Business technology is ever changing and if you don’t acknowledge its power, and if you don’t do your best to stay ahead of the curve, you may just find yourself playing a very dangerous game of catch-up. Because just as we all know, technology is the application and use of information we depend on to make life easier or solve problems, efficiently. It can not only make our day to day personal lives easier but can help businesses expand and thrive. There are various ways in which technology can help grow your business. Here are just a few.
Production technology
Factory automation is primarily used in a production environment where machinery/robots are programmed to carry out various tasks. This reduces labour costs and expenses and can increase profitability. Whether it be assembly lines or microelectronics, minimal human assistance is necessary. This also means a higher level of quality control and a reduction in how long processes can take. Tasks that may previously have brought health and safety risks for employees can now be carried out by robots instead. Indeed, thousands of companies are using factory automation to grow their businesses.
Mobile & Digital technology
Mobile & Digital technologies are fast-growing and ever-changing. Using wireless systems to transfer and share data means that many businesses can change how and where their staff work. Many employees can find juggling work and family very difficult for example, and luckily more and more companies are recognising the logistical issues that many employees are faced with.
Allowing their staff to work from home creates flexibility too, and undoubtedly, it creates a happier team. Motivated staff can equate to increased productivity. Studies have shown that if a company show empathy and allow staff some leeway with working conditions, employees are likely to be more loyal and work harder.
In retail settings, technology can make processes faster and smoother. Stocks can be checked or ordered with the touch of a button. Customers can create new accounts on the spot or can make payments with the mere swipe of a compatible mobile phone. Retailers can analyse sales history data faster and in more detail. Obtaining the right information about selling trends can make all the difference when it comes to bottom line profits.
Customer Relationship Management (CRM)
Customer Relationship Management forms a huge part of many sales businesses. It effectively stores any information a company has about its existing and potential customers. From their age to what they have previously ordered, it can hold a wealth of information. Every form of contact with a customer can be logged so there is a communication timeline available whenever needed. A more detailed picture of each customer is built as additional information is added.
This information can be used in many ways. Targeted advertising, for example, allows specific products to be aimed at the right customers. Many systems are also used in conjunction with social media platforms, making exposure and potential reach even higher.
CRM systems are also useful for forecasting and tracking pipeline business. It allows an overview of potential leads and current sales. This makes it easier to analyse and project future and existing business. It also gives management the tools to monitor what the sales staff on the ground are doing. This ensures that viable prospects are, where possible, converted to sales.
