Most every business is driven to make business investments that both increase productivity and maximize profits. The most common way to reach these goals is to minimize costs, add more value to products and expand market share. To achieve these objectives, CEOs and other key decision makers have to fully realize the value of technology investments in daily operations. Linking new technologies to organizational goals is a good place to start.
Success begins with a vision. Goals need to be clear:
- What problems need to be solved?
- How will the technology improve productivity?
- What will the improvements look like?
- What’s the best way to capitalize on the opportunity?
- How will employee expectations be managed?
Goals need to be effectively conveyed through discussion, especially the changes needed for optimal results. Each employee has to understand the impact on their own work when the changes are implemented. When executing large transformations, communication must be crystal clear all along the way to maximize staff buy in.
As many changes rock the business world today, acquiring and integrating new technologies has become a key way to gain a competitive advantage. Technology should, therefore, feature prominently in every business strategic plan.
More than half of CEOs indicate that technology will have a major impact on the way they compete in the future.
Here are some key areas to consider when developing a business technology strategy:
Current marketing trends such as social media marketing, customer relationship management systems, websites, and smartphone apps all have technology at their core. By using innovative technologies, a marketing team can improve the market’s reception of your products and services. Marketing automation is designed to reach a large number of buyers and businesses have seen the value in a move away from outbound marketing techniques toward an inbound strategy. The rise of content marketing and digital publishing aligns perfectly with changes in consumer behavior. The right digital marketing strategy will create more profit than traditional methods.
Increased Sales and Profits
A business only thrives when profit goals are met consistently. The value of the output must be higher than the cost of the input. A reduction of input costs increases profit margins. Advanced technology helps businesses achieve this goal through smart reductions in costs and dramatic increases in sales. Invest in mobile technology because mobile-first users now represent around 55% of consumers. They demand website navigation that creates a seamless buying experience.
Customer Segmentation through Analysis
Data-collecting tools provide crucial information about how consumers search and buy. Use this knowledge to craft more successful campaigns and create meaningful experiences. We live in the age of personalization, where the “one-size-fits-all” approach is passé. Businesses need to be at the top of their game because buyers expect an immediate response and are willing to share personal details in exchange for better service. In addition to maintaining sales information, data around purchases and supplies, human resources, tax compliance, customer relations and more must be recorded and backed up. Investing in modern technology improves collection, analysis, management, integration, and storage of this key information.
Improvements in this area increases efficiency, reduces waste of resources (including time and money), enhances employee engagement, and even improves the allocation of human capital. All of those things are important – even vital – goals for successful businesses and through the adoption of technology these improvements are manageable.
Although it brings new challenges, technology also opens doors for businesses of every size, giving them a chance to become winning underdogs in the never-ending competition with larger players. The technology decisions made today have great influence on future business outcomes. It is essential to embrace technology that promotes agility in order to succeed in a competitive environment.