Five ways to leverage technology to scale your business
Has your business achieved its revenue and ROI targets? Are you wondering what the next chapter should be? It’s probably about time you expand your business and take it to a whole new level. However, embarking on a startup seems easy until it is time to grow and turn it into a profitable and successful business. Not only do business owners need to knuckle down to scaling, but they also need to ascertain that the growth is stable and lasting. So, how can you scale the company in a way that ensures expeditious yet promising growth? Embrace the world of state-of-the-art technologies.
Digital technology has evolved over the years, changing the landscape of the business models. It has empowered small-scale businesses and startups to stay competitive and remain ahead of the curve. Other than providing lucrative career pathways, technological advancements provide opportunities for businesses to achieve sustainable growth.
The modern digital realm has understood the potential technology holds for the business fields. With rapid technological developments, businesses can streamline operations, meet customer’s needs and expectations, and maintain a positive work environment. No longer do companies create strategies based on instincts. Today, businesses leverage analytics tools and programming to make well-informed decisions.
The following ways shed some light on how businesses can leverage cutting-edge technologies to accelerate their scale-up process and guarantee long-term success:
1. The Power of the Backup System
The constant rise in cyberattacks and hacking incidents comes with the evolution of technology. And while it’s essential to educate the employees, and also it’s highly indispensable to invest in backup software. It is because these systems can bring a halt to these activities. Security solutions such as firewall protection, antivirus, stronger passwords are some of the best options to ward off such attacks.
Moreover, Internet crimes have become more sophisticated, giving cyber attackers the liberty to steal confidential information. As a result, the demand for cybersecurity professionals is increasing rapidly. Today aspirants can opt for an MSCY (MS in Cybersecurity) degree to learn about the current cybersecurity challenges and how to deal with them. In addition, the degree enables the individuals to conduct an analysis of security architecture and create stringent policies.
2. Invest in Customer Relationships
Knowing the audience and understanding their requirements goes a long way when scaling the business. By employing CRM (Customer Relationship Management) platforms, organizations can build more solid personalized relations with customers and better serve them. The software allows the organizations to gain insights into customers’ likes, preferences, wants, and even pain points. The sales reps can study this data and strategize the campaigns accordingly, in turn increasing the revenue.
Another valuable tip to boost customer engagement is by utilizing chatbots. Businesses can answer queries of customers 24/7, without the need of exhausting human beings. Chatbots is a machine learning technology that exists to satisfy customer’s curiosity. It can even direct the website audience to the new products page and urges them to write reviews.
3. Automate Business Operations
No business can progress further in its growth trajectory without embracing technology. Moreover, relying on human beings for data collection, analysis, financial management, and other operations can cost substantial time. However, the automation of primary business processes can increase productivity. It also allows organizations to dedicate the better part of the day to other critical matters.
Through business process automation (BPA), organizations can alleviate the burden of manual tasks to a greater extent. For instance, organizations can send automated emails to customers and keep them updated about the latest products. Similarly, organizations can facilitate sales and marketing campaigns. All in all, companies can expect a diminution in errors and higher accuracy.
4. Leverage Onboarding Technology
Every successful and renowned business has exploited the services of a diverse range of applications to stand where they are today. The newest technologies, such as collaborative apps and project management tools, have enhanced productivity and improved internal communication.
The scale-up process requires businesses to recruit new employees and invest in resources. Organizations can smoothly deploy the latest technologies to streamline the onboarding process to acquaint new hires with the company. The onboarding software allows the new employees to learn about the work environment, get acclimatized to the work apps, watch tutorials to understand the job role, and read the paperwork. Besides, HRIS (Human Resource Information System) is another helpful software to keep tabs on employees’ performance. Through this system, HR professionals can formulate training programs for the employees.
5. Take Advantage of Cloud
There are times when an unanticipated hard drive fault occurs, and all the critical data gets lost. Or, at times, any employee mistakenly clicks on a malicious link, resulting in a sudden server shutdown. Therefore, it’s prudent to exploit the services of the most cost-effective technology, cloud-based services, to avoid circumstances like these.
The cloud-based features allow the employees to connect anytime and from any part of the globe. Of course, it is up to the businesses which kind of cloud computing they would like to utilize, private or public. Nevertheless, a combination of both called hybrid cloud computing offers the desirable attributes of both solutions. One bonus perk of using hybrid cloud technology is that it provides businesses the agility to adapt themselves to the new environment as they scale up.
There’s no exciting time like the present to expand the business, hit new milestones, and make it reach unprecedented heights. However, change comes with a healthy chunk of skepticism and a good measure of challenges. The right technology may require businesses to try something entirely different considering the business type and the scale-up plan. As companies step towards the new approach of incorporating technologies, it might take a good few months to develop a robust strategy that aligns with the business vision. Nonetheless, it is indispensable to accept this pace. Remember, being resistant to embrace the change can cause the business to linger in the back and fall behind the competitors.