In today's competitive economy, most businesses rely on technology to help them provide their core products and services. Technology improves businesses' responsiveness to challenges and enables them to bring better services to their clients.
Using technology like computers, databases, mobile phones, apps, and modern manufacturing equipment immediately makes companies stronger and gives them the capacity to increase their sales. As a result, Richard Mgrdechian, President of the technology focused consulting group Prometheus Partners, an expert in technology and business transformation, describes the ways in which it can be said that every company is a tech company, whether they know it or not.
Everyday Use of Technology
Although technology has become an important part of our daily lives, we do not always recognize when it has made an impact on our business. Small things like a customer contact database can help any company enrich its operations through the smart application of data. Computers and cell phones are used daily, allowing companies to do their work on and off-site.
The pervasive use of technology in our daily lives means that everything we do relates to it. This means that companies need to focus on improving the technology they use in the course of regular business. When they take full advantage of the time and cost savings that technology can provide, their business will operate more efficiently resulting in a better bottom line.
Tech Applications for Every Business
Both new and established companies can use technology to enhance their businesses. If a company is using an old or outdated computer or database system, it is smart to upgrade in order to have the best possible advantage in a competitive market.
Using newer forms of technology may mean that employees need to receive updated training. Making sure that all employees know how to use the updated systems and applications means better service for customers. Customers will then spread positive word of mouth about the company, leading to more sales.
When a company is just starting out with integrating new forms of technology into their business, it pays to take small steps. Introducing many large changes at the same time may frustrate employees and lead to a drop in productivity. Customers will also be frustrated when trying to deal with the company. When companies begin using tech in a smart way, they can gradually add functions and become stronger, more competitive firms.
According to Mgrdechian, no company will ever fully take advantage of its opportunities and resources if it does not adequately leverage technology. "Technology is the great equalizer," says Mgrdechian. "A small company with the right vision, the right strategy and the right technology can leverage their resources in ways larger and more stagnant companies can't even begin to imagine. Over time, whatever lead the larger company may have had will dissipate, and company leveraging the new technologies will likely replace it as the leader in that specific market."
Deciding Where to Upgrade Technology
Companies should be ready to take a close look at their operations and to decide where technology can help them meet their goals. A good outside consultant may be able to help companies decide which aspects of their work can be helped the most through the use of new technologies. For example, a construction firm may want to give its employees tablets or laptops to use in the field. This makes it easier for supervisors to share operations data with employees. This simple step in the digital transformation of a company will dramatically improve the ability of the design and construction arms to work better together, ensuring that the finished product is the best it can be.
Obviously, the most common way in which people use technology boils down to innovative development; i.e. finding new ways to handle old tasks and eliminating as many intermediaries as possible has become an essential part of every business. This fits in well with Mgrdechian's premise that technology impacts every aspect of business from the use of productivity tools like Microsoft Office, to accounting systems, to e-commerce, chatbots, supply chain management, and so many others.
Keeping Up with the Wave
In the past several years, the upgrade cycle of most tech applications has shrunk from four years to almost zero through cloud-based services. Companies need to be able to keep track of these changes to remain competitive in today's business world. Having a dedicated consultant focused on these areas can help companies keep up with the ever-present changes and meet the challenges given by the competition.
As we have seen over and over again in dozens of industries, technology can dramatically reduce the cost of doing business. Fewer employees are required to accomplish the same tasks, enabling the company to have a lower overhead cost structure. It is indeed possible that older employees may be resentful when these changes are made, but they can be trained just as well as younger employees. Unfortunately, it may well be that not every established employee is able to keep up with the accelerating pace.
Along these lines, Mgrdechian further reminds us that one of the most important aspects of corporate success and longevity is employee turnover. "Establish the optimum corporate culture for your organization, hire the right people for the right jobs, and be as open and honest as you can with them to make sure they feel like part of the team," says Mgrdechian.
Putting New Tech to Work
We cannot overemphasize the importance of employing the newest technology in any business. When companies are able to keep up with the constantly changing conditions created by the shifts in technology, they will be able to keep their overhead costs down while fostering a more collaborative, efficient workplace.
Every company is now a tech company, and companies that do not keep up will find themselves at a loss for clients and sales. It pays to research which types of technology will best serve your business needs.
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