4 Ways Tech Can Help Your Bottom Line
Unless you’ve been living under a rock, you’re keenly aware of the technology seeping into every aspect of our lives. From how we interact with one another, to how we book trips, to how we buy our groceries and everything in between. The reason for increased use of technology isn’t simply convenience (in fact, it’s arguably incredibly inconvenient for a company to create these technologies for its customers). What it all boils down to, as with most things, is money. Let’s talk about the ways that technology can help your bottom line.
Time is money. Implementing technology into your business can help vastly improve your operational efficiency. Integrations can help the tools you already have in place begin to work in unison. This helps not only efficiency, as your employees aren’t inhibited by hopping from one platform to the next, but it also helps data synchronicity. Automations are another great tech adoption that improve efficiency in your business. By freeing your employees from repetitive tasks, automations allow resources to be allocated to more lucrative projects. Implementing integrations and automations offers great ROI, making it a worthwhile swap for anyone looking to leverage tech in their business.
Any savvy business owner is aware that customer satisfaction is make or break. Keeping a customer happy is crucial to a healthy bottom line, as the cost of acquiring a new customer vs the cost of maintaining a current customer is staggering.
“There is no definitive answer to this question, but most sources say the answer is that it costs between 4 and 10 times more to acquire a new customer than it does to keep an existing one.” Linkedin
Tech has had substantial implications for customer satisfaction. Not only do customers expect more, but they expect it all from their fingertips. They also now have platforms that they can reach the masses and describe in detail any negative experiences they’ve ever had. Tech can help you combat both of these. Firstly, give your customers what they want. Improve their experience by offering great service online. Take for example a doctor’s office, everyone hates calling to make doctor appointments, fix this by implementing an online booking system (which will also likely improve your scheduling process for your front desk staff). This is a simple swap, and with today’s multitude of SaaS (software as a Service) products, it doesn’t have to break the bank, someone’s already built it, all you have to do is make the swap.
Secondly, stay ahead of negative customer reviews. You can do this by keeping an ear to the ground online and swiftly addressing any complications that arise, but also by leveraging tech to prevent these experiences in the first place. Tech and the power of data enable transparency throughout your operations. Find the root cause of any qualms that come up and quickly address them, but also prevent them. For example, let’s say you run a hotel chain. A customer tweets about having a dirty room. If you’ve got the right tech in place, you should be able to easily look up the customer in your CRM, find the date they are referring to and drill down on that date. Then maybe you look at your online scheduling tool and see that three people called in sick that day, now you know the root cause of the issue, and you can now implement a preventative measure like cross-training staff or having standby staff. Customer satisfaction is crucial to revenue, and increasingly customer satisfaction dependent on digital tools to keep up with expectations.
Tech moves incredibly fast. Some would use that point to argue against the adoption of too much tech, stating it will eventually need upgrading. This is a misnomer, with the right technology in place you can build on your platforms and adapt as technology advances. It may be true that certain tools will need to be changed and may require an upgrade or swap every so often, but with the right groundwork and tech stack in place you should be able to add to your systems not require a fresh start every few years. Avoiding tech adoption for fear of obsolescence will only exacerbate the problem. Instead, take the time to find the right platforms and tech that will grow with you. This allows you to be adaptable as you navigate the ever-changing business landscape.
The right tools in place give you the freedom to forge new paths. Without the burden of inefficient processes & operations, your employees will have the time to push the envelope and undertake new & exciting projects. Without tech adoption, your business is already a step behind, how do you expect to innovate and get ahead of the competition if you still need to catch up? Innovation is wear money & history is made. If you want to be cutting edge, you need to set your business up for success by being ready for whatever is next.
Tech and Your Bottom Line
Tech adoption is unavoidable at this point, and it will only become more and more crucial as the business environment evolves and the technology itself advances. Despite this, you shouldn’t think of implementing technology into your business as an obligation, but rather an opportunity to improve your operations. Use tech as a driver to push your business forward and revamp your operations. We are on the precipice of an incredible shift, but it is early enough that you can still reap the rewards of adoption rather than being left behind. Technology in business has the potential to vastly improve your bottom line. Talk to one of our experts to find out what specifically tech can do for your business.