Five Technology Necessities for the Modern Business
by Dan Munson
One of the most important things in business today is technology. Technology is transforming the business landscape at rate we have never seen before. Just think of how much has changed in the past several years. There are now 10 billion mobile devices in use, and all of them can be used to purchase products and services.
If you want to survive in this new digital business world, you're going to need to adapt to the change. This includes integrating technology into your business processes as a strategy to increase efficiency and profit margins. Your competitors are likely already doing so. Below are five technology tools your business shouldn't go without.
Big Data Analytics Software
One thing that in the past went to waste was all of a business's data regarding its business transactions and processes. If it was recorded at all, it wasn't used for much of anything. This has changed completely thanks to the introduction of big data analytics.
Companies, both large and small, now record their data and then later analyze it for the purposes of improving business intelligence. Big data analytics software can do amazing things like forecast sales trends and give you insight into your customer base you wouldn't have otherwise. The market for big data analytics software is now valued at $203 billion.
One of the most difficult parts of being a business owner is dealing with finances. Finances can be technical and complex. They confuse even seasoned business people.
However, making sure you get your accounting right is extremely important. Accurate bookkeeping and financial reporting is of course needed to understand how your business is performing. It's also required by the law. Making accounting mistakes can be costly. Accounting mistakes in one year cost businesses $7 billion in IRS penalties.
Thankfully, something that can make accounting much easier for businesses is accounting software. It automates much of the process and removes the threat of human error. You can even purchase software tailored for your particular needs. If you are a church treasurer, you could use church accounting software.
Thanks to things like big data and online sales, a business's data is more important than ever. This increasing importance of data is inflating the cost of data loss. It has been estimated that data loss will cost businesses $2.1 trillion by 2019. Things like overheating servers and lighting strikes can wipe out valuable business data forever. This is why it's a good idea to invest in data backup with a third party host far away from your offices.
Websites certainly aren't new. They've been available to everyone since 1996. However, they are still extremely important to the success of a business. Selling your products online can give you access to customers from all over the world. Even if you don't want to sell products online, a website is still a valuable tool you can use to inform consumers, clients and potential business partners of your products and services. It creates a trove of information about your company that can be integral to your long term success.
Another piece of technology you should consider integrating into your company is the cloud. The cloud may seem like a confusing buzzword, but it's a simple idea to understand. Instead of loading software through program files stored on your computer's own hard drive, it is instead loaded through the internet. Implementing cloud computing can allow you to access all the software and files you need for your business from anywhere. You'll be able to do so in the office, at home, at a hotel or on a plane. It makes no difference.
Don't be afraid of change. Technology can help you in many ways. It can make your business more efficient, expand your reach to new customers, lower costs and increase your profits. Consider different ways you can deploy technology in your company to improve your business processes.