How to Harness the Power of Technology to Increase Profitability

How to Harness the Power of Technology to Increase Profitability

We often hear about technology stealing jobs and making certain industries redundant. However, technology can also greatly enhance and improve your organisation, and drive your profits through the roof. By digitising your small business and using automation to streamline processes, you could see a huge increase in profitability. Here’s how to harness the power of technology and boost those margins.

1. Improve Efficiency

    As your business grows, it is necessary to streamline processes in order to increase efficiency and save time. Today’s technology, such as business process management software and customer relations management solutions, allow companies to optimize their business procedures. This makes it easier to restructure and automate repetitive processes, cutting down on both man-hours and mistakes.

    2. Better Customer Service

    Technology allows you to provide excellent, round-the-clock customer service without breaking the bank. You can use chatbots to answer customer queries or outsource chat support, so that you can be there for your customers 24/7. You can also offer your customers omni-channel support which syncs all communication channels together, creating a seamless and more efficient experience.

    3. Remote Working

    Technology not only allows you to improve your business, but to save money whilst doing so. One significant way to do this is by offering remote working. Research by Forbes found that staff who work remotely save their employers an average of $22,000 per year. On top of this, a study by Stanford found that remote employees are 13% more productive, take fewer sick days and report higher job satisfaction. Therefore, employing technology to encourage remote working can help you get more out of your staff whilst saving significant money.

    4. Reduce Costs

    Technology also offers small businesses many money-saving benefits beyond remote working. For example, switching your landline to Voice over Internet Protocol (VoIP), which works via your internet connection, can save you significant money over time, as well as encouraging more efficient communication.

    You can also use automation to fulfil menial tasks to save man hours and free up staff time to focus on high priority, profit-generating duties. You can automate many different office tasks, including:

    • Social media posts
    • Computer backups
    • Proofreading
    • Paying bills
    • Email responses
    • Filtering applicants when hiring

    5. Improve productivity

    Productivity is directly related to profitability. As discussed, technology can make employees more productive by facilitating remote working. However, there are many other ways you can harness the power of technology to increase productivity. For example, technology can allow you to gamify your office, which helps to motivate employees. You can also use gamification to increase participation and engagement rates in online training and courses.

    You can also use collaborative software and tools to encourage organisation and consistency amongst your workforce. This is particularly valuable when employees are working remotely, as it ensures that everyone is on the same page and feels valued and involved.

    6. Smarter Marketing

    Technology can really enhance your marketing and help you to get more out of your budget. It can help to create personalised marketing campaigns and allow you to split-test your marketing materials to fine-tune your strategy and find out what works best for your business. It’s also possible to use artificial intelligence to gather data on your target audience and thus create more accurate marketing campaigns that speak directly to them.

    Summary

    Technology can enable you to build a faster, better and more profitable business, driving your costs down whilst increasing output. On top of this, technology can help you increase sales by helping you create more targeted and impactful marketing campaigns. If you’re serious about driving up your profits, it’s time to take advantage of all that modern technology has to offer.

    If you’d like to speak to us about how we can support you with your accounting needs, book a free consultation here.

    How to Implement New Technologies Without Disruptions

    How to Implement New Technologies Without Disruptions

    In recent years we saw the most significant leap in business digitalisation. Companies can resolve disruption paralysis with such a move by implementing correct planning strategies. 

    It’s no doubt that the modern world is rapidly moving towards digital products and services, with only niche markets being able to profit with traditional operating methods. 

    When companies attempt to implement new technologies in their workflow, they can get stuck in a state of disruption paralysis. In the face of potentially overwhelming changes, an owner who has yet to be properly acquainted with new workflow tools may not be able to move forward. 

    Resolving disruption paralysis is a steppingstone for any company looking to implement new technology in its daily operations.  While long-term solutions are best, even a short-term resolution can show a way forward and set the company on a clear goal to follow. 

    Tip 1. Acknowledge the Trial-and-Error Approach 

    Implementing new models into your existing pipeline might be vital to a company’s existence on the market, provided that they line up with the company’s mission statement.

    In this regard, businesses must realise that aggressive testing is the only way to ensure they can survive the onslaught of digitalised offers and competitors. Setting up a testing area, where only a part of the pipeline uses the innovation, can help keep errors to a minimum.

    Tip 2. Bring in Thinkers! 

    Traditional businesses will often get the most benefit by hiring new employees with the expertise and experience in emerging technology that’s needed to make the correct choice. Employing this new blood to spearhead the transition to a digitised environment will align their goals with the company’s mission statement, allowing both to evolve with technology.

    It’s hard to let go of past experiences, practices, and thinking, so relying on a future generation moulded in modern technology could reinvigorate productivity and inventiveness. They also don’t require as much training to use new methods and interfaces.

    Tip 3. Adjust Goals 

    Companies rarely come away unscathed from a significant rebuilding effort, such as implementing new technologies in their workflow. Adjusting the mission statement to match current trends might be necessary to allow for more freedom in making bolder claims, products, or services for the time to come.

    However, the business vision, or the primary goal behind its origin, must not waver with the introduction of emerging technologies. If the vision is not congruous with modernisation, consider adopting different goals to appeal to a niche market and remain profitable in another way.

    Tip 4. Allocate Budget 

    With the threat of disruption paralysis, putting too many resources (monetary and human) into implementing technologies can lead to devastating results if failure ensues. Taking a step back to properly budget for these changes can be vital in keeping the business afloat during the transition.

    Companies can’t afford to be conservative with their capital. Not investing enough to improve and compete in a digitised market can be in vain. Worse, it can drive consumers to a bolder competitor.

    Moving With the Tides

    In a digitised world, refusing to implement new technologies might backfire spectacularly.

    An aggressive and decisive approach to improving current workflow will involve several testing phases and an injection of new people more familiar with the technology.

    These investments can pay off in the long run, ensuring the business survives with its vision intact and a mission that reflects society’s current trends.

    If you’d like to speak to us about how we can support you with your accounting needs, book a free consultation here.