Technology has become an essential part of every industry operating worldwide. Every sector now has to adopt the latest technology to gain a competitive advantage, stay ahead of the market and grow by investing in advanced technology to reduce costs and increase profit margins.
Every business's main aim is to grow. For this, adopting the latest trends is most crucial. It may be IT trends, digital marketing trends, or the latest international trading methods.
What is Business Technology?
Business technology is about integrating technology into business operations to make it more efficient, fast-paced, and cost-friendly. Use Information technology (IT) structure, business applications, and updated software and hardware to upgrade, coordinate and network between different departments to make the business functions as seamless as possible.
Adopting technology means abandoning manual ways of doing jobs. It improves business operations' efficiency, maintains tasks' timely effectiveness, and saves resources. Most of the prominent corporations we see today were able to grow within a short frame due to introducing efficient ways of delivering products and services, hence, improving the customer service quality.
IKEA, a Swedish furniture manufacturing company, is one of the most prominent examples of digital transformation. It introduced augmented reality that lets customers 'virtually' furnish their place before finalizing a purchase.
Demand for Digital Transformation
With the increased use of business technology, there has been an increased demand for automation careers like engineering, programming, AI specialists, etc., to help take the company to the next level. It is how the transformation of an industry begins – with technical and automated resources.
The digital transformation is not going to stop any time soon. In fact, according to Brain Hub, 31% of global companies plan to invest in Artificial Intelligence (AI) projects. Due to this, the global AI market will grow by 175%, and the robotics market will rise to a billion dollars by 2025.
Similarly, Finance Online predicts the digital market to grow from $469.8 billion in 2020 to $1,009.8 billion by 2025. Such transformed organizations will contribute to more than half of their economy’s GDP growth by 2023.
Additionally, 70% of the world's organizations have adopted or are working on digital transformation strategies to grow their business. Around 55% of startups that began by integrating technology have grown faster than those that did not adopt the technology.
Ways to Adopt Digital Transformation
Given the excessive demand for technology adoption and technical careers, how can you integrate technology into your business? Keep reading to find out.
Introduce Software to Enhance Productivity
Perhaps this is the first thing that any small business can and should do. Introducing software like project management and task management, time tracking, email management, and customer database network will require minimal manual management and make keeping records more accessible.
Most small business owners understand that this is the best way to grow and enhance business operations. With the increase in the scale of the business, it becomes easier to manage communications, accounts, resources, inventory, and delivery tracking.
Time tracking software helps save time by analyzing wasted time, so you can devise ways to utilize it and turn it into quality productive time. The software is great for accountability and process improvement.
The project management software lets you stay up-to-date on company projects and day-to-day business responsibilities. Similarly, efficient email management software can help you manage all internal and external communications. Every business requires constant written communications with vendors, customers, consultants, and interdepartmental communications. It is better to keep a record of every communication for multiple reasons.
Digitizing your organization's productivity means minimizing delivery time, enhancing customer care quality, and getting instant feedback on inefficiencies. It will keep you ahead in the market, which means staying ahead of the competition.
Financial Management Tools
Efficiently managing your company's finances is crucial to assessing its financial health. Your accountant must regularly update your cash flows, balance sheets, and profit and loss statements. Make sure to keep receipts of all cash inflows and outflows.
Make this tedious task easy for yourself and your bookkeeper by keeping digital receipts of all expenses and incoming assets. Use open-source software and applications that are more accessible, cost-effective, and efficient alternatives.
By doing this, making financial decisions will be a lot easier. For example, you can digitally assess where to cut costs to reduce manufacturing costs. It will reduce the ultimate cost of your product for the consumer. If your product's price is lesser than your competitor's, you have a cost advantage in the market. It is another kind of competitive edge in your respective market. You cut down on costs without compromising on quality.
Digital Strategic Marketing
Digital marketing is cheaper, cost-effective, and a contemporary approach to devising marketing strategies. Unlike traditional marketing, digital marketing lets you target international markets. Not only that, it lets you research your international markets to identify sales potential.
Even if your brand sells locally, having a digital media presence provides it with international exposure and recognition. Therefore, planning to launch internationally will not be too difficult for you in the long run.
Facebook, Instagram, YouTube, TikTok, Snapchat, and Twitter are excellent platforms to launch your brand. You will find most of your online audience on these platforms. However, you may need to learn about each platform and devise strategies accordingly.
For example, TikTok and Instagram are excellent for brand endorsements and PR collaborations. Facebook serves its entire purpose in the form of communities. Similarly, creating YouTube channels is ideal for ad posting and vlogs. Twitter is suitable for tweaking your brand position by sending a positive message to your audience. Lastly, Snapchat is a golden tool for running shows episode-wise. It can be your brand's tutorials, cooking shows, web series, or informational videos.
Such promotional tactics help improve brand recognition, leading to brand loyalty. Once you attain brand loyalty, your overall marketing costs will go down. Your customers will buy your products and services regardless of marketing techniques because they trust your quality standards. It gives you an edge in the market against your direct competitors.
Digitalizing your business model does not just mean keeping up with technology or reducing costs. You must strategically use advanced technology to enhance your business performance to gain a competitive edge. Even though the main aim of every business is to grow and make money, it cannot do so without defeating its competitors or providing superior quality products or services at a lower cost.
Keeping that in mind, this means a higher market demand for technical human resources. Businesses are constantly looking for individuals who can provide automation and technical skills to advance their business practices. Consequently, such careers pay well. Therefore, you should realize the importance of your technical education and job prospects to thrive in your careers.