TECHNOLOGY   
   INVESTMENT   

Why Your Small Businesses Needs to Invest in Technology



author
by Vamshi Eppanapally
Share via



CONTENTS
Why you should invest in technology
Cost-Savings and Time-Savings
Organization and Productivity
Closing Notes

Share via

Why you should invest in technology

As a small business, it’s essential to understand what technological tools your larger, more advanced competitors are using and why. If this technique is neglected, your direct small business competitors can react quicker and accordingly. Investing in technology builds a stronger foundation for your company and is an important preventable action item. An investment in tech tools and B2B software is one of the highest ROI activities you can choose to make. You will earn dividends in time and cost savings as well as enjoy increased productivity and organization.

Cost-Savings and Time-Savings

The primary benefit of investing in technology is the immense amount of time and money you save in the long-run. Of course, there are upfront costs associated with the purchase of any hardware or software tool. This is often a deterrent for many business owners as they feel that day-to-day operations could continue functioning properly without tech implementation. However, many of these business owners fail to account for the long-term cost savings and scale opportunities associated with the tool they neglected to purchase. In reality, the tool could save the company money in the form of reduced personnel costs and scale the business at no cost to the owner. For example, accounting software that automates time-consuming manual tasks would help managers apply their efforts where it’s most needed. At the same time, as the business scales, the owner can pay for premium features on the software rather than hiring additional personnel, thus avoiding labor expenses and miscellaneous onboarding fees. The administrative burdens of menial tasks and keeping track of all operations can be relegated to tech tools. Instead of overlooking backend operations and focusing solely on high-level strategy and product offerings, business owners should invest time to discover available resources and tools that can efficiently address the pain points of the company.

Organization and Productivity

Consumer data is what drives organizations to better serve their market and hold on to a loyal customer base. The term “data” includes everything from a shopkeeper noticing the same individuals purchasing the same items at regular intervals to Fortune 500 companies purchasing search information to implement more personalized ads to us while users browse the internet. With all this data coming in and out of our everyday lives, it’s important to keep track of it all and how we choose to use it. Tech tools have made it easier to store and sort through data that we collect in a manner which could be useful for identifying which products or customers to focus on. Better technology also makes it easier for team members to communicate with each other in different parts of the world. Morale is boosted and employee satisfaction is higher when there is less technological difficulty and people can actually focus on their job rather than infrastructure issues. Happier, less distracted employees also happen to be more productive.

Closing Notes

Understanding your business’ pain points and potential problems are essential in figuring out which tech tools would work best for you. In addition, keeping an eye out for trends and analyzing what technology your competitors are using is helpful in creating a plan to present your brand as a strong company. Whether you choose to implement tech tools now or in the future, maintaining a roadmap for your company’s technological growth will serve as a necessary overview for reaching the most success.


techstep_logo.PNG