Using Technology in your Business Growth Strategy

by | Last Updated: Apr 17, 2022 | Business Strategies | 0 comments

No matter if you are a one-person startup or an international corporation, technology is critical for your company’s growth. It streamlines repetitive business processes, improves employee performance and satisfaction, and drives innovation and creativity. Most importantly, it lets you learn more about your customers and personalize their experiences with your company.

Below are the three crucial technologies you should invest in right now.

Migrating to Cloud-Based Software

Research says that 94% of companies already use cloud services. Moreover, 83% of enterprise workloads will be in the cloud by the end of 2020. These statistics prove that businesses are starting to understand the perks of cloud technologies. Some of them are: 

  • Cutting costs 

When migrating your operations to the cloud, you do not need to build and maintain an on-premise data center. The cloud implementation will reduce the need for hiring an in-house IT department and allow you to save money on expensive hardware components. 

  • Automating workload

From finances and marketing to HR and project management, cloud technologies can help you automate almost any aspect of your business. That way, your employees will be able to focus on complex and more creative business operations. 

  • Greater flexibility

Cloud technologies are built on the “pay as you go” principle, meaning you can choose the cloud plan that meets your current business needs and pay only for the services you use. As your workload grows, you can easily scale up without any additional hardware investments.

  • Better collaboration

With cloud-based video conferencing, task management, chat, and VoIP tools, your employees can now communicate easily, no matter if they work remotely or side-by-side. For you, this is an opportunity to hire top talent and, yet, foster a strong company culture.

  • Safer data management

Cloud providers offer sophisticated data security technologies, such as data encryption and continuous system monitoring, ensuring no one can steal sensitive data. Given that, it is not surprising that 94% of organizations claim the cloud improved their security.

Unlike on-premise technologies, cloud platforms allow you to perform continuous backups and secure your data in case of thefts, cyber breaches, or natural disasters.

Implementing Blockchain Technologies

From financial services and hospitality to healthcare and government, blockchain has been transforming the traditional way of doing business. 

First, blockchain is a type of distributed ledger, meaning all network participants have access to the same documentation. This makes the data in the blockchain is more transparent and consistent.

Second, blockchain is far more secure than traditional record-keeping systems, as it encrypts transaction data. Above all, the data is scattered across a network of computers instead of being stored on a single server. 

Third, using cryptocurrency mining technologies, such as AI chips, can boost your organization’s efficiency and performance. Managing loads of paper-heavy processes is frustrating and time-consuming. Powered by deep learning and built in the cloud, AI chips can be used in multiple areas, including facial recognition, smart security, smart governance, medical services, etc.

Finally, blockchain technology allows you to track historical transaction data to prevent fraud. Needing to keep track of many business processes, from supply chain to inventory management and sales, companies find it difficult to track each product’s origin and current location. That is where blockchain technologies shine. When transactions are stored on a blockchain, you will be able to understand how each item moved during its journey. 

Leveraging CRM to Improve Customer Relationships

Did you know that 86% of customers are willing to pay more for exceptional customer experience? The latest studies also suggest that in 2020, customer experience is expected to overtake price and product

With CRM software, you can now ditch sticky-notes and disorganized Excel sheets and manage customer relationships more efficiently.

The main benefit of CRM is that it automates many manual tasks. Every interaction with a customer is recorded and documented, allowing you to learn more about your target audience and provide highly personalized customer experiences.

CRM software is built on the cloud. Therefore, every employee will have access to the same data and be able to provide consistent customer support. Your agents can now retrieve customer data, such as their previous purchases, problems, or preferences, and help them find the right solution faster.

Finally, CRM will store the data from multiple sources in a single place, allowing you to analyze customer data holistically. As it easily integrates with a wide range of tools and widgets, CRM software helps you customize your dashboards and focus on the data that matters. This way, you will be able to make better decisions in the future, build stronger customer relationships, and encourage customer loyalty.

Over to You

Business leaders need to focus on adopting the agile business model and breaking down the silos between teams. Most importantly, they need to invest in the right technologies that will support their business growth.

That is where the solutions mentioned above can help. Their primary goal is customer satisfaction. By automating manual business operations, migrating business operations to the cloud, and ensuring the uninterrupted information flow across your teams, you will provide faster and more relevant customer experiences.

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