Business technology is expensive. There, we said it. But the right technologies cost a lot for a reason. They can make your business significantly more profitable. They can deliver tangible cost-saving and optimizations that give you the highest ROI.
Here are seven areas where the right technologies will have the most impact.
Not just any technologies improve efficiency. But those built around your business needs and goals can make a huge difference. Here are just a few concrete ways business-centric technologies improve operations:
An Oxford University study found that higher morale in the workplace leads to a 13% increase in productivity. A Gallup study uncovers why productivity may go up with morale. It found that as employee morale rose, turnover dropped 24% as well as absenteeism (down 41%). At the same time, sales increased 20% and customer satisfaction 10%.
The efficiency you achieve through the right business technologies can improve morale and, in turn, productivity. One of the many ways technology improves morale is this. Technology helps management recognize high performing people and identify those who are not engaged. Employees feel more involved in workplaces where their efforts are recognized, and managers aren’t unknowingly rewarding underperformers. This also gives disengaged employees the opportunity to grow and improve.
Technology also enhances collaboration and reduces silos, building a feeling of belonging, even among remote workers.
Technologies designed for your business can help you identify waste and cut it out in inventories, supplies, and hiring–just to name a few. Right now, a business may take for granted that producing X product takes X amount of work hours, raw materials, and supplies. But the right tech shows you where optimization is possible and. It can then support your implementation of more streamlined operations.
Downtime can occur on the individual worker level. For example, an employee workstation crashes, and the employee has to stand by until it’s fixed or replaced. Entire teams can also go down if a program or server they use goes down. But you’re still paying them for their time.
Entire companies can experience downtime when a server or system goes down or is hijacked by ransomware or malicious (or accidental) employee activity. In these cases, many employees can’t work, and this may impact compliance, customer experience, employee morale, and productivity losses that may exceed $400,000/yr on average, according to Statista research.
When you invest in the right technology, it should just work.
That’s not to say that downtime will never happen. But you do have significant control over it with the right technologies through better security and monitoring along with fast and effective help-desk services.
The comfort found in the status quo is an illusion. If your company is not evolving with its customer’s expectations and industry demands, it will become obsolete. The right technologies don’t just help you “keep up with the Jones”. They can give you a competitive edge.
Technology can transform operations, quality control, and even customer perceptions that make it easier to generate brand awareness and turn engagement into paying customers.
More Data-Driven Decisions
The right tech has fully integrated analytics, so you can see operations in action and continually work you improve. Analytics today isn’t just about collecting more data that you can’t possibly use in a lifetime. You don’t have time for that.
It’s about generating business intelligence from that data that you can often get in real-time. So when you need to make a fast or impactful decision, you don’t have to wait for someone to compile some numbers. You have what you need on hand.
The Bottom Line
Finally, this is all about profits. Technologies cost money. Getting the right ROI is paramount. All of these cost-saving and optimizations translate for significant increases in profitability.
What Types of Technologies Do Businesses Today Need?
There is no one right technology for business. But here are several that companies like yours are using now to achieve the above results.
Deciding Which Technologies Will Increase Productivity
Since every business is different, it’s essential to consider your business goals and how technology will help you achieve those goals. To this end, it’s vital to collect data and to hear from your leadership where they think technology could do the most good.
Next, it’s a matter of evaluating technologies. You don’t want to pay for a company-wide new system that you won’t be using in five years. You need technology that grows with you to get a higher ROI now–and over time.