Whether you sell shoes or run a big firm, technology is essential for your business operations. In today’s business landscape, companies must excel in offering their products or services and master various digital tools. These tools include software, payment systems, computers, Wi-Fi networks, and mobile devices. Ensuring the security of devices and networks is a critical concern for companies. Any technology disruption can have a significant impact on business operations.
A survey revealed that 98% of organisations incur costs exceeding $100,000 for a single hour of IT downtime. In the current highly technological landscape, every company must possess technical proficiency to stay competitive, regardless of the products or services offered. Let us discuss the reasons 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
Technology has become essential for even the most traditional industries, including farming. Farmers now use technology to check commodity prices, sell livestock, and manage their financial records. Most companies rely heavily on technology to operate efficiently, with databases filled with critical information and software powering their daily operations.
However, the flip side of this dependence on technology is that IT downtime can be catastrophic. Recent ransomware attacks on global meat producer JBS and Colonial Pipeline halted operations, highlighting the risk of cyber threats. Both companies eventually paid the ransom to resume operations. Without technology integration into business operations, many companies would struggle to survive.
2. Customers Expect an Excellent Digital Experience
According to a recent survey, customer experience ranks as the top priority for businesses in the next five years, with 46% of respondents listing it as their primary concern.
In the digital era, even a single negative customer experience can lead customers to abandon your business. Customers judge their experience based on various factors, including website navigation, ease of checkout, appointment scheduling, shipping notifications, the helpfulness of online chat, response time from customer support, and the ability to contact your company via social media.
To meet consumer expectations in 2023 and beyond, companies must prioritise technology, ensuring a smooth and seamless digital experience from website browsing to payment processing.
3. Employees Need Devices to Drive Productivity
In today’s modern workplace, computers, tablets, and mobile devices play a critical role in enabling employees to stay connected with each other and access customer data. Communication and much of the work in offices rely on these devices, and their proper functioning is crucial to business productivity. However, are there alternative methods to boost employee productivity that do not involve using technology?
4. AI & Automation Help Companies Stay Competitive
Adopting AI and automation can significantly accelerate the pace of work for organisations. AI has the potential to personalise the consumer shopping experience, while automation can improve sales teams’ performance by boosting conversions by over 200% and increasing the closing rate by 30%.
To maintain a competitive edge, companies must integrate technology tools with AI and automation capabilities efficiently. This involves identifying the most effective ways to leverage these tools and integrating them seamlessly with existing solutions.
5. Information Is Being Generated Rapidly
In today’s fast-paced business environment, companies generate vast amounts of digital information at an unprecedented rate. The thought of reverting to paper-based files to manage this data is overwhelming, as it would require a dedicated building to store all the filing cabinets.
As a result, most files, documents, and customer records are now digitised. However, managing and organising this information effectively requires specialised technical skills to ensure it remains searchable and easily accessible.
6. Vendors/Suppliers Are Leaving Legacy Systems Behind
Consider the vendors that you depend on to operate your business. Can you imagine interacting with them solely offline, with no access to email or digital documents? In today’s modern business world, the answer will likely be “No.”
Like your own company, the businesses you rely on for support and services have also become technology companies. They are phasing out outdated systems like fax machines and paper documents and relying on digital means for communication and document management. As a result, interacting with them requires digital tools and platforms.
7. It isn’t easy to Grow Without Tech Innovation
The advancement of computers and technology has significantly increased human capabilities beyond our mental and physical limitations. With the help of technology, many manual and processing tasks can be automated, enabling us to achieve more in less time.
The cloud is a game-changer for small businesses as it offers affordable access to advanced technology that levels the playing field with larger companies. Without the use of digital tools, it can be challenging to sustain business growth.
To stay ahead of the competition, it’s necessary to regularly review your technology infrastructure and keep an eye on emerging digital innovations on the horizon. By embracing innovative digital tools and solutions, businesses can unlock new productivity, efficiency, and success levels.
8. Business Continuity Needs
Business continuity involves ensuring your company can continue operating during any crisis or emergency. For example, a natural disaster could severely damage a building and its contents. However, your operations can continue uninterrupted if your company stores its data in the cloud and uses cloud-based software.
Companies are at significant risk of downtime and financial losses without reliable backup systems. By implementing technology solutions, businesses can maintain operational continuity from any location, enhancing overall resilience.
Investing in business continuity planning and implementing reliable tech solutions can help companies weather any crisis and improve.
What Does Your Innovation Roadmap Look Like?
We can help you manage the safe and effective use of technology so that it doesn’t become a full-time job. Contact Qamba today.