Many business enterprises from small companies to big corporations find it hard to know the right timing to incorporate digital tools in their operations since technology is advancing at a breakneck pace. However, it is critical for a business manager or owner to realize that lagging to far behind these technological innovations of even failure to adopt them completely has a negative impact on the sales, operational efficiency and the size of the audience that your product promotion campaign reaches. According to a recent survey carried out by the Boston Consulting Group, business organizations that have embraced the digital age and incorporated digital tools in their enterprise are likely to outperform their peers who choose to remain rigid.
Moreover, companies that embraced technology widened their consumer base exponentially and created more employment opportunities almost twice as much as the businesses that did not. The study also showed that the corporate leaders in technology also increase their annual revenue and return on investment by a margin of 15% higher than their peers who just embraced technology at the lower levels. Small businesses and startups will need to take technology trends into serious consideration if the7y want to increase their revenue, create employment opportunities and have a competitive edge that allows them to survive and thrive in the cut-throat capitalist market conditions of the 21st century global economy.
Even among the smallest of companies and startups, technology has proven to be a sure way to expand on market share, widen the customer base, and increase the volume of sales which in turn widens the profit margins. This lead to a considerable return on investment and the general growth of your business enterprise. In this article, we are going to highlight the ways in which small business organizations and startups can make use of the advancements in technology to drive growth.
Reaching the consumer
Small business enterprises can now be able to reach the consumer in numerous ways using cloud computing which stores vast amounts of data in numerous virtual servers and all one needs is a computer or a mobile device and internet connection to access the information. Low costs applications also exit which help your business manage business opportunities, pipelines, accounts and even consumer contacts. For instance, the Customer Relationship management (CRM) software manages the contact between the business and its consumers from the very first time that they make contact. All this information is stored by the CRM software for future reference. The advent of CRM machine learning has been able to analyses the data collected from the contact between consumers and sales agents or customer care representatives to predict the future trends, tastes and preferences of the consumer. This allows the business time to plan ahead and remain competitive by retaining their consumer base and venturing into new markets.
Save on the business spending on information technology
The incorporation of technological tools will help any business enterprise with low cost incentives to perform the day-to-day running of business operations. For instance, cloud computing has eliminated the need of startups and small business enterprises to spend money to purchase the rather expensive hard discs and flash drives to store their company information. The numerous amount of data generated by these businesses on a daily basis is stored remotely in thousands of virtual servers where all you need is internet connection to retrieve it. It also eliminates the need to hire a big IT team for the maintenance of the data and to perform functions that are characterized with the traditional data storage such as back up.
Improve on the consumer experience
The cornerstone of any startup or small business is its relationship with its customers. Technological advancements have led to the development of programs and software that improves the consumer brand and shopping experience which has a huge impact on sales and ability to venture into new markets at a minimal cost. Technologies on consumer support assist the customer find solutions about your product or services via messaging, texts or even by mobile applications.
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