Investing in your business is one of the best ways to increase your sales. It ensures that the company achieves fundamental growth. If you have time to invest, now is the time. However, the secret is to find out which investment is worth it.
Small businessneeds to be efficient. That’s why it’s important to make wise investments in technology and software programs. Whether it’s accounting software, bookkeeping programs, or more complex project management tools, small businesses can grow exponentially with the right investment.
Making the right technology investments is one of the ways to boost your business and key to remaining successful in a rapidly changing market. Legacy technologies are a common hindrance when it comes to businesses being able to reach their full potential. As your business evolves and grows, you can be leveraging new technologies to improve profitability and reduce costs. From analytics to IT outsourcing, here are some of the top tech investments businesses can make to drive revenue.
1) Analytics which are customer-centric
By investing in analytics software, businesses can provide a customer experience that is more than what is normally available on the market. This can benefit existing customers and attract new ones. According to a recent study by Google, companies adopting a data-driven marketing strategy were able to increase sales by 20% while reducing costs by 30%.
Companies are also investing in analytics to improve other business functions such as operations and finance. Operational intelligence applications provide organizations with real-time data to help business leaders and frontline employees optimize operations. Future-looking companies use financial data to forecast sales and revenue trends.
For example, many organisations, inventory is the largest item in the current assets category too much or not enough inventory can directly affect a company`s direct costs and profitability. Data and analytics can support inventory management by providing uninterrupted production, sales, and/or customerservice levels at minimum cost. The use of data and analytics can provide transparency into current and planned inventory positions as well as deliver insight into drivers of height, composition and location of stock and aid the determination of inventory strategy and decision making. Customers expect a relevant, seamless experience and for companies to know them wherever they engage.
One of the top recommendations would be R analytics. R analytics is data analytics using R programming language, which is an open-source language used for statistical computing or graphics. R is used within an enterprise for records and records modeling. It can without difficulty manage your records and found in special methods. It has handed SAS in lots of methods like potential of records, overall performance and outcome. R compiles and runs on a huge form of structures viz -UNIX, Windows and MacOS. It has 11,556 applications and permits you to browse the applications via way of means of categories. R additionally offers equipment to routinely deployation all applications as in step with person requirement, which also can be nicely assembled with Big records.
2) Software Developments (Outsourced)
Need custom software development or additional expertise to take your product to the next level? Strategic partnerships with external IT professionals who are familiar with industry innovation can be the best solution for the enterprise. companies benefit from software development outsourcing, including:
- Reduced time to market
- Lower overheads
- Risk reduction
- Increased efficiency
Technology agency expertise and resources that match your own skills can lead your business to a new level of innovation in the market.
3) Technologies which are cloud-based
Cloud-based technology is a great tool for growing your business. Studies show that SMBs investing in cloud resources are growing 26% faster and more profitable by 21% than their non-companies.
Because of the cloud, SMBs have instant access to enterprise-grade technologies that may not have been economically viable before. More mature enterprises can use cloud software to simplify and streamline operations. This will increase the capital available to invest in new markets and sources of revenue.
4) Mobile Applications or Apps
There are many mobile apps that are great for handling many administrative functions that would cost time and money. Popular business apps include apps that provide GPS navigation, contact management, remote document access, and travel planning. For instance here are a couple of amazing applications:
It is a simple and easy-to-use project management app for collaboration teams. The platform is based on the Kanban board philosophy. This is a visual layout born in Japan.
A messaging platform for teams and an ideal communication tool for remote workers. Instant messaging is organized into channels that team members can join and leave as needed, so no one receives messages or notifications that aren’t relevant to team members. Team members can also chat in a separate thread outside the main topic to prevent these messages from cluttering project-centric conversations.
It is based on a spreadsheet format, which is good news if your team is accustomed to managing projects using tools such as Excel. Anyone with experience with Excel (or a similar spreadsheet app) will know this platform.
According to a survey released by the SBE Council, 78% of small business owners believe that mobile apps can help save business time, increasing sales and revenue as a result of using mobile apps. Almost half agree with what they have done. By choosing the right technology for your business, you can significantly improve your business operations and significantly increase your bottom line.
5) Automated social media marketing
There is no doubt that social media marketing is a popular and effective way to engage with customers and increase profits. The problem is that it takes a lot of time to have a strong social media presence. Customers post regularly on sites such as Facebook and Twitter, and respond best to brands that remain active every day. Companies can save a lot of hassle from this type of marketing and increase the efficiency of their social media sites with automated tools that free staff for other campaigns. Here are some recommendations and examples :
A) Showcasing Branded images
If you want to increase your brand awareness on social media, it’s important to showcase many on-brand images. Creating a brand image includes incorporating brand-matching colors and themes, using the company logo throughout the social media page, and custom social media design for headers and other areas of the website. For instance, take a look at Wendy’s because it perfectly blends store colors and logos to create a lasting image of the brand.
B) Do remember the basics
Most social media platforms provide the ability to add important details about your business to your social media profile page. You should always fill in these sections as they can tell consumers a lot about your brand.
In this example of Warner Bros. social media branding. The studio tour provided location information, phone numbers, links to websites and other social media pages.
Adopting new technology requires some courage and potentially risky financial investment. But, our rapidly evolving world needs new opportunities and openness to technology-based ventures. Adoption of new technologies is rarely free, but small businesses can benefit a lot from these cost-cutting solutions. Align your expertise and insights with your technical solutions and process implementations.
These five investments will increase the profitability of your company. You will not regret applying them to your business. If you don’t have the time or bandwidth to learn and get the most out of your new software program, consider investing in a world-class managed service provider like CSG-Technologies.