Whether you are a small business or an established corporation, you need to be confident in return on investment when you invest in technology. Not only do you need technology to fulfil specific roles, but you need it to contribute to business growth over the long term; you should be utilising technology in a way that maximises longevity. When an investment is made in tech, the tech should continue to function as your business grows but support the business growth in itself.
Data analytics has become a fundamental tenet of contemporary business organization and goal execution. When you properly utilize data analytics, you focus your resources, mitigate risk, identify opportunities, and properly execute fulfilments, all thanks to the informative power of data. Data analytic software can drive business growth in different ways, but primarily by making decision making easier. Data-driven decision making enables smarter and more informed choices. Data and analytic work on customer data will indicate their behaviour, showing you how customers interact with you, where there are issues, and what is going well. This can be a powerful tool when informing future decisions. A flow of data also allows you to solve problems quickly. Monitoring real-time data shows you smaller issues before they turn into big problems.
Customer service automation
Automating customer services allows you to offer higher value to customers and free up employee working hours so that you require less manpower or can direct that manpower towards growth. A common customer service automation technology that has demonstrable ROI is using a chatbot to answer routine customer questions. This means that your employees have more time to focus on more demanding tasks. A chatbot also allows you to offer a higher and more attentive customer experience as they can instantly answer customer questions around the clock, increasing customer satisfaction.
Social media management software
There are lots of different kinds of social media management software on the market. It is designed to promote business growth by making social media management more comprehensive. The software puts all of your social media channels in one place, making it easier than ever to track progress and analyse insights, make posts, or reply to messages. Using social media management software frees up working hours as it simplifies social media management. It also enables you to use social media in a measured and strategic fashion so that you can maximise the benefits of social media for business growth, such as customer loyalty and lead generation.
Structured network cabling is an organised approach to wiring an office. It effectively involves re-wiring an entire office with a hardy network infrastructure that allows businesses to effortlessly add new devices designed to work with all the latest technology. The benefits that structured network cabling can bring to your business include:
- Increased business growth – a structured cable architecture will allow your business to adopt future technology far easier than competitors. It means you will run a more flexible company that is more responsive to new market needs.
- Future savings – Using structured cabling in your office, you will be making an investment that will pay dividends when you want to add new team members, new devices, new upgrades, or diagnose issues with your network performance. You won’t need to get in network engineers, which can be highly expensive as if any issues occur, they are much cheaper to fix and faster, so you save both time and money.
- Less downtime – when you have a fixed and structured network cabling throughout your office, downtime is far less likely than normal offices, whose cables and networks have grown organically over time. Downtime can be very expensive, and the emergency engineering required to fix it can also burden the company coffers.
If your business relies on physical inventory, and if you hold that inventory, you should consider having an inventory management system to help your whole company to run more efficiently and save money in the process. An inventory management system offers a range of different benefits, each of which can contribute to positive business growth:
- They improve the efficiency of customer fulfilments. Having an inventory management system means that locating, picking, packing, and posting products can be directed by a system that leaves little room for errors.
- They allow you to optimise your stock levels. An inventory management system means you will consider your sales volume and sales velocity in rich detail and match them with promotions and any seasonal changes in sales velocity/volume.
- They facilitate tracking progress. Inventory management software can track the tasks that have been completed on a project and clearly display any discrepancy between planned and real deadlines and materials.