Are you more reliant on technology than you realised?

No matter what industry you’re in be it retail or accounting, having the right technology is essential to success. Nowadays businesses must take advantage of digital advancements in order to stay competitive and continue providing top-notch services and products.

These include software, payment systems, computers, Wi-Fi networks, mobile devices, and more. Companies also need to protect their devices and network.. If that technology isn’t working, it can impact a business significantly.

98% of surveyed organisations say that just one hour of IT downtime costs more than £100,000. The reliance on technology means that every company is now a technology company.

This is the case no matter what products you sell or services you provide. Let’s discuss exactly why this is the case in today’s world.

What Makes Technology a Backbone of Any Business?

1. Technology Is a Critical Part of Business

Farmers rely on technology to monitor the market value of their commodities, sell their animals, and maintain financial records. Most businesses would be unable to run without specialised software and organised databases containing essential details.

IT downtime is so devastating for this very reason. Remember the breaches impacting global meat producer JBS and Colonial pipeline? Those companies had to halt operations because of ransomware attacks.

The attackers were paid the ransom demanded of them, enabling businesses to get back up and running. Without the technological tools that we have come to depend on, many organisations would find themselves unable to stay afloat.

2. Customers Expect an Excellent Digital Experience

Customer experience came in first in a survey of top business priorities for the next 5 years. Nearly 46% of respondents said it was at the top of their list.

If a customer has just one bad experience with your company, they will likely go elsewhere. In a digital world, those experiences are often:

• Navigating your website
• Checkout experience
• Appointment scheduling ease
• Shipping notifications
• Helpfulness of online chat
• Response time from customer support
• Ability to contact your company via social media

To keep up with consumer expectations in 2023 and beyond, means you need to use technology. From your website to your payment experience, people expect a smooth digital flow.

3. Employees Need Devices to Drive Productivity

In a professional office environment, having reliable devices is essential for productive work. Computers, tablets, and mobile phones create pathways of communication between employees and customers. Without them, it’s impossible to achieve the same level of efficiency in tasks that would otherwise be possible with these modern tools.

4. AI & Automation Help Companies Stay Competitive

AI and automation help organisations move faster. AI can personalise a consumer shopping experience. Automation can help sales teams close 30% more deals and improve conversions by over 200%.

To stay competitive, companies must integrate technology tools with AI and automation capabilities.

This means they need to know the best ways to use these tools. Plus, integrate them well with existing solutions.

5. Information Is Being Generated at a Rapid Pace

Companies generate information digitally at a dizzying pace. Can you imagine what it would be like if you had to go back to all the paper files? You’d need a separate building just for all the filing cabinets.

Files, documents, and customer records are largely digital now. Keeping track of all that information and making it searchable requires technology skills.

6. Vendors/Suppliers Are Leaving Legacy Systems Behind

Think of the vendors you use to run your business. Could you interact with any of them offline only? No email, no digital documents? In most cases, the answer is, “No.”

The companies that you rely on for your business are also “technology companies” in the same way. Most will be leaving behind legacy systems like fax machines and paper documents. Thus, you need to use digital means to interact with them.

7. It’s Difficult to Grow Without Tech Innovation

Today, small businesses are afforded the same opportunities as their larger counterparts through cloud technology. By leveraging this digital innovation, companies can increase their capacity to do more without exceeding their budget.

It is essential for any business looking to expand that they make sure their technology infrastructure is up-to-date and in step with industry advances. This allows them to maximise the potential of existing resources while better positioning themselves for future growth.

8. Business Continuity Needs

Business continuity is about keeping your company running despite any crisis events. One natural disaster could severely impact a building and everything in it. But, if you are storing your data in the cloud and using cloud software, your business can still operate.

Companies that aren’t employing backup systems are at significant risk. Tech solutions create the ability to continue operating from anywhere, increasing business resiliency.

What Does Your Innovation Roadmap Look Like?

Using technology securely and to its fullest can be a full-time job. Get in contact today we can help take that burden off your shoulders.