Unless you live on another planet, it will be obvious that technology is constantly evolving. Technology is now commonplace in all industries and it helps with all aspects of running a business. Technology has enabled productivity to be increased tenfold, as it quickens the production process. This means that businesses can keep up with customer demand. It is essential therefore as a business owner to stay current and integrate advancements in technology promptly in relevant areas. A delay in the integration of new technology may cause a business to fail. If competitors are embracing technology, you will be left behind as your competitors will become the business of choice from consumers.
Often it’s easy to dismiss technology as a fad, or as not being relevant to your particular business. However technology is relevant to all business sectors, it doesn’t matter if you are a huge multinational manufacturing company or a tiny sole trader selling crafts, there will be an area of technology which will make your life a whole lot easier. If your business is involved in production you may be interested in the latest industrial floor scale, if you are a small business you may be interested in how advancements in technology can protect your business from a data breach.
It’s really important to keep your finger “on the pulse”, here are some tips on how to ensure your business remains current.
Stay informed
When you first set up a new business, you carry out lots of research regarding the best possible way to deliver a service or product to a customer. This is often done during the business planning stage when you are looking at expenditure. Equipment and software is purchased and you are all set to go. Fast forward a few years and unless equipment and systems have been updated, your business is at risk of falling behind it’s competitors. Technology is fast paced and advancements occur almost daily, of course not all of these will be relevant to your business sector and it would be extremely expensive to continuously install the latest machinery and software. It’s incredible how much as a race we have begun to rely on technology. Technology quickens up procedures considerably, it enables communication across the globe and makes production processes simpler.
Technology does have its downsides too and the reliance of the internet as a business tool has heightened the risk of businesses getting hacked and suffering data breaches. Suffering a data breach can be catastrophic for a business and may be the cause of incurring hefty fines, penalties and a loss of trust from consumers. This means that ensuring you have the latest cyber security software is essential.
Network with competitors
To stay up to date with technology and how it is affecting your business sector, it’s important to be aware of what your competitors are up to. This can be done by effective networking. Networking allows valuable information to be shared between like minded business owners. It is important to not view competitors as a threat, if you worked in total isolation you will be totally unaware of how your industry is progressing.
Communication methods now enable networking to occur on a global scale, which is a fantastic opportunity to view how other businesses on the other side of the world conduct their businesses. Do they do anything better than you and can you adopt the same systems into your business? Attend relevant conferences and trade fairs so that you can keep your knowledge up to date.
Publications and forums
Many sectors have dedicated publications and internet forms, which are arenas where knowledge is shared. Publications will have lots of advice and articles relating to the future of your industry. This will allow you to make decisions on which technological advancement would be good for your business, which will allow you to make predictions for projected expenditure in order to purchase relevant equipment and software. Planning is key in order to stay current and ahead of your competitors. Carefully researched financial investment in order to keep your business ahead of its competitors will be returned tenfold in the form of increased sales and profit.
Research your target market
Ensure you stay up to date with what your consumers want by carrying out regular research. Do they want a faster service, could you offer this if you upgrade your equipment? Market research will ensure you don’t make costly mistakes. You will know exactly where expenditure needs to be made and what technology could enable your business to scale up and be first choice.
Stay current with technology advancements and any financial investment will be returned tenfold.