Technology is changing the landscape of every major industry – including entrepreneurship. As the range of technology in business expands daily, accessibility to small business owners is improving – as are the perks of using it. According to a recent study by Deloitte, 85 percent of small business owners say that technology has helped in ensuring their business success. Out of 1000 participants interviewed, 99 percent of them use at least one digital tool in their daily business operations, proving just how popular the adoption of technology has become. The shift comes with a good reason too. Businesses that have higher use of digital and technological tools are five times more likely to reach new customers beyond their local market, while small businesses are prepared for website breaches and cyber attacks. From increased productivity to better forecasting for market changes, the use of technology can help your small business prepare for and adapt to the constantly changing world of business.
Updated Office Use Software Increases The Need To Keep Employee Training Current
The average company spends $1,252 on employee training annually. With the budgets for workplace learning increasing this year, businesses are realizing the need to keep their employees well trained and up to date. The use of technology in your business helps your business achieve that, along with improved employee productivity. Specific business function software such as Xero or current trends in business software like the use of artificial intelligence, means businesses need to train their employees on how to effectively use these tools.
By giving your employees the knowledge to make the best use of the current business software, you are not only enhancing their value to your business operations, but you are also increasing the ROI per employee. Better trained employees with up to date skills also mean your business benefits from a workforce with skills that apply to the current market – skills that can help your business identify, navigate and thrive on current and future market challenges.
Business Forecasting Software Means Business Scenario Planning Has Become More Accurate
Business forecasting software such as Scoro, Float and GIDE also allow small businesses to improve their readiness for future scenarios like coping with the downturn of sales or loss of income. With the help of analytics and forecasting features, businesses can improve their budgeting, production, labor and product ordering forecasting. Coupled with time tracking software, business owners are better able to reduce operational inefficiencies and allocate financial and human resources according to demand. As a bonus, forecasting software can be a cost-efficient addition to the time and expense tracking for small businesses. With a clearer and more accurate picture of future trends and better scheduling of business resources, profitability and business goals stand a higher chance of being achieved.
Technology Now Allows For Greater And More Personalized Customer Service
Customer service continues to reign as a top determinant in business success and longevity. However, with technology drastically changing the face of customer service, it is now imperative that businesses embrace its use to provide the best customer service experience. According to Microsoft’s State of Global Customer Service Report, 96 percent of customers say that customer service experience impacts their brand loyalty. Also, 83 percent of companies say customer service is important in achieving both customer satisfaction and increasing business revenue. Over 70 percent of businesses with good customer service perform better financially than their counterparts.
A key takeaway from the use of technology in customer service has been the improvement of customer interactions by providing real-time consultations and increased communication methods. Technology also provides a cost-efficient way of providing personalized customer service – a demand that is high on the list for consumers today. Businesses can use customer relationship management software like Salesforce, HubSpot and Nutshell to streamline their sales and craft email campaigns targeted to changing consumer trends.
The impact of technology on the workplace and business world is undeniable. From helping small businesses improve their interaction with customers to reducing cost inefficiencies, the use of technology in your small business can not only improve your present, but ensure you can adapt to the future too.