Technology is faster, cheaper and easier to implement than ever before. Pete McMillan, Partner at Azets, looks at why ambitious businesses should be constantly looking at how it can help them power ahead.
Real-time, efficient data collection
Technology enables data collection and analysis in real-time, providing valuable insights into customer behaviour, business performance, and employee productivity. Utilise this data to improve strategies and drive growth.
Automation can be a game-changer. Implement technology to automate customer support, production, inventory, sales, and other administrative processes. This will help save time and resources for more crucial tasks.
Enhance collaboration and connectivity within your organisation by using tools like Microsoft 365, Slack, and Trello. Facilitating teamwork leads to improved efficiency and productivity.
Grow your customer base
Leverage technology to acquire more customers, with the use of automated email or social media campaigns as well as customer relationship marketing systems that can target specific types of customers.
Technology should support your overall strategic business goals. A good place to start is to understand what your customers want and work back to how technology can help you deliver on those goals.
While technology is powerful, it is not always the answer to everything. Remember to focus on other core aspects of your business, such as staff skills development, customer understanding, and the financial health of your business.
Regularly monitor and review the effectiveness of your technology solutions to check that it is delivering the benefits that you would expect. If it isn’t, reconfigure your systems or consider finding better alternatives.
Consider these top tips for technology-driven growth:
- As technology will impact much of the business, having the right person in charge to manage business change through Technology, People and Process is essential.
- Seek expert advice if unsure about the right technology for your business. Explore funding opportunities or expertise support networks.
- Start with a clear plan addressing specific problems or opportunities. Avoid trying to fix everything at once.
For more information on how you can use technology to power up your SME business, contact your usual Azets advisor or speak to a member of the team today.