The digital revolution is over. Every business in the world runs on technology now, regardless of vertical, and that technology is evolving on a daily basis. Though most companies are well aware of the importance of technology, executives are still hesitant to dedicate time and resources to their technological environment.
As businesses grow and customer behavior changes, the technology that worked well for you a year or two ago will start to restrict your operations, agility, and growth. The longer you go without upgrading your technology, the farther you’ll fall behind and the greater your risk. IT investment should be an ongoing, rolling process. Here’s why.
Business needs change constantly. The past year has shown us this beyond question. Even businesses models and industries that seemed stable and predictable were shaken by a sudden push into contactless, online-only, digital modes of operation.
If your business is to be prepared for the shifting landscape of the digital world, it needs to be equipped with modern technology. Unified communications systems, cloud-based task managers for remote work, CRMs to keep track of customer data, analytics tools for processing huge amounts of data, and so on will play a vital role in the future of every business.
Several of the root causes of poor employee morale can be improved by technology. When project management, internal communications, data management, analytics and reporting, or any number of other systems are dysfunctional or poorly optimized, it makes your employees’ day-to-day work harder and more frustrating. By implementing useful, intuitive software tools for your team, you can improve morale and, thereby, productivity.
This is an obvious feature but an important one nonetheless. Efficiency is one of the primary drivers of the advancement of technology in every walk of life, and the business world is no exception.
Your business should be regularly auditing the technology you have available to you, examining the processes that are facilitated by that technology and researching whether those processes can be improved, optimized, or made more efficient.
IT is at the core of most businesses these days, facilitating every facet of the company from internal processes to customer and supplier relationships. There are far more tools and utilities than any business can make use of, and it’s unrealistic to expect you to upgrade every time a new tool becomes available — that would be a waste of time and effort, too.
At the same time, there’s a clear correlation between company success and investment in technology. Companies at the top of their respective industries are the ones investing heavily in technology that makes them more efficient and agile.
Your customers will also consider your technological capabilities when comparing you to your competitors. Whether it’s something as simple as a better web portal or mobile app or something as complex as the back-end data and analytics tools, customers care about the tech you use.
Compliance and Security
Cybercrime is rapidly becoming one of the biggest threats to businesses in every vertical. By 2025, the total cost of cybercrime is expected to exceed $10 trillion, larger than the entire global drug trade or the cumulative damage done by natural disasters.
With large-scale data breaches in the news seemingly every other week, the protection of your company, your data, and your customers is paramount for any modern business. You need secure methods of collecting, analyzing, and sharing data without putting anyone’s personal information at risk.
Another consideration is legislation. As consumer privacy becomes a stronger priority for lawmakers, regulations like the GDPR and CCPA will become more common and potentially more restrictive. Many companies with outdated techniques, like keeping data in unencrypted spreadsheets or using insecure passwords, will be forced to upgrade or face penalties. If you’re already up to date, you won’t have to spend the time and effort to upgrade.
By investing in technology now, before you find yourself behind the curve, you can establish the agility and flexibility to keep up with your competition and better serve your customers.