Whether you sell shoes or run an accounting firm, you need technology. Today’s companies aren’t just in the business of selling their goods and services anymore. They also must master various types of digital tools.
These include software, payment systems, computers, Wi-Fi networks, mobile devices, and other assets. If that technology isn’t working, it can impact a business significantly.
98% of surveyed organizations say that just one hour of IT downtime costs more than $100,000. In addition, the world economy’s current reliance on technology means that every company is now a technology company.
Binds and issues created from technological errors can be catastrophic detriments no matter what products you sell or the services you provide. Let’s discuss exactly why this is the case in today’s world.
What Makes Technology a Backbone of Any Business?
1. Technology Is a Critical Part of Business
Even farmers use tech to check commodity prices, sell livestock, and keep their books. Likewise, most companies couldn’t operate without their software or databases filled with important information.
The fact that every industry now relies on technology illustrates how devastating IT downtime can be. For example, remember the breaches impacting global meat producer JBS and Colonial pipeline? Those companies had to halt operations because of ransomware attacks.
They both paid the ransom to their attackers so they could begin operating again. But unfortunately, many companies would close without the technology that’s become a regular part of their day.
2. Customers Expect an Excellent Digital Experience
Customer experience ranked first in a survey of top business priorities for the next five years. Nearly 46% of respondents said it was at the top of their list.
If customers have just one bad experience with your company, they will likely go elsewhere. Negative customer experiences in the digital world often stem from the following issues:
• Difficulty navigating your website
• Issues with the checkout experience
• Difficulty scheduling an appointment
• Lack of transparency with shipping notifications
• Abscence of helpfulness via online chat
• Poor response time from customer support
• Inability to contact your company via social media
You need to use technology to meet consumer expectations in 2023 and beyond. Modern consumers expect a smooth digital flow from your website to your payment experience.
3. Employees Need Devices to Drive Productivity
How do employees work productively without a computer, tablet, or mobile device? These devices keep staff connected and are extremely helpful with storing your customer data. Devices enable communication and are now how most office work gets done. However, if they don’t run well, business productivity suffers.
4. AI & Automation Help Companies Stay Competitive
AI and automation help organizations move faster. AI can personalize a consumer shopping experience. Automation can help sales teams close 30% more deals and improve conversions by over 200%.
Companies must integrate technology tools with AI and automation capabilities to stay competitive. This integration will also require your staff to know how to use these tools best and incorporate them well with existing solutions.
5. Information Is Being Generated at a Rapid Pace
Companies generate information digitally at a dizzying pace. What would it be like if you had to go back to all the paper files? You’d need a separate building just for all the filing cabinets! Files, documents, and customer records are primarily digital now. Keeping track of all that information and making it searchable requires technology skills.
6. Vendors/Suppliers Are Leaving Legacy Systems Behind
Think of the vendors you use to run your business. Could you interact with any of them offline only? No email, no digital documents? In most cases, the answer is “No.” The companies you rely on for your business are also “technology companies” in the same way. Most will be leaving behind legacy systems like fax machines and paper documents. Thus, using digital means to interact with them would be best.
7. It’s Difficult to Grow Without Tech Innovation
People are limited by what they can mentally and physically do daily. Computers and technology have exponentially increased that. They do a lot of the processing and manual work. Cloud technology is vital in leveling the playing field for small businesses. It allows smaller companies to leverage their technology more efficiently and affordably. It’s hard to continue growing your business without the systematic use of digital tools. To maximize your company’s efficiency, review your technology infrastructure and regularly scout any potential innovations on the horizon.
8. Business Continuity Needs
Business continuity is about keeping your company running despite any crisis events. For example, one natural disaster could severely impact a building and everything in it. But, if you are storing your data in the cloud and using cloud software, your business can still operate. Conversely, companies that aren’t employing backup systems are at significant risk. Tech solutions create the ability to continue working from anywhere, increasing business resiliency.
What Does Your Innovation Roadmap Look Like?
Using technology securely and to its fullest can be a full-time job. So give PCS a call today; we can help remove that burden!
The article was used with permission from The Technology Press.