As we currently live in the year 2022, that is basically the future by the great Jules Verne’s standards. Today if customers appreciate a service, they tweet about it. If they don’t like something, they post a negative review online.
Gigabytes flow in a greater quantity than red corpuscles. The customer is now connected, intelligent, short of time, and most of all demanding. But how does technology help in building a brand? Why should a company invest in technology?
In the world of today, technology sits in a position of paramount importance, dictating business operations, management of data and even the way employees engage with customers. The coup de grâce is that technology also controls how consumers buy a product or service. In the age of automation, if a company is not able to perceive the all-pervasive, neigh omnipotent importance of technology and embrace it, it could result in serious setbacks.
Upgradation of existing technology offers returns massive in magnitude for both small and large businesses. A Deloitte report states that businesses that have adopted new technology have a growth rate that is four times higher than less engaged organizations. Here is a dive into why technology is one of the most crucial investments and a potent brand-building weapon for a business in 2023 and beyond.
8 Reasons Why your Business Should Invest in Technology
There are many reasons to invest in technology for your business growth. Let’s dive into the nitty-gritty of how technology can leverage business and brand-building objectives. For a company, a well-planned tech strategy is:
Constant innovation is key to achieving company goals and innovation and technology go hand in hand. For customers of today, a company’s social currency/value is directly proportional to how tech-integrated its functions are.
A Mode of Customer Segmentation
Nowadays businesses thrive on what they know about their customers. This enables the marketing teams to focus on targeted markets which would eventually result in more brand recognition, higher value, higher sales, and faster growth of the business.
A Means of Communication
Today every employee possesses a smartphone. This means uninterrupted connectivity around the clock. Workplace engagement is also highest amongst employees who are able to work remotely, all thanks to a timely investment in technology by the company.
A customer touch-point
Having a detailed tech strategy available enables a company to take a step closer to the ‘smart’ consumer.
A mode of delegation
Technology abets connectivity and that enables more cost-effective and agile remote teams. Legacy practices can be simplified with software upgradation, services, and programs that outsourcing companies offer.
Technology improves business
The effect of technology on a company can be gauged by the popularity of cloud computing. The current generation has understood how technology is mankind’s new fire. Their subsequent investments in the tech industry, have driven an industry disrupter.
Technology is “worth it!”
Spending on technology is worth the overhead. A recent article broke down the cost of technology when compared to the cost of other business processes. Take an outsourced project vs. the expense of an in-house team.
Technology builds better Interactions With the Market/Customer
Apart from rule numero uno which is to offer quality products and services, a business needs to be responsive to customers.
The number of channels through which a business interacts with the market/customers has also increased and so has the level of detail of these interactions. The key is data management and analytics. Data is collected from customers is then used to generate market/customer insights that would enhance the effectiveness of targeted marketing.
The Risks Involved
So now we have gone through what a lean and aligned tech strategy can offer a business and why every business should invest in technology. However, there are risks involved as well.
The management of a company might indulge in its tech strategy a little too much and over emphasize on technology thus causing the focus of the company to shift from the customer to the technology. As a result of the shift from “what we can do for the customer” becomes “What we can do technologically”. The company might then come up with a tech-intensive product that though extremely advanced, is not of any use to the customer.
The top brass might give into micro-management of the company’s processes just because technology offers them control. In this second scenario, the top management metamorphoses from decision-makers to a sort of moral police that hinders operations more than it helps.
Questions To Ask Yourself Before Investing In Tech
Technology projects without a proper strategy could prove cost-intensive to a company. So what is the ideal recipe for a progressive and fruitful tech strategy, the coveted technology mix; The answer- is prioritization.
- Is the project in line with the business goals of the company?
- Will it assist the business in achieving and maintaining market leadership?
- Does it meet a customer’s requirement?
- Does it complement existing technology?
- Is this the next step in the growth of technology?
- Does the initiative save costs in the long run?
- Will it assist in diversifying the product mix?
- Is it useful for improving existing products?
- Does it assist in the creation of greener/cleaner products?
- Does it develop process improvements that reduce the use of difficult-to-find raw materials?
Organizations with a technological advantage invest more in technology and promote their achievements in the field. The technology strategy is included in the business plan in this case and adds a massive boost to an enterprise’s brand-building objectives.
Companies that invest extensively in technology can surpass conventional competitors in any industry by a wide margin in this information era, provided they use technology strategically.
We trust that this article proves informative. Until next time, happy developing!