Technology is at the center of all business operations: manufacturing, communication, purchasing, sales, and even marketing. It has become a vital part of every business success strategy. According to statistics, the U.S alone has more than 585,000 tech companies.
Entrepreneurs looking to grow and thrive in the modern business world must be ready to embrace technology. Let’s look at four ways technology can grow your business.
Digital Payments Boost Security and Convenience
People have become accustomed to digital payments. Digital or electronic payments that use mobile phones, cards, or the internet are quick, secure, and more convenient compared to cash transactions.
According to statistics, the total transaction value of digital payments is expected to reach $10.58 trillion in 2024. Cash payments will soon become history. However, businesses must understand that people prefer different digital payments methods. They must provide many digital payment options to accommodate as many clients as possible.
Mobile Technologies Boost Productivity
Mobile technology allows people to work from anywhere as long as they’re connected to their teams. Such technologies allow users to complete many tasks on their mobile devices without going to a physical office. The time spent commuting can be used on other productive activities.
Mobile technologies allow employees to scan, edit, and share documents using their mobile devices from any location. They can read and respond to urgent emails using their digital devices from any place with an internet connection. According to one study, U.S employees’ productivity increased by 4.8% when they worked from home.
Productivity Software Helps Businesses Save More and Increase Revenue
Businesses now use automated systems that require little to no human input to serve customers. Online help desks are now configured to give personalized solutions around the clock to common customer queries. Businesses can save on human labor and other expenses like stationery.
1 (800) Car-Title, a lending company that allows people to apply for a title loan online says it has cut down expenditure by more than half and increased its customer base using productivity software. All its loan forms are now filled out and signed online.
Customers can see how much they qualify for and receive money electronically in their accounts. There’s no tedious paperwork and the process is convenient for both customers and the company. It’s also eco-friendly; there’s minimal disposal of office waste to the environment.
Data Analytics Tools Help Measure Customer Engagement
Data analytics tools such as Google Analytics help SMEs to measure important web metrics such as customer engagement and loyalty. They use raw data to provide meaningful insights that businesses can use for more effective decision-making. These stats help businesses understand customers’ needs better, personalize content, and boost conversion rates.
Businesses can pull data analytics from multiple channels to maximize ROI. These may include social media platforms, e-commerce sites, and email. However, it’s important to ensure you’re only tracking valuable data. Use the information to offer customers a personalized experience and stay ahead of your competitors.