It doesn’t matter if you sell shoes or run an accounting firm, you need some kind of technology to operate your business. Companies aren’t just selling their own goods and services anymore. They must also know how to use various types of digital tools. In this post, we are discussing 8 reasons why every business is now a tech business.
The technology your business might need will vary from software, payment systems, computers, Wi-Fi networks, mobile devices, and so on. It’s important companies protect their devices and network. If these technologies stop working, it can have a big impact on business.
98% of companies agree that just one hour of IT downtime can end up costing them $100,000. This is how much we are reliant on technology – every business is now a tech company.
This reins true no matter what you are selling or what you do for a living. Let’s talk about why this is.
Why is Technology an Important Part of All Businesses?
1. Technology is a Critical Part of Running a Business
Even farmers use technology to check the prices of goods, sell livestock, and keep track of their finances. Most businesses aren’t able to function without their software. Or without databases filled with important information.
This is exactly why IT downtime can be so devastating. Remember when meat producers JBS and Colonial Pipeline had their systems broken into? These companies were forced to stop operations because of a ransomware attack.
Both companies paid their attackers just so they could go back to work. A lot of businesses close if not for the technology we use every day.
2. Customers Expect a Smooth Digital Experience
According to a study of the top company priorities for the following five years, customer experience came in #1. It was ranked first on respondents’ lists by about 46%.
If a customer has even one negative experience with your business, they’ll probably look elsewhere for service. In this digital age, these encounters often include:
- Website Navigation
- Checkout Experience
- Appointment Scheduling Ease
- Shipping Notifications
- Customer Service Chatbox Experience
- Response Time
- Ability to Contact Company Through Social Media
In 2023, the only way to keep up with consumer expectations is to use technology. From your website to your checkout process, people expect a seamless digital experience.
3. Employees Need Devices to Increase Productivity
Employees need the help of a computer, tablet, or mobile device in order to track and work productivity. These devices connect employees to customer data and to each other. Devices make communication possible and provide the basis for much of the work that gets done. Business productivity diminishes if they aren’t functioning properly.
4. Companies Stay Competitive with AI & Automation
Automation and AI help businesses move quickly. AI can personalize the buying process for consumers. Sales teams can increase deal closing by 30% and conversions by over 200% with automation.
To remain competitive, businesses must integrate technology tools with AI and automation. That means they must educate themselves on the most effective ways to employ these technologies. Plus, properly integrate them with current solutions.
5. New Information is Being Produced at a Rapid Pace
Businesses are able to produce information digitally at an astounding rate. Can you imagine going back to paper filing? You would need an entirely new building to accommodate the filing cabinets alone.
The majority of all of today’s files, documents, and customer records are digital. It is necessary to use technology to keep track of all the data and make it searchable.
6. Suppliers and Vendors are Leaving Legacy Systems Behind
Think about all the vendors you use to manage your business. Could you communicate with any of them exclusively offline? No email, no digital documents? In most cases, the answer is “no.”
The businesses that you depend on for your business are also “technology companies” in the same way. Most people are getting rid of old tech like fax machines and paper records. So, in order to communicate with them, you have to use digital tools.
7. Growth is Difficult Without Technological Innovation
People define their limitations by what they can physically and mentally do in a day. Technology and computers have massively increased that. It does a lot of processing and manual labor.
The cloud is truly leveling the playing field for small businesses. It enables smaller businesses to use technology to operate more economically.
The ability to grow is made harder without the smart use of digital tools. A business must address its technology infrastructure and look out for emerging innovations.
8. Business Continuity
The goal for business continuity is to to keep you operations going in the event of a crisis. A single natural disaster can profoundly impact a building and everything inside it. But, your company can continue to run if you use cloud software to save your data.
Businesses that don’t have backup solutions are at serious danger. Technology solutions increase corporate resilience by enabling operations to continue from any location.
What Does Your Roadmap to Innovation Look Like?
Technology can turn out to be a full-time job when done securely and effectively. Give us a call and let us help take that burden off your shoulders.
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STG IT Consulting Group proudly provides IT Services in Greater Los Angeles and the surrounding areas for all your IT needs.