It’s no accident that small and medium sized businesses are investing in digital technology. Research by Xero shows businesses who spend the most on technology grow 3x faster than those that spend the least.
These are the three benefits of technology that can help you grow your business:
1. Technology drives productivity. As the production line drove down the cost of making cars, digital is driving down the cost of doing business. Information is the lifeblood of any organisation. It is how we know who is doing what work, for whom and by when. Digital technology streamlines information flows by making it easier to edit, copy, move, use and share.
This means more work can get done faster without increasing the workforce. This drives down costs, improves competitiveness and increases profitability.
2. Technology improves quality and service. Do you remember when you used to wonder if your taxi would come? And now you use Uber. As a general rule people like to get a) what they asked for and b) as soon as possible.
As well as streamlining, digital also means you need to automate information flows. This allows for a more timely, customised, and consistent customer experience. And a better customer experience is key to attracting more customers.
3. Technology means better decisions. We would all agree that more informed decisions are almost always better decisions. And making good business decisions is instrumental in driving growth. Unfortunately, collating all the information you need to make a good decision has a cost. The harder it is to find and analyse the data you need, the less likely you are to do it.
As pointed out above, digital information is easy and fast to edit, copy, move, use, and share. This means business owners can bring together the information they need, when they need it to make smart decisions that will drive growth.
What other ways have you used technology to drive growth in your business?