Being a business owner can be tough. In certain industries, market share is extremely hard to obtain. Competition is so tough and demand is so stringent that it’s almost impossible to make a decent profit. According to statistics, only one third of businesses survive into their tenth year of operation.
However, there are ways you can gain an advantage over your competitors. One strategy is to implement technology in ways that improves efficiency and the effectiveness of your products, services and marketing. If you do this, you might have a better chance at surviving for the long term. With that in mind, here are some different technologies your business should be using.
Big Data
One thing you may have heard of is big data. While big data may sound like a buzzword with little meaning, it’s actually a really big deal in business. Big data involves businesses collecting and storing more data than was previously feasible only years ago. This data is then analyzed by software so it can be leveraged into competitive advantages. According to CIO, spending on big data analytics by companies has surpassed $187 billion.
Big data analytics can give a business many big advantages. If sales data is recorded and analyzed for a period of years, trends can be identified and acted upon. There will, for example, be far less overstock ordered since the company will have a better idea of what products sell best when. This means more efficiency and less lost profits. Big data can also allow companies to better utilize customer data to provide a more one on one customer service experience. As a result, long term customer loyalty and long term revenues will increase significantly.
Mobile
We no longer live in a world where people connect to the internet via desktop computers. Instead, by and large, people connect to the internet through their phones and can do so from nearly any location on the planet. The impact for ecommerce has definitely been extremely significant. Mobile has surpassed desktop ecommerce. Your business not being mobile ready can be a serious tangible impediment. According to a study, bad mobile experiences have lead to 40 percent of mobile users switching to a competitor.
You need to make sure your website is mobile ready. If it isn’t, you will lose customers as a fact. You will also be punished by Google in mobile search if your website is difficult to navigate on a smart phone screen. Also consider integrating apps into your company. They can be used to help engage customers and sell products. They can also be used to make regular business processes easier. Even towing software can integrate mobile apps to make the process of paying for a car to be towed much quicker and easier.
Cloud Computing
Another technology your business should certainly consider investing in is cloud computing. For one, cloud hosting has certain advantages over local hosting for your important data. According to Dell Technologies, the cost of data loss for businesses is an enormous $1.7 trillion a year. Even something as simple as a lightning strike could permanently wipe out important data regarding customers, sales, products and more stored on local hardware.
However, storing this data in the cloud helps alleviate much of this risk. Due to the redundant nature of cloud hosting architecture, it is much more difficult to permanently lose data. Cloud computing can also be beneficial in other ways. Cloud hosted software is actually maintained by the vendor and accessed through an internet connection. This lessens the need for IT staff to have to install software and troubleshoot problems in-house. Instead, those tasks are handled by the vendor.
There are many benefits that new technology can provide to companies. They can increase efficiency, increase profits and do a better job of retaining customers for the long term. Consider different ways you can integrate technology into your company to help create new competitive advantages.
Mikkie
