technology

Are You Getting the Most Out of Technology?

The digital age is well underway with new innovations occurring everyday. Businesses that are keeping up with technological advances are outpacing the competition that is lagging.  Thankfully, you don’t have to be a billion-dollar company to get the most out of business technology. But, you do have to use it strategically to stay competitive.  To help you maximize your current resources, we’ve created a list of 4 different ways you can get the most out of technology.

Review the Benefits of Technology

The sophistication and skills required to be nimble in the digital environment can be daunting. Conduct a quick review of how tech upgrades will make your business systems more efficient:

  • Digitized documents and processes are readily accessible and kept current.
  • Data analytics profile your consumer base, highlighting use and interest trends.
  • Financial management systems assure accuracy while graphically detailing use patterns.
  • As staff advance in digital confidence, they suggest methods for refining processes.
  • Videoconferencing and document exchange methods increase collaboration and efficiency.

What Sort of Barriers and Opportunities Exist for Digital Upgrades?

Businesses planning to advance digitally may encounter internal and business sector obstacles and opportunities.

  • A survey investigating businesses with delayed digitization reported:
    • That roughly 25% of participants stated internal obstacles such as lack of support and unrealistic budgets created lags.
    • About one quarter noted the best opportunity for their businesses to advance digitally was in back-office support and customer experience.
  • Digitization varies by sector, creating potential barriers or opportunities, such as:
    • The communications technology and finance/insurance sectors are among the most advanced.
    • Construction, health care, and government are among the lowest digitally advanced sectors.
    • Businesses in the leading sectors put technology in the hands of employees. As a result, their digital engagement exceeds that of the overall economy.

Sharpen Your Digital Profile

A positive business profile leads to success, attracting customers and the best employees. Advancing digital capacity enhances your profile. Steps for moving in that direction are to:

  • Learn about your sector’s digital leaders and their process for advancing technology.
  • Dialogue within your organization about digitization benefits.
  • Conduct an inventory of current technology capacity.
  • Assess current processes to determine which will initially benefit from digitization, such as:
    • Organization-wide access to policies and procedures.
    • Video-conferencing capacity with partners, consultants, and customers.
  • Design a plan for digital upgrades and expansion.
  • Act on your plan, advancing your business profile each step of the way.