You can drive your business forward with advanced technology. This is probably not big news. Indeed, the business media is saturated with such promises. But, what does it really mean, especially for your unique business? Answering this question means learning what advanced technology actually does to help your business become more competitive and profitable.
The relationship between business success and advanced tech
The connection between deploying advanced technology and business success may seem intuitive, but it often isn’t. Whole books have been written about this concept, but briefly, Information Technology (IT) has the potential to give your company a competitive edge. This may come from providing you with market insights that your competitors lack. IT can deliver better operating costs, which enable you to compete more effectively. With tech, you can also discover the most profitable product lines, customer segments and so forth.
A quick rundown of advanced technology for business
The phrase “advanced technology” can suffer from overuse. In our experience, there are two categories of IT that could be described as advanced. Some tech solutions are inherently advanced. These include sophisticated data analytics tools and solutions that use Artificial Intelligence (AI) and Machine Learning (ML) to improve business processes.
Other IT products are more standard in nature, but they are deployed in advanced ways. An example of this might be an Enterprise Resource Planning (ERP) solution that integrates with Customer Resource Management (CRM) and field service management tools to provide superior customer experience. The components are not advanced, but their integration and orchestration surely are.
Unfortunately, it is definitely possible to make the investment in advanced technology, but fail to realize its potential. We have seen this problem up close more than once. IT itself does not guarantee success. Strategic advantage comes from understanding how to use tech in your business. IT has to align with your people and processes in order to work.
Advanced technology can be a driver of increased profits. This can happen in a number of different ways. In some cases, data analytics tools give you the ability to find your most profitable repeat customers. It may not be at obvious to the naked eye. For example, a retailer conducted extensive analysis on its most frequent repeat buyers and discovered a previously hidden demographic. Armed with this insight, the retailer focused the bulk of its marketing resources to this group and saw sales grow in every location.
Software can make your people more productive, thus driving down the cost of operations. Business process automation (BPA) offers one example. Whenever you can help workers avoid manual process steps, you’re saving on the fully-allocated costs of employee labor. For example, you could set up a BPA solution to pull customer data from CRM into a service ticket, removing the need for an employee to perform this task manually.
The implementation of advanced technology
We have worked with many companies on the implementation of advanced technology that drives their businesses forward. It’s a process that involves learning about your strategy and future plans. It requires an understanding how your business runs and what will make it run better. Only then, can we get to work making advanced tech part of your plan for success. If you want to learn how advanced technology can help your business thrive, let’s talk.