Do you run your own business, or are you thinking about starting one? Have you considered what technology would be best for your company? From sales to marketing to inventory, there are multiple aspects of a business that technology can help with. Let’s find out more!
Why is Technology Important?
In this day and age, it’s practically impossible to run a company without using technology somewhere along the line. Plus, if you have a reliable technological infrastructure in place, it can make everything run smoothly.
Whether it’s making sure there’s a method for people to purchase goods online or implementing customer service, technology narrows the gap between company and consumer.
Accounting software can help a business manage everything from staff wages to cash flow. SSL encryption and data protection ensure valuable information remains safe online. Warehouses linked to a central database can communicate between themselves to stock availability.
In other words, technology helps a business be more efficient.
What Does Your Business Need?
Different companies rely on technology in different ways. What kind of industry do you work in? How vital is technology to your business? Here are two of the essential things a business needs:
Point of Sale (POS)
Point of Sale is, as leading tech company Lightspeed note, “the actual software and hardware you use to manage your business.” Traditionally, this takes the form of a cash register, computer, credit card reader, and all related devices.
The internet has always allowed some variation on the POS, such as web stores, but it was the invention of the cloud that truly allowed businesses to become mobile. Nowadays, companies can make a sale in one location and have that information immediately accessible in a completely different place, but without having to swap operating systems.
A POS also allows inventory management, customer tracking, and instantaneous data reporting. A robust POS is, without a doubt, the cornerstone of a successful business, but it’s by no means the only thing you need.
Online retail stores are an excellent example of this: eCommerce (or internet commerce) is the actual transaction of services online. So if you sell a t-shirt, or provide a website building service, these would be examples of eCommerce. If you run the t-shirt business or website building company online, this is known as e-business.
The most significant benefit of using eCommerce in your business is that it opens up a company to substantially more customers or clients than a standard brick-and-mortar store. There are many different types of eCommerce, too.
Subscription services, crowdfunding, and drop shipping are all other examples of how eCommerce technology can help improve a business.
It’s All About the Customer
Of course, you want to be successful, but business is nothing without its customers. Digital technologies are also indispensable when it comes to attracting and keeping clients.
Social media is fast becoming the go-to network for marketing and promotion, as it allows a company to engage with its customers in a more efficient, effective manner – and usually at a much lower cost than was previously available.
It’s possible to automate marketing, and target advertisements to specific demographics, ensuring your product or service reaches the intended audience. Also, according to marketing specialists Accenture, paying attention to a person’s preferences, likes, and dislikes, means that they are 91% more likely to give you repeat business.
Technology is everywhere with multiple uses, but in terms of improving a business, the results are clear. From streamlining sales to correlating store data and reaching a bigger (potentially global) audience, there are devices and software available to help make any company flourish.