15 Ways Technology Helps With Business Growth Plus Examples
Do you know that there are fantastic ways technology helps with business growth? Read further to explore these methods.
As you invest money in purchasing the right technological gadgets for your home, it’s important that you consider doing the same for your small business.
Leveraging the right technology in your small business can guarantee smooth business operation. It can also give you an edge over competitors who don’t leverage technology.
While many small business owners would love to scale their businesses with tech, only a few understand its importance or how to use it in their respective businesses. If you are among such individuals, you are in the right place.
Here are seven ways to leverage technology to propel your small business to greater heights.
1. Time-tracking to increase productivity
Many small business owners face various business-related problems, one of which is dwindling productivity.
Low productivity is common in small and large businesses. Sometimes, small business owners encourage employees to multitask to curb the issue of low productivity. But can multitasking really boost workplace productivity? Unfortunately, no! In fact, most times, it worsens it.
To improve workplace productivity, small business owners need to be wary of the time. And this can be easily done with the help of time-tracking tools.
Time tracking tools are designed to give you a good picture of how you manage your time throughout the day. It also helps you understand what changes you can make to boost your productivity over time.
2. CRM for better customer relationships
Customers are the lifeblood of every business. Without them, a business is as good as a nonprofit organization.
Due to the significant role customers play in the growth and development of a business, it’s important you invest a lot in building customer relationships.
And how do you do that as a small business owner? There are many ways. However, one of the best ways is by leveraging CRM software.
The right customer relationship software can help you build a loyal customer base, which is important in expanding your business. Most of this software is created to be used by entire teams so that you can assign tasks based on priority and still supervise the results on your own terms.
CRM software retains customer communication records, which can be used to cross-sell and up-sell to boost your revenue.
3. Wi-Fi for easy communication
Whether you run a logistics, furniture, or want to start a retail business, you’ll need to create an online presence to connect with your audience and market your product or service. Such is easy with Wi-Fi.
Wi-fi connects your devices to the internet. You can access Wi-Fi services via Wi-Fi service providers. On your request, these companies will supply you with a secure connection, limitless Wi-Fi access to your entire employee, and fast internet service for smooth communication, whether it is internal or external.
Plus, internet access is important as it helps you and your team conduct research regularly to keep you abreast of the happenings in the business world and your customer needs. With smooth internet access, you can carry out online surveys, gather data, and communicate with customers regularly.
4. IoT Sim Cards
Businesses need a business SIM card to initiate calls and browse the internet. However, unlike typical personal SIM cards, a business sim card has advanced functionalities. They are usually linked to a business account and are designed to offer shared plans/packages.
While some businesses leverage traditional sim cards, IoT SIM cards remain the best and the most efficient for a business in this modern era. In addition, these sim cards boast security, better network coverage, and durability.
IoT SIM cards have many plans designed for different business needs. You can choose the borderless IoT sim card plans or the multi-network coverage, which come with global coverage at a flat rate.
5. Monitor your budget
While you try to keep close tabs on your personal budget, ensure you pay attention to your business budget as well, especially when you aren’t sure that your business will thrive.
To streamline your bookkeeping processes and ensure accuracy and security, you can depend on the accounting software to make it easier for you while you focus on the core of your business.
That way, you’ll automate the process of payrolls, invoicing, and tax obligations, in addition to other financially sensitive tasks, while you always have the ability to supervise and make modifications to the system.
Furthermore, you can always leverage cash flow management software to monitor your daily financial capabilities.
Did you know that over 80% of U.S. companies indicate their systems have been successfully hacked in an attempt to steal, change or reveal sensitive data to the public?
Cybertheft remains one of the banes of small businesses. However, with the right software or technology, small business owners can worry less, knowing that their business data is safe and secure.
Hosted emails, antivirus software, web/URL filtering, web app scanning, full disk encryption, and other technology can be used to discourage cyber hackers.
In addition to technology, small business owners also have a role to play in securing their business. It’s important they ensure that the right information is accessible to the right individuals.
7. Make use of Virtual Assistants
Want to take some administrative tasks off your shoulder or that of your already-stretched staff?
A tech solution with a human touch can help! Virtual assistants, as they are commonly called, are freelancers that offer administrative help for you and your small business, often part-time.
These individuals who wouldn’t be working in-house like the rest of your staff can access the necessary planning documents, like shared calendars, with tech software.
You can outsource your business processes or hire virtual assistants for your small business through many freelance sites. They can shoulder difficult tasks, thus allowing you to focus on important business matters.
8. Data Analyzing
Do you know you can easily keep records of the progress of your business with the use of Data analytic tools? Yes, that’s true!
This method cannot be overemphasized as a way technology helps business growth.
Analyzing data with data analytic tools involves record keeping, dissemination of information, and presenting data findings. You will have a clearer picture of all activities.
It helps you know where is lacking attention, customer trends and predictions, inventories, losses, profits, and more.
It helps you with information about the total well-being of the business and what you should do to make changes. Keeping productivity and efficiency on the track.
For example, by gathering and analyzing data relating to the supply chains,( this can be efficiently done by discovering business software tools you need), data analysis can predict where future problems may occur and how best to avoid them.
Also, it can enhance security, for example, a business can use data analytics to parse, process, and visualize the company audit logs to identify the course and origins of a past cyber-attack and prevent the future threat.
Some data analytics tools are Microsoft Excel, Python, jupyter Notebook, Microsoft Power BI, Tableau, etc. helps you identify the strength and weaknesses of your business and smart decision to make.
9. Marketing And Dissemination Of Information
Adequate and uninterrupted sharing of information in business is paramount.
One of the ways technologies have helped small- and large-scale businesses are to create different platforms for efficient communication and dissemination of information. Some of these platforms are Zoom, Telegrams, Slack, Microsoft Teams, Chatbot, social media, etc.
Also, this technology helps track records of conversations of customers with the customer representative and other business transactions.
Thereby, helping you improve customer satisfaction. With the presence of smartphones and the internet, connection technology has made it easier for businesses to reach all parts of the world with their marketing strategies.
You can track sales and search trends as it is with the help of digital marketing software. This helps us to create a lighter atmosphere and build a better relationship with customers and our employees.
10. Website Designs
Your business website presents you and the business.
It is an avenue where customers or clients get entailed information about your brand, it is important to note that website designs affect your business and should be paid much attention to.
Your website helps you create a notion pleasant in the eyes and minds of prospective clients.
They will judge your business within seconds. In the first few seconds, you want to make a positive impact on your audience.
The website also gives a prospective client a sort of relief that your business is real and convinced to patronize.
Web designs help business growth because they create consistency across your page. When you are trying to get new leads for your business, you want to build up your brand. You want your prospective clients to get familiar with your brand, so they choose you.
So, website design technology has been of advantage taking the business to another level in brand consistency, visibility, and identity.
11. Online Payment System
This system of transactions is a great way technology helps business growth.
This process is convenient, easier, quicker, and secure. currently, everybody loves to shop online. People prefer this way of shopping.
During epidemics, people had no choice but to order and pay online to protect themselves from coronavirus.
With diverse options for online transactions, Online payment system has become a new trend if you want to take your business to the next level.
It has also helped to increase the visibility of the business and, ultimately, the possibility of earning maximum profit as well as increased revenue flow.
With these various kinds of online payments such as credit/debit cards, mobile money, E-Wallet, etc. you will be able to attract a wide range of people with different preferences and saves businesses considerable time and effort.
Technology has impacted us greatly. The part of customer satisfaction cannot be overemphasized. Your client doesn’t need to carry cash around, paperwork is not necessary, and the amazing thing is that payment can be done in any location at any time.
12. Online Storage
This is another awesome way technology has revolutionized the way data is stored for future reference and it’s a very affordable option for smaller and large-scale business owners.
With the help of cloud storage, data can be accessed from anywhere in the world, unlimited amounts of it can be stored, backups are performed automatically, and users can collaborate on a single document in real-time.
This increases efficiency in filing and recording management, as well as productivity, it also saves time and money.
Businesses are not the only ones who find cloud computing useful. Cloud apps and platforms have a lot of uses in everyday life as well. You might already be using one yourself.
For example, your normal SMS data is stored only on your device, or phone. But with messaging apps that use the cloud, you could access your information on any device.
Email can also be classified as cloud storage since your email information is stored in the cloud, and you could access them on any computer. Also, Facebook Messenger, WhatsApp, and skype too.
13. Artificial Intelligence System
technology has and is still of a mass advantage to big and small businesses as it helps them grow, ensures smarter decision-making, and transforms the field of management.
Artificial Intelligent system helps in achieving business goals and create strong competitive advantages. It is one-encompassing.
It does a whole lot such as customer service, ensuring performing data analysis, helping in customer care, reducing energy costs, predicting sales, helping businesses to be more customer-centric, etc.
For example, Bot keeper leverages machine learning and workflow tool (Artificial Intelligence) that automate the most manual and time-consuming bookkeeping work.
It simplifies workload and saves time as it helps businesses manage routine accounting tasks such as bill paying, financial reporting, etc.
14. Enterprise Resource Planning
This is another type of software specially created to suit all kinds of businesses, yet another amazing way technology helps business growth.
It is a scalable, customizable business management system used for different business processes and all the flow of data between them for efficiency, reduction of risk, lower operational cost, and more.
It is a seamless way of running a business. That is, it helps you manage your day-to-day business activities such as accounting, procurement, manufacturing, and project management which can improve the customer’s experience with lots of great feedback.
Some of the types of Enterprise Resource Planning are Hybrid software and On-Premises software. An example is Amazon, an international marketplace that has used an enterprise Resource Planning system in its business activities.
This system has helped them to prevent losing sales and build more profitable supply chains over the years.
15. Crowdfunding Platforms
This is one of the most prominent ways technology helps with business growth.
Technology has evolved to the point where applications (platforms) are designed to assist businesses financially.
Small businesses can grow using new technologies developed specifically to help raise capital. It allows businesses to gather support from the public and then leverage that support.
Many crowdfunding platforms enable the world to invest in your product or services and give you the privilege of having independent business advisors.
Some of the types of crowdfunding platforms are GoFundMe, Indiegogo, KickStart, Patreon, Crowdfunder, Fundable, Crowdcube Mightycause, SeedInvest, and StartEngine.
Some examples of the successful use of these platforms are Chicago’s Academy for Global Citizenship charter school raised over $50K to support a Net-Positive Energy Campus.
Which is a campus with the purpose to encourage positive learning which also serves as a community collaboration as well. Also, in 2013 Oculus Rift, was a great success. It aimed to take virtual reality into an accessible home gaming dimension.
More than $2.4 million was raised for their $250K campaign and another was MATE, which is a smart bike that has a 3-step folding system that is affordable but innovative bike. Which raised 3 million dollars on Kickstarter.
The big guns of today leverage technology to provide better customer service, improve their brand, market their products or services, and scale their business.
So if high-revenue companies are turning to tech, why shouldn’t you? Pinpoint the important tech for your business needs and use them to boost your business operations.