet those needs.

Footnotes:

[1] https://www.statista.com/statistics/330695/number-of-smartphone-users-worldwide/

[2] https://www.getjenny.com/blog/chatbot-use-cases-25-real-life-examples

[3] https://clouddamcdnprodep.azureedge.net/gdc/gdcPiLLQw/original?ocid=mkto_eml_EM582302A1LA1

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