Leveraging Technology to Accelerate Business Growth

Technology has undeniably become an integral part of our daily lives. A 2015 Mail Online report indicated that the typical person spends an average of eight hours and 41 minutes a
day on electronic media devices; more than an average night’s sleep.

Another report stated that as of March 2014, there were 277,436,130 internet users in the USA alone.

Most large corporations have been using modern technology in their day-to-day operations. However, a 2013 Yodle survey of small businesses revealed that, although 51 percent are using technology for accounting, very few have entirely adopted modern technology. The survey also showed that 52 percent of small business owners do not have a website and 90 percent do not have a mobile-optimized website. According to the survey, when it comes to customer acquisition, 78 percent rely on word of mouth and 56 percent depend on professional referrals.

What these business owners may not be aware of is that they can leverage technology to drive the growth of their business.

Businesses need to invest in new technology and use it to implement positive changes. Doing so, could be the difference between a struggling company and a successful one.

Creating your company website is a must, if you want to be at par with your competitors. However, simply establishing an online presence is not enough, if you want to get ahead in business. The following are technologies that can help accelerate business growth.

1.  Cloud Computing

Cloud computing allows companies to reduce the size of their data centers or remove them completely. Having less data centers results to a significantly reduced impact on the environment and a considerable decrease in company expenses. In addition, most cloud providers maintain a 99.99 percent uptime. As long as there is internet connection, employees can use the applications from any location. There are even apps that can be used offline. This allows your workforce to experience improved collaboration.

2.  Data Analytics

Data can show business owners information about past consumer trends. It can also help predict emerging and future trends. Some data may show competitors’ strengths and weaknesses. This knowledge is critical in providing a company the advantage of how to stay ahead in the competition. Business owners are also able to market their products or services to a target audience.

3.  Mobile computing

Mobile devices such as the smartphone, tablet, and laptop are no longer just electronic devices; these have now become the modern worker’s digital assistants. Employees can work anytime, anywhere – as long as there is internet connection. Collaboration is seamless which, in turn, can improve overall employee productivity.

4.   Social networking

Social networks have drastically changed the dynamic of how businesses are conducted. Customers have a voice. Today’s consumers can give reviews of products or services and other customers can vote or react to those comments. Businesses can also crowd-source ideas of customers to help them improve existing products and services.

The Takeaway

Technology continues to evolve and develop at a fast pace, changing how consumers interact with businesses.

Business owners should learn how to harness the power of information technology. Implementing new technology that will add business value or fit into the needs of your company is imperative. Take the time to work with IT experts who can assist you in planning how specific technology can accelerate business growth.