Out the mouth of our Business Development Manager: Tembi Mbapeh
Technology is an integral part of any successful modern business, regardless of the size. Whether it’s a small to medium size business or a large multinational, they are all looking for affordable IT solutions that work.
Its basic function is to enable businesses to be more productive and efficient. Whether it’s a word processor or a complex financial system, technology is supposed to make life easier.
In this article we will be highlighting some key reasons for the indispensable need for technology in business. It is important to explore the critical value that technology adds to a business.
In an effort to combat the ever-increasing competitiveness in business, companies are turning to technology to help them streamline service delivery and boost productivity and at the same time, increase profits.
Regardless of the product or service, you need to compete and if your competitors are using technology to get an edge, so do you. Technology not only enables business leaders to compete head on but it could push ahead of their closest rivals.
Bill Gates said: “The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.”
Amongst others, these are 5 key reasons why businesses are attracted to software solutions.
Modern accounting systems are designed for non-accountants. Complex accounting principles have been built into and are easily managed with software applications. Setting up new accounts and processing transactions daily, tasks that were exclusively reserved for accountants, are now done by tech solutions. Reporting on financials has also been made much easier by using the right technology.
Software has improved internal and external communications dramatically, it is now far easier to communicate with employees, stakeholders, clients and suppliers. It has become easier and quicker, meaning that faster decisions can be made with better feedback to justify these decisions. The advent of social media has also created a manic flow of information, forcing businesses to seriously filter all information before deciding on a strategy.
Improved CRM systems with increased customer insight have made it possible to connect with customers, but also to know and understand consumer behavioral patterns. Using a call center agent as an example, the second a call comes in, they have all the client information on screen, including a full history of all the client’s interactions with them.
Such information helps businesses provide the customers with an enhanced service experience. In the medical sector for example, a simple reference to a client contact number, ID number, surname or date of birth, would display all their medical history. This is certainly an invaluable position to be in for a doctor, who needs all the information to efficiently assist a patient. But it is also a relief for a patient to know that the doctor is fully equipped with all the knowledge needed to make the right call.
It is a constant battle for competitors to outsmart each other, always striving to win the attention of the same customers. Every business strategy could be enhanced by technology, every new product development, every product offering enhancement, every product differentiation strategy, or even every customer interaction could be enhanced by the advent of technology.
One of the greatest attractions of tech solutions to businesses is the potential to reduce cost. Both hard cost and operational cost reduction could see businesses generate huge profits. This could be as a result of increased efficiencies in production, easier possibilities to source raw materials, the globalisation of their reach to suppliers through technology, or even the reduction of human resources because what was done previously by man, could simply be done by machines.
Moreover, the fact that teams can now have virtual meetings, support clients remotely and travel multiple cities in a day – these are all significantly making technology solutions indispensable.