A lot of business owners consider IT to be an expense, a cost of doing business, a necessary evil. This is likely subjective and based on your own experience, but when done correctly, IT is meant to be a profit center for your business.
In this article, we'll explore more than 15 ways modern technology can help make your business more money, from increasing sales and improving customer relations to cutting costs and driving growth.
Back in the day, I’m talking way back, to the mid-80s and early 90s, computers were just starting to blow up the business scene for small and medium-sized businesses. They weren’t commonplace in every business yet. Still, for businesses that could afford them and could afford to use them properly, this new technology was changing just how much a single employee could accomplish in a day.
Imagine going back to a time when you had to have hand-written ledgers or meticulously build out invoices and proposals on a typewriter! Imagine a past where you didn’t have emails or texts, but instead needed to rely on snail mail and pagers.
Modern technology is a lot more complicated these days, and there are a lot of branching paths for a business to invest in. There is also a lot of potential money to be wasted, so modern business owners might not see IT as the money-maker it once was. Let’s discuss 15 technologies that can save your business money in the long run and even help your business be more profitable.
Increase Sales and Boost Customer Relations
Increasing sales is one of the most obvious ways technology can benefit your business. With the rise of e-commerce and online shopping, businesses can reach a wider audience and make sales 24/7. But that's just the beginning… e-commerce platforms also offer advanced analytics and tools that help businesses track and optimize their sales processes, allowing them to fine-tune their strategies for maximum conversion.
Moreover, technology has enabled businesses to enhance the customer experience with personalized recommendations, targeted marketing campaigns, and streamlined checkout processes. By leveraging data and machine learning, businesses can better understand their customers and deliver more of what they want when they want it.
Implementing AI and Power BI
Advances in artificial intelligence (AI) and data analytics have made it possible for businesses to analyze customer data and gain valuable insights into their buying habits and preferences. This data can then be used to personalize marketing efforts and improve customer retention, leading to increased sales. AI can also help predict future buying trends, allowing businesses to proactively adjust their inventories and marketing strategies.
Business intelligence tools like Power BI empower companies to visualize their data in interactive dashboards and reports. This not only helps them make informed decisions but also enables them to identify cross-selling and up-selling opportunities that can boost revenue.
Modern Line-of-Business/Customer Relationship Management Software
As mentioned above, your data can be a powerful tool for unlocking insight and making better-informed decisions in the workplace. This is bolstered by utilizing modern CRM software to track customer relationships, projects, communication, and the overall history of your clients and customers. Modern-day CRM software is often much better equipped, with plenty of tracking features, reporting capabilities, and integrations into your other applications. As not all CRM software is considered equal, it’s critical that you take your time to audit and review your software’s capabilities so you can utilize it to its full potential.
Boost Efficiency and Reduce Downtime
Time is money, and modern technology can help businesses save both. By implementing the right tools and systems, businesses can increase efficiency and reduce downtime, ultimately saving valuable time and resources. For instance, utilizing cloud-based technologies (more on that later) can help improve your solution stack while making access to your data and applications easier and more flexible for employees. From your sales team always having access to client history while on the road to workers accessing documents while on the job site, empowering your employees greatly benefits any organization.
Implementing Mobile Technologies
Mobile technologies, such as smartphones and tablets, have made it possible for employees to work on-the-go and stay connected to the office at all times. This increases productivity and allows for faster decision-making and quicker response times. These technologies can also provide sales teams instant access to customer information and product details, leading to better sales performance.
Moreover, mobile apps designed for businesses can streamline operations, from inventory management to scheduling and dispatching services. These tools enhance the ability to respond to customer needs promptly and efficiently.
The catch is that businesses need to manage devices and implement security policies to protect company data. This is a small price to pay, however, as these policies usually need to be set up once and then audited during normal cybersecurity audits.
Embracing Automation
Automation has become a game-changer for businesses, allowing them to streamline processes and reduce the need for manual labor. By automating tasks such as data entry, invoicing, and payroll, businesses can save time and money while also reducing the risk of human error. Automated customer service tools, like chatbots, can also handle basic inquiries 24/7, improving customer satisfaction.
In addition to task automation, process automation through software like robotic process automation (RPA) can perform complex workflows across different systems, ensuring accuracy and consistency in operations.
Utilizing Cloud Computing
Cloud computing and hosted software solutions have revolutionized how businesses store and access data. By storing data in the cloud, businesses can save on physical storage costs, reduce the risk of data loss, and access information from anywhere in the world. This flexibility also supports team collaboration, as files can be shared and edited in real time, regardless of location.
Another significant benefit of cloud storage is its scalability. This allows businesses to adjust their storage needs based on current demand, ensuring they only pay for what they use.
Cut Costs and Save Money
In addition to boosting sales and efficiency, technology can also help businesses save money in various ways. From reducing overhead costs to cutting down on travel expenses, here are a few ways technology can help your business save money.
Implementing VoIP
Voice over Internet Protocol (VoIP) is a technology that allows businesses to make phone calls over the Internet rather than traditional phone lines. By switching to VoIP, businesses can significantly reduce their phone bills, saving money in the long run. VoIP systems also come with advanced features such as call forwarding, voicemail to email, and video conferencing, which can enhance business communication.
Conducting Virtual Meetings
With the rise of remote work, virtual meetings have become the new norm. Not only do they save time and resources on travel, but they also reduce the need for physical office space, ultimately cutting down on overhead costs. When conducted with the right tools and protocols, virtual meetings can be just as effective as in-person meetings.
Utilizing Business Intelligence Tools to Cut Costs and Make Strategic Decisions
Business intelligence (BI) tools like Power BI allow businesses to gather and analyze data to make data-driven decisions. By utilizing these tools, businesses can identify areas where they can cut costs and make more strategic decisions, ultimately boosting their bottom line. These tools can also help in forecasting and budgeting, ensuring more efficient use of resources.
Furthermore, BI tools can monitor key performance indicators (KPIs) in real time, allowing businesses to identify and address inefficiencies or overspending in various departments quickly.
Utilizing the Internet of Things (IoT)
The Internet of Things (IoT) refers to the connection of everyday devices to the Internet, allowing them to send and receive data. For businesses, this can be anything from monitoring devices on the manufacturing floor to automating the lights in the cafeteria and everything in between. IoT is a game changer for many industries, where a simple device can quickly relay information back to your team as opposed to paying to put a real set of hands and eyes in its location.
Improve Employee Morale and Retention
Happy employees are more productive and likely to stay with a company long-term. Modern technology can help improve employee morale and retention in various ways.
Implementing Remote Work Policies
Offering remote work options to employees has become increasingly popular, and for good reason. It gives employees more flexibility and work-life balance and reduces commute time and associated costs, ultimately leading to a happier and more productive workforce. Remote work can also widen the talent pool, as businesses are no longer limited to hiring in their geographic location.
Investing in the Right Tools
Businesses can make employees' jobs easier and more efficient by providing them with the right tools and technology. This can include anything from providing laptops and smartphones to implementing project management software and communication tools. Access to modern technology can also be a factor for talent when choosing to stay with or join a company.
Furthermore, investing in training and development tools can help employees build their skills and advance their careers, contributing to higher job satisfaction and retention rates.
Ensure Compliance and Avoid Costly Mistakes
Compliance is a crucial aspect of running a successful business, and technology can play a significant role in ensuring businesses stay compliant and avoid costly mistakes.
Utilizing Cybersecurity Measures
With the rise of cyberthreats, businesses must invest in cybersecurity measures to protect their data and avoid costly data breaches. This can include implementing firewalls, using encryption, and providing employee training on cybersecurity best practices. Regularly updating and patching systems can also prevent vulnerabilities that hackers might exploit.
Automating Compliance Processes
Compliance processes can be time-consuming and prone to human error. By automating these processes, businesses can save time and reduce the risk of costly mistakes, ultimately saving money in the long run. Automated compliance solutions can track regulatory changes and ensure that businesses remain up-to-date with the latest requirements.
Drive Business Growth and Increase Profits
Last but certainly not least, modern technology can help drive business growth and increase profits in various ways.
Utilizing Data Analytics
Data analytics can give businesses valuable insights into their operations, customers, and market trends. By utilizing this data, businesses can identify areas for growth and make more informed decisions, ultimately leading to increased profits. Predictive analytics can also help businesses anticipate market changes and customer needs, staying ahead of the competition.
Embracing Mobile Technologies
Mobile technologies, such as mobile apps and mobile-friendly websites, can help businesses reach a wider audience and increase sales. By embracing mobile technologies, businesses can tap into the growing number of consumers who prefer to shop and interact with businesses through their mobile devices. This also includes optimizing for mobile search and ensuring a seamless mobile user experience.
Investing in the Right Technology
Investing in the right technology can help businesses achieve their goals and drive growth. By identifying areas where technology can benefit the business, such as sales, efficiency, cost savings, and compliance, businesses can make strategic investments that will pay off in the long run.
When Maryland Businesses Need to Grow, They Trust Dresner Group as Their IT Partner
In today's fast-paced business world, technology has become essential for businesses looking to boost their profits. By investing in the right tools and systems, businesses can increase sales, improve efficiency, cut costs, and drive growth, ultimately making more money in the long run. We’ve been helping businesses from behind the scenes for over 20 years, and we’d love to show you the difference that great IT can make. To get started, give us a call at (410) 531-6727.
