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Tech

Leveraging Technology for Business Growth 

2 Mins read

In this digital era, new technologies have created new opportunities, transformed the way companies conduct business and improved customer experiences. Working models have also changed along with the work environment. Technology continues to evolve rather fast and covers various aspects of the business. Businesses that are looking for competitive advantages in their respective industries should consider leveraging technology in their business functions and policies. This article looks at some of the technologies that businesses can leverage to better their services, increase efficiency and streamline their processes.

Cloud Computing

Cloud computing is the new norm in computing. Businesses that offer services out of the business premises such as delivery, construction, engineering and cleaning or others where the business has more than one branch will find cloud computing the ideal tool for shared workspaces, collaboration, tracking and reporting on project progress, as well as sharing ideas. Cloud computing also lowers the cost of operations with such tools as software as a service and infrastructure as a service. In both of these cases, the company does not have to buy hardware and software for each user.S

Such services remove the need for physical IT support structure as everything is offered as a service. Businesses can also manage resources effectively and reduce costs while using the best technologies and software tools in their industry.

Social Media Platforms

In the recent past, social media has become a powerful tool for connecting businesses with their markets and other publics. Businesses can create awareness, promote their businesses and show the human side of the organisation. The engagement also keeps the brand in the minds of the prospects, which ensures that it gets consideration in the buying decision.

Business owners can also use professional social platforms, podcasts and video sharing platforms such as Linked In, Twitter and YouTube to connect with successful entrepreneurs, motivation and everything else from new business ideas to growth strategies, courses and business management assistance. There are even podcasts hosted by women entrepreneurs that can be of assistance to budding women in business. You can get more info by visiting some of such sites.

Big Data

As businesses and society, in general, digitise their records, there are large amounts of data that are available for decision-making. Data could be transactional (such as that from POS, CRM and ERP systems) Operational (from IoT and Connected devices) or Social (from social media sites). This data can be analysed to gain insight into customer wants, determine processes that need streamlining and how to enhance efficiency in their operations. Big data can help in business process restructuring, optimising available resources and forecasting.

In marketing, big data analytics can help track prospects and deliver value. The company is also able to determine customer buying behaviour and preferences, thereby increasing sales volumes and guaranteeing customer satisfaction.

Any business that has its eyes on growth, expansion and creating competitive advantages over its rivals should be at the forefront in embracing new technologies. Business leaders should pick those tools that can help lower costs, accelerate growth and deliver value to their customers.