Technology growth helps fast-track small businesses

Jun 26, 2015The Editorial Staff

Businesses can now expand rapidly and serve their target markets effectively because of technology growth and its application.

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Technology growth strategies fast-track businesses.

Technology growth means better customer support, information security, faster connectivity, better sales, and precise business management. If a new Boston Consulting Group study has to be believed, then small and medium-sized businesses that incorporate business technology grow faster than the SMBs that don’t.

The study says if only 15 percent of the low-tech SMBs and 25 percent of the medium-tech SMBs become high-tech businesses, they can generate 2 million jobs and $357 billion for the US economy.

So we can say that the growth of technology or its integration with business processes is beneficial for most entrepreneurs. How can you take advantage of technological advancement?

Technology growth enhances market research

If you’re thinking of hiring people to arrange marketing surveys through primary research, do competition profiling, estimate market demand and understand target customers, then you need to rethink your strategies.

Though traditional market research methods are still in use and somehow effective depending on the projects, you shouldn’t be investing so much time and money in the beginning. Why go the long way if you can manage many of the same jobs via Google Global Market Tracker? This tool can give you a fair idea of consumer demand in a more cost-effective way.

Technology growth elevates productivity

The Boston Consulting Group study also showed that mainstream IT adoption actually helped many of the small companies connect better and faster with the consumers. The IT-enabled small organizations actually could compete with the large market players.

Technology growth strategies fast-track business performance.

It was possible because new and also advanced technologies improved productivity and helped the employees to be happier. Thus, new technologies can actually help a small business grow large and spread beyond its boundaries.

Technology growth helps in employee satisfaction

Outdated technologies can increase employee frustrations because they are the ones who have to handle them first hand. There was a case of a car dealership company named Charlotte. The company had to experience a severe problem because an employee lost an important file when handling it via the outdated technologies that the company used.

The problems increased when the company failed to serve customers better because of a lack of organization and collaboration. Outdated technologies can actually keep the best and bright staff away from your company.

Technology growth helps in customer retention

Technology growth helps in customer retention. It gives the entrepreneur hundreds of ways to get close to potential consumers to know their pertinent needs and demands. One cannot overemphasize the use of technology.

Social media channels have become so popular for customer interaction. Also, retaining consumers gets easier via technology advancements because it simplifies the business processes even for the consumers.

Technology growth reduces operational costs

Corporate technologies such as effective video conferencing procedures help organizations save many of the traveling costs. Besides, it also helps to reduce the overhead costs. In this digital age, advanced technologies can help save costs through various predictive analytical tools and cloud storage tools.

It reduces error costs and helps businesses eliminate the chances of misunderstandings. So, if you want to grow by reducing cost, reaching maximum numbers of customers, and providing them the best support and service, technology growth is certainly for your benefit.

The Editorial Staff

The Editorial Staff at The Business Frontal is a team of writers dedicated to bringing seasoned news stories and how-to business articles to our readers and patrons to help maximize their entrepreneurial potentials.