Why Entrepreneurs Should Invest In Technology

August 6, 2020

Technology has, indeed, revolutionized businesses today. Entrepreneurs have become heavily reliant on it in helping them manage their company’s day to day operations. It simply made their company processes easier. Because of its tangible and intangible benefits, the majority of businesses are considering upgrading their technology even if it means digging into their small business line of credit to cover the costs.

Based on a survey conducted by the Deloitte company, out of a thousand businesses, 99% of them use at least one digital tool in their business. According to SMBs, by streamlining their processes, they’re able to open up their business to more opportunities and increase their reach to international customers. In other words, it helps the company stay competitive.

Below are the other reasons why businesses, no matter the size, should invest in technology:

1.   Speed

One of the biggest benefits of technology is its speed. Computing payroll and taxes used to take a few days to complete with manual calculations. Now, businesses can use different software to make the calculations quicker. Within a matter of seconds, you can have the numbers in front of you.

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And it doesn’t stop there. Technology helps improve the speed in all business aspects. This allows the workers to save time and refocus their efforts on other areas of the business, instead.

2.   Improved Customer Satisfaction

Consider this: 60 million millennials are using chatbots to connect with businesses. For instance, restaurants and fast-food chains now allow their customers to place their orders through their social media chatbots. It gives businesses a chance to connect with their customers in real-time. Customers, in turn, find chatbots more convenient as it eliminates the need for them to go out of the house to order food.

Other than that, the rise of Artificial Intelligence or AI has also improved the customer’s overall experience. Amazon’s Alexa, for one, provides immediate answers to the customers’ queries, thus improving customer satisfaction.

3.   Increase in Company Productivity

Investing in technology also leads to an increase in the productivity of the company. With the ease of access to information, employees can acquire data within seconds. Using software to do tedious tasks can lead to better results and lesser time spent on completing the job. Better technology will also produce a better working environment, thus creating happy, motivated, and productive employees.

Remote workers can also take advantage of technology to increase their work productivity. In fact, investing in technology can help increase a remote worker’s productivity by 20%. With technology, employees can have access to emails and files, making work-from-home easier for them.

Moreover, with productivity apps, business owners can easily communicate with workers or investors even if they’re from the other side of the world. They can collaborate, discuss strategies, problems, and solutions among other business matters together without being physically present in the office.

4.   Better Security System

If your company is handling sensitive and personal information, such as medical records or financial statements, better security is one thing you should invest in. Clients are most likely to choose a company with a solid security system than those with a questionable one. They will want to know what the company’s protocols are in case of a breach.

Even if you’re not handling other people’s sensitive information, it doesn’t take out the fact that you still have company secrets to protect. Having a better security system will allow you to lock your company’s information to unauthorized people. This prevents outsiders from using your company’s vital information against you.

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With that, there is a need for companies to invest in a high-quality security system. Third-party cybersecurity systems software allows companies to have a fail-proof system that allows them to protect the company’s data at all costs.

5.   Get a Competitive Advantage

Technology allows your company to keep up with the advancements. If you don’t start embracing technology, your competitors can outperform you and put you out of business altogether. Running a business entails getting a competitive edge over other companies. By upgrading your systems and business processes, you’ll have higher chances of succeeding and offering better products and services to your customers.

Technology is Necessary for Businesses

Now more than ever, there is a need for businesses to embrace technology. Entrepreneurs have to understand that this upgrade is necessary if they want their business to grow and succeed. With that, they must always keep an eye out for the recent developments and innovations. This will help them build a better process and ensure that their company won’t be left behind.

You have to spend money to make money. If you have a small business line of credit or any available financing option, consider spending it on technology. While upgrading may not come cheap for your business, it will eventually yield larger returns in the long run.

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