Exercising Technology's Position in Business: Ways to Think about It Workplace Is Changing

In 2020, nearly half of all companies expect to increase their technology spending. The explanation for this is that many people have identified technology as the most effective way to stay ahead of the competition and, as a result, increase profits.

If you're a business owner looking to make significant technological investments, you can quickly become overwhelmed by your choices.

“Which technology has the greatest effect on business investments?”

“What would be the right place for me to put my minimal funds?”

These are common questions we hear from small, medium, and even large business owners as they try to figure out how technology is being implemented in today's marketplace and what it means for them.

1. Strengthening Accountability

When you work 5 days a week for 8 hours a day, whether you mean to or not, it's easy to become complacent. This complacency also leads to project delays and expensive overtime demands.

As a business owner, you should be aware of how productive your team is and where improvements can be made. Companies are investing in technologies like time monitoring software, which can monitor employee behaviors during a change and share accurate information about what is and isn't working.

These reports are important for deciding who needs help staying on track and who is the most valuable to your business.

2. Collaboration Facilitation

Business success is rarely the product of a single person. Success is most often the result of assembling a group of talented people and allowing them to collaborate to achieve amazing results.

Over the last decade, business technology has made this type of unique partnership much simpler.

Employees will operate on the same files at the same time using a variety of cloud-based applications. Sharing files has also become as simple as guiding team members to a shared "share folder."

It's no longer necessary to email attachments or manually monitors updates.

3. Safeguarding Data

Consider what would happen if all of your company's critical records, intellectual property data, and consumer data were saved on a single computer. Consider what would happen if the machine was destroyed in a fire.

What steps would you take to get the business back on track?

Many people would rather not have to address that issue, so they've invested in technology that automatically backs up their systems to both on-site and off-site servers. Today's best backup technology automatically runs backups through all of the company's computers, eliminating the need for team members to manually engage backup mechanisms.

4. Getting Paid Has Never Been Easier

Invoices may be a pain to send out. The inconvenient task of manually itemizing charges in a template, emailing the template to customers, and waiting for an answer is a big part of it.

Companies will now integrate with bookkeeping applications, allowing them to invoice directly from the application. Those invoices are issued in advance based on the charges you enter into the system, and you can monitor when they've been opened.

Even better, clients can pay your invoices directly from your digital invoice using their credit or bank cards!

5. It's Now Easier to Pay the Government

Managing taxes, no matter how much technology you throw at it, is likely to remain a headache. Even so, technological advancements have simplified the process of correctly filling out and filing taxes.

Company technology has combined bookkeeping and tax filing solutions into all-in-one systems. This has allowed companies to use tools such as a receipt scanner to monitor expenditures automatically and subtract them from tax records, as well as perform other time-consuming activities.

Even filing your taxes with the IRS and state governments can be as easy as pressing the "submit!" button.

6. Dismantling Trade Barriers

Previously, brick-and-mortar businesses could only sell to people in their immediate vicinity. That isn't the case anymore!

Even the smallest businesses can establish a strong online presence and sell to customers all over the world thanks to eCommerce.

As competition becomes more global and local market saturation becomes a challenge, the reality is becoming increasingly important to a company's bottom line.

7. Customer Engagement Like Never Before

Imagine being able to sell to a consumer based on what they buy, where they work, and how much money they spend. This form of personalized, high-conversion marketing is entirely possible.

More than 60% of the customers expect personalization as part of their shopping experience. You'll meet standards if you invest in technology that helps you achieve that goal. You'll also increase the chances of increasing customer involvement.

8. Your Office Can Be Found Anywhere

It's never been more necessary to be able to reach your office remotely. Several technologies, including chatting, file sharing, remote desktop access, and more, work together to make your office accessible to your team members no matter where they are in the world.

You'd be well advised to have a great work-from-home strategy in place if you want your business to survive today's and tomorrow's challenges. Cutting-edge digital technologies can be used to implement the strategy.

Business Success Is Described by Technology

Businesses that adopt technology in their operations have a much greater chance of rising and surviving adversity. Keep this in mind when you consider the technology budget for the coming year and beyond.

The state of technology solutions is always changing. Feel free to browse the content on our blog to stay up to date on something new!