Friday, January 15, 2021

Executive Education

5 Reasons Your Company Should Invest In Technology

Technology has changed the way how you do business, interact with clients, manage your teams, and how you deal with data. A few years ago, nobody knew companies would be using Facebook to sell products and interact with their customers.

Businesses of all types and sizes need to invest in technology.


Here are five reasons why you need to get serious about technology and how your business handles it.

1. Remote access

According to Catherine Wood, the chief executive officer of ARK Investment Management: “Mobile is where everything is going. We’re going to carry our content with us when we want it, and anytime we want it.”

Your employees have smartphones, and they can access emails, files, and communicate with peers in real-time even if they’re not in the office. There is a reason why cloud storage companies and team management apps like Asana and Trello have been in business.

Investment in technology lets your employees work remotely, and it increases productivity by 20%.

Employees who spend 60% to 80% of their time working remotely have highest workplace engagement.

You’d love to see your employees being productive and efficient, right?

2. Competitive edge

Perhaps the best thing about investing in technology is that your business can get a competitive edge. Companies have been using technology as a competitive weapon for centuries. However, technology isn’t the only way to get competitive advantage instead it is one of the many ways to scale your business.

The earlier your business starts using new technologies and apps, the better it is. For instance, big data analytics is a challenge for most companies while some businesses are able to analyze big data and are using it in several ways.

Sears, for example, used data from customers, products, sales, and marketing to reduce the time needed to launch new marketing from eight weeks to one week.

Sears now has a clear competitive advantage over its competitors in terms of launching a new marketing campaign. While its competitors are busy analyzing data, Sears can launch a new marketing campaign in a week and can stay ahead of its competitors.

3. Better interaction with customers

The customers are getting smart. They’re in love with technology and you need to be at the same level to interact with them and to connect with them.

For instance, if your customers use Twitter to send you complains but your company checks its Twitter account once a week, how’d your customers feel?

The fact of the matter is, customers are in love with the cutting-edge technology. Statistics by Ooma show that 30% of consumers invest in smart home technology just to be on the cutting-edge of technology.

Your customers are getting smart because they have access to all types of resources that keep them informed of all the latest technologies. In order to communicate with this type of smart customers, you have to invest in technology so as to be on the same page.

4. Speed

Investment in technology improves speed. Period.

It helps with automation by reducing manual and labor-intensive work. It simplifies tasks and processes. Updating old system is a need of the time.

Now there are apps and advanced tools that can perform all types of complex tasks in a few minutes that your team used to do in a couple days. Technology improves speed in all sectors.

For instance, healthcare technologies improve the speed of patient care, and patient stays get 14% shorter when hospitals use secure messaging apps instead of old paging systems.

5. Productivity

Investment in technology at the right time doesn’t just improve speed but it improves employee productivity and makes your business more efficient.

For instance, if your business is still using PSTN telephone system and you don’t have any plan to shift to VoIP telephone system, you’ll soon be left behind.

Businesses that shifted to VoIP from PSTN save as much as $1,727 per month and have been able to save $920K per year in employee productivity.

Employees who feel that their organization uses mobile tech effectively are more creative, satisfied, and productive. This is a reason why people love working in technology companies.

Productivity with cost-reduction seems like a perfect couple for any business, right?

Final thoughts

Technology has the potential to turn the tables. It is a game-changer. You should invest in tech based on your business needs and budget. One step at a time will push your business in the right direction in no time.

Investment at the right time in the right technology should be your business’s top priority. Don’t shift to a new technology just because it is new and innovative. If it isn’t for your business, don’t go for it.

This is one investment that you’ll never regret.

Jyoti Agrawal
Jyoti is a business blogger who encourages young entrepreneurs to take risks and turn their dreams into realities. She writes about global entrepreneurial events for Entreprenuer, HuffingtonPost, Tech, and other publications.