Can the Right Technology Choices make your Business more Profitable? 

Choosing the Right Technology in 2020 | Tecknoworks

We know, you’ve probably heard it all before—that technology is expensive. While that’s true, it’s only kind of true. You see, there are technologies out there that can make your business significantly more profitable. They can also make it significantly less profitable. The question is, what kind of technology do you need? How do you implement it in your business? And how do you know if it will work for you? 

Running a small business can be hard. There are countless things to worry about on a daily basis, from clients to inventory to employees. And when you’re running a small business, budget is always a concern. However, with the right technologies your business significantly becomes more profitable. Small business owners are always looking for ways to make more profits. 

Successful businesses understand the importance of keeping their tech up to date. Businesses that take advantage of technology can create more value for themselves and their customers, so the cost should be seen as an investment to increase profits. However, what many business owners fail to realize is the investment that successful technology requires. Sure, the prices of the world’s best tech can be quite high, but that’s what happens in a supply-and-demand based market: The stuff that is valuable (and useful) is also valuable (and it costs more). This blog focuses on the areas that improves with the right technology in place.  

Increase in efficiency  

Technology alone does not improve efficiency. But what is tailored to your business needs and goals can make a difference in the world. Here are some specific ways business-centric technologies can improve operations. 

  • Employees and managers have the tools to communicate more effectively, reducing waste and doing more.  
  • Managers have the data needed to identify bottlenecks and quality issues at the supplier, workflow, contractor, and employee levels to improve overall efficiency.  
  • Employees are freed from repetitive and monotonous work and feel more involved in their work. 

Enhancing Productivity and Morale   

According to a study by the University of Oxford, higher work ethic increases productivity by 13%. Gallup’s research reveals why productivity increases with morale. It was found that as employee morale increased, volatility decreased by 24% and absenteeism decreased by (-41%). At the same time, sales increased by 20% and customer satisfaction increased by 10%. The efficiency gained from the right business technology can improve work ethic and thus productivity.  

This is one of the many ways technology can improve morale. Technology helps management identify high-performing employees and unemployed employees. Employees feel more involved in the workplace where their efforts are recognized, and leaders unknowingly do not reward poor performers. This gives employees with no commitment the opportunity to grow and improve. Technology also improves collaboration, reduces silos, and creates a sense of belonging even for remote workers. 

Cost Cutting  

Technology designed for your business can help you identify waste and reduce it in inventory, supply and settings-to name a few. At this point, companies can assume that producing X products requires X man-hours, raw materials, and consumables. But the right technology shows where optimization is possible. You can then support the implementation of the optimized process. 

Downtime is reduced  

Downtime can occur at the individual employee level. For example, an employee’s workplace crashes and the employee has to wait for it to be repaired or replaced. Failure can also occur if the entire team fails in the program or server they are using. But you are still paying them for their time. If a server or system fails, or is hijacked by ransomware or malicious (or accidental) employee activity, downtime can occur throughout your organization. 

In such cases, many employees may not be able to work, which can affect compliance, customer experience, employee morale, and reduced productivity, with an average of $ 400,000 per year, according to a Statista study. May exceed. If you invest in the right technology, it should work. This does not mean that there is no downtime. However, with the right technology, you can gain significant control over your technology through improved security and monitoring, as well as fast and effective help desk services. 

Competitive Edge 

The comfort seen in the present situation is an illusion. If your company doesn’t evolve to meet customer expectations and industry demands, it’s out of date. Proper technology doesn’t just help you “catch up with Jones.” They can give you a competitive advantage. Technology transforms operations, quality control, and even customer perception, increasing brand awareness and facilitating the conversion of engagement into paid customers. 

Increase in Data Driven Decisions  

The right technology has fully built-in analytics so you can see what’s going on and work on continuous improvements. Today’s analysis is not just about collecting more data that may not be available in life. There is no time for that. The key is to generate business intelligence from this data. This data is often received in real time. So if you need to make a quick or influential decision, you don’t have to wait for someone to put together some numbers. You have everything you need. 

Mind the gap! And think about your role in the success of new technology -  Innovation Origins

Technologies which enable businesses to thrive nowadays 

1) Introducing cloud-based servers and compute-safe cloud services to reduce internal maintenance costs while gaining access to more advanced technologies.  

2) Enhanced security Prevent, detect, and quickly mitigate security issues Mobile Technology Increases the effectiveness of remote workers and enables them to securely access information on mobile devices and update their systems. 

3) Today’s artificial intelligence AI automates specific decisions and actions based on data, reduces company response times, and enhances the customer and employee experience.  

4) Automation Automation takes tedious and tedious tasks that don’t require a high degree of thinking and schedules them so that they always run correctly on time.  

5) Internet of Things IoT can connect work tools, equipment, machines and even lighting to the internet, so it automatically transfers data between them to streamline operations and collect what is available. It can be managed and monitored from anywhere. 

The Role of Artificial Intelligence in Cloud Computing

After all, this is about profit. Technology costs money. Getting the ROI correctly is of utmost importance. All of these cost savings and optimizations lead to significant profitability gains. 

CSG Technologies understands the importance of profitability to success. This is the most insightful KPI for many. Treating technology like any other corporate asset (that is, financial, human, and physical resources) allows you to work more efficiently, do more with less effort, and benefit your bottom line.  

We help businesses first understand why itechnology is so important and then work with them to create true technological governance throughout the corporate structure. We do this individually and understand how any organization can achieve the best results by leveraging powerful new technologies, developing better governance structures, or simply adopting them. Feel free to contact us if you want to know how to do this. 

Matt Parks

Matt Parks

About the Author: President & CEO, Matt has over 20 years building and leading high functioning teams
delivering exceptional results