According to a recent study, 54% of SMEs in London, are allocating half of their annual revenue on average to technology investments. While this may seem shocking, it’s not too far from the national average (43%).
In addition to this, investing in technology is one of the easiest ways to grow your business – whether you’re looking to streamline operations or stay ahead of your competition. However, with so many different options to choose from, and many business owners dealing with fluctuating finances, it’s important that you spend your money wisely!
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With that in mind, here are four technologies that will help your business grow and thrive!
Cyber Security software. Technology that is designed to enhance your digital security practices, such as cybersecurity software, is always going to be a worthwhile investment for your business. After all, smaller businesses are often targeted due to the fact that they’re less likely to have systems in place to protect themselves from hacking and data breaches.
Furthermore, even a ‘small’ leak can cause irreparable damage to your reputation, putting you directly on the path to closure. In short, it’s not worth the risk of attempting to ‘go without’ this kind of tech! If you aren’t sure where to start, consider partnering with one of the top cybersecurity companies, which can help ensure you have the tech and systems in place to protect your business and your customers!
AI Technologies. While it may seem relatively ‘new’ in terms of public discourse, AI technologies have been used to support business ventures for many years. However, their recent surge in popularity means that 82% of companies are either using or exploring the use of AI.” This alone speaks to the fact that there are many benefits associated with using AI within your daily business practices, especially when you’re looking for new growth opportunities.
For example, there are plenty of AI tools that you can use for decision-making, such as AI-driven decision trees, which make it easier to put plans in place to grow and scale your company. Alternatively, you could add an AI-powered chatbot to your website, which provides customers/clients with prompt (yet accurate) answers to their questions, reducing the amount of time your team has to spend on this kind of task.
CRM Technologies and software. CRM technologies and software are another perfect example of an investment that is always worth the while. After all, they can help you to paint a clearer picture of your customer or target audience, by providing you with data-backed insights into the needs, wants and expectations. This, in turn, can help you to build upon your customer retention and attrition rates, improving your bottom line and propelling your business toward success.
In short, a good CRM system provides you with ample opportunity to strengthen the relationship you share with your customers. Furthermore, there are plenty of strategies that you can then deploy in order to maximise your CRM ROI, such as by ensuring your team knows exactly how to use this software and aligning your long-term goals with your CRM operations.
Project and time-management tools. Project and time management tools can also help you to take your business from strength to strength. After all, project management tools can make collaboration easier, especially if employees are working on the same project across multiple departments. By improving communication and ensuring that each player can see real-time updates on the project, everyone remains on the same page, and projects are more likely to be completed ahead of schedule.
On a similar note, time-management tools can help both individual employees and wider teams meet deadlines without ever needing to ask for an extension. This is because they can aid with task prioritisation so that employees are able to deal with the most pressing or time-consuming tasks early on. This, in turn, can also prove helpful when it comes to reducing employee stress and frustration, as they are much less likely to feel overwhelmed at work.
Another major benefit associated with this kind of tech is that you may not need to spend money on this at all, as there are plenty of free time management tools that you can use.
Final Thoughts.
A simple online search for the “best business technology” will yield thousands of results. This can make it difficult to determine which is the right investment for your brand or business, especially if you are working within a limited budget.
However, the technologies listed above are a great starting point for newer businesses and can help you set yourself up for success. After all, they help you to work more productively and efficiently, making it far easier to meet your long and short term goals, funnelling growth while doing so.
It is also important to remember that this list is by no means exhaustive, and you should carry out a little more research before you begin to spend money. For example, you may also want to research industry-specific technologies that can help you expand your business, as this can differ widely from sector to sector. After all, the tech used in a typical office is vastly different to those used in a warehouse environment.
Before buying new technology for your business, you may want to ask yourself the following questions:
- Will this technology serve a purpose that is not already being filled within our daily operations?
- Will this technology save time on behalf of my team?
- Will this technology help to reduce employee workload and stress?
- Will this technology help to improve our relationship with our customers?
- Will this technology help us to streamline operations?
- Will this technology help to protect or improve my business’s reputation?
If the answer is no to the questions listed above, this is usually an indicator that it’s not the right form of technology for your brand, and you need to look elsewhere. You may also want to ask your employees for feedback during this time, as they may be able to provide you with more insight into the kind of technology that they feel is necessary in the workplace.