The world is changing at a rapid rate. We’re living in an increasingly digital era which revolves around technology in many aspects – from the way we communicate to the way we work. And that technology is advancing quickly. From blockchain apps to AI solutions, there’s a whole host of advanced technology available to businesses in the 21st century.
For companies to thrive in their respective marketplace, they must continually adapt as society around them changes. Businesses that are ‘stuck in the past’ and fail to innovate will be left behind, as their competitors offer products or services more suited to current customer needs.
According to a recent survey by leading global consultancy firm RSM, 63% of European businesses say they are effective at applying technology to improve the efficiency and effectiveness of their business processes. But exactly what benefits can be had by businesses that successfully utilise innovative tech?
Stay ahead of the competition
Firstly, by taking advantage of innovative technology, business can stay ahead of their competition. This is because companies that are willing to adapt their products or services in line with shifts in their respective industries will stay relevant to their customer base. What was once a popular product may no longer suit customer needs, or what was once an essential service may have been replaced by intuitive tech. Companies that adapt their offering and stay current are more likely to thrive – and innovation through tech is often a huge part of that.
Boost business revenue
According to stats by RSM Global, 52% of European businesses have generated significant revenue growth in recent years from technology-related products or services. This shows that offering useful and relevant tech-based solutions to customers can yield successful results. Ultimately, if a business can innovate through technology, they are more likely to stay ahead of the competition and therefore increase their customer base. This will help them to boost revenue and drive profit, allowing the business to grow further.
Analyse business performance
Advanced technology also allows businesses to analyse their performance, profitability and processes in a huge amount of detail. This level of granular analysis can identify areas of the business that may need a little TLC and help management to resolve issues before they become more serious. For instance, a company selling products may find that one item is not selling so well as initially anticipated – and the company can therefore decide whether to increase marketing, adapt the product or pull it from production.
Technology also helps businesses to improve their communication both internally to their staff and externally to their customers. Using the latest mobile apps, computer tech and cloud-based platforms, information can be passed between people within seconds. Whether a business wants to update their employees on a new process, tell customers about a new product launch or communicate about issues over a chat, it can be done at the touch of a button.
Free up employee’s time
Technology can also reduce employee time spend on certain low-value tasks. Artificial intelligence platforms can now carry out certain time intensive jobs for businesses, which frees up time for employees to spend doing more revenue-generating work. For instance, if a business provides a service, employees can spend more time engaging with customers and offering their expertise if they don’t have as many admin or operations tasks to complete.
According to the RSM Global survey, 59% of European businesses are fundamentally changing their business model through the use of technology. How will you adapt your business using innovative tech?
Author | Emily Forbes
An Entrepreneur, Mother & A passionate tech writer in the technology industry!