Viable strategies for leveraging technology in your business

Many companies have dramatically increased their technology spending over the past 3 years. Why is that?

Well, that’s because they realized that by investing in technology, they could:

  1. Gain in efficiency,
  2. Simplify collaboration,
  3. Make it easier to work from home
  4. Streamline workflows,
  5. Compete with other companies,
  6. And, ultimately, drive massive growth and make day-to-day running of their business easier.

Simply put, if you want your business to thrive and stay competitive, you have no choice but to embrace the latest technologies. There’s literally no reason to skimp on this and be left behind.

To help you stay ahead of the game, we’ve compiled this list of viable strategies you can use to leverage technology in your business.

1. Automate workflows

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I love invoicing, accounting and payroll processing – no one ever said. These are just a few of the routine work tasks that employees always put last simply because they are completely uninteresting.

On top of that, while to err is human, working on tedious and mind-numbing tasks that employees don’t usually pay much attention to can lead to errors that can still cost the company dearly.

The latest technologies are gaining traction as they provide an easy way to reduce risk and automate repetitive tasks. This can have an overall positive influence on employees, making them more productive and giving them more time to work on more meaningful tasks.

Forward-thinking companies are already using automation software to:

  • Scheduling interviews and tracking employee applications,
  • Launch email marketing campaigns,
  • Planning and publishing social media posts.

After all, workflow automation software is designed to help streamline operations, cut costs, and save time. It is therefore a win-win situation for employees and companies. The best thing of all? Automation tools have become quite affordable and widely available to businesses of all sizes.

2. Improve organization-wide communications

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During pandemics, most companies have shifted to remote working. Nowadays, some of them still operate this way while others have decided to adopt the hybrid model and work only 50% of the time in the office.

Either way, remote work has posed a new challenge for businesses – connecting team members and clients/customers regardless of their time zone and location.

Thus, collaboration and communication tools have emerged as perfect solutions to this challenge. These technologies have made it possible to bring corporate communications together on a single platform, easily train and onboard new employees, organize tasks, and keep employees informed of the latest updates, motivated and engaged.

If you’re currently using Trainual or any other similar tool for onboarding new employees, you might want to check out these employee training software alternatives that make it easier to train and communicate with new team members.

3. Increase customer satisfaction

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As the saying goes, a satisfied customer is the best business strategy of all. Thanks to advances in technology (AI in the first place), you can offer top-notch customer service at all times.

Now that we’ve mentioned AI, it’s good to know that you can use automated chatbots to keep the conversation going day in and day out, as these systems can run continuously and require no human intervention.

Artificial intelligence can process huge amounts of data, collect customer feedback, identify patterns and behaviors and react accordingly.

Improved engagement – your availability to customers and your willingness to meet various requirements will almost certainly increase their satisfaction and generate valuable leads.

By using technology, you can also learn a lot about consumer behavior. That’s why CRM (Customer Relationship Management) tools are made for that!

Once you have obtained information about the needs and wants of potential prospects and existing customers, you can use this information to:

  • Optimize your marketing efforts and optimize your website,
  • Reduce marketing costs,
  • Boost your sales and increase your business growth.

AI can, again, help a lot in marketing efforts in terms of content creation and copywriting. It can conduct keyword research, SEO planning, and write content that ranks and converts.

Pro tip

If you’re launching new campaigns one after another and need to direct customers to different URLs, one tip that can help you reach them spam-free is to use a dynamic QR code.

You can use a dynamic QR code generator to update the destination URL and use one and the same for each campaign. This will speed up your processes and each time your customers visit your site, they will go directly to your brand new offer.

4. Add an extra layer of security

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This is the best time to implement some cybersecurity improvements. Why, you may ask. Well, because cybercrime is the #1 threat to businesses that lost over $6 trillion to hacking in 2021 alone.

Nearly 50% of cyberattacks targeted small and medium-sized businesses. The reason behind this is simple. A large proportion of small businesses ignore cyberthreat protection and lack the resources to defend against hackers.

Not being aware of threats and not having a multi-factor defense strategy or resources to invest in protecting against cyberattacks makes businesses an easy target for hackers.

Some of the most common cybersecurity threats faced by businesses of all sizes, from SMBs to large enterprises, include:

  • Malware attacks,
  • Phishing attacks,
  • weak passwords,
  • cloud jacking,
  • Ransomware

Do not leave anything to chance ! Use technology (anti-malware software, firewalls, VPNs) to add an extra layer of security to day-to-day operations and to protect your website, sensitive company, employee and customer data.

5. Introduce new payment methods

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Blockchain technologies have upended traditional business and economic parameters, to a large extent. You can integrate this technology to make transactions safer and more secure and, above all, verifiable.

The traditional business model comes up against payment barriers, as payment transfers typically take too long and incur additional costs. Blockchain eliminates all third parties involved (read: banks), invoices and billing statements, reduces additional costs and facilitates cash flow.

For example, fees on most payment options range between 1.5-3.5%, while crypto payment fees rarely exceed 1%. Start collecting crypto payments on your website and you will most likely notice a big boost in sales as you open up to an international pool of customers.

Summary

Spending on software in 2022 topped $4.4 trillion. We think this is more than a clear sign that you should also start taking advantage of modern technology. If you don’t, you won’t be able to find a way to keep your business from stagnating. Harness the full power of new business technologies and your growth will be unstoppable.

About Nereida Nystrom

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