How Technology Fuels Company Growth? – Company owners need to embrace technology. Anyone who owns a company but doesn’t want to use the latest 21st-century innovations probably can’t survive for long. Other business entities in the same niche will take over their market share and drive them out.
We will talk about how technology fuels company growth in the following article. As a business owner, you should embrace technology whenever it can help your company reach the next level, either through sales or market penetration.
Locating What Your Company Needs
Most companies need to use computers in their daily work. You might use a computerized system as a place where you monitor your supply chains or customer orders if you use an eCommerce business model.
Every once in a while, computer technology will come along that virtually every company uses. For instance, Active Directory first appeared back in 1999. Now, 90% of Fortune 500 companies use Active Directory. That’s astonishing market penetration when you think this was once a highly specialized concept that only a few companies used.
Active Directory is a directory service Microsoft created for Windows. It’s a set of services and processes that locates objects or information within a computer network.
If you’ve got a computer network your business uses, you can just imagine how useful you’ll find it. Either a network admin or casual user can use this protocol to find something they need based on typing in a few particular keywords. It’s one technology example that can locate what someone using your company’s computer systems needs at any given time.
Your company can’t grow without excellent security, either. You need to know that no hackers can penetrate your network.
If they do, they can steal proprietary company information and then try to ransom it back to you. They can also crash your network if they work for a rival or have anarchistic leanings.
Security technology keeps moving forward, and it helps your company function and thrive. You might implement antivirus software to keep your company’s computer network safe.
You can set up a firewall to stop brute force attacks. You can set up a VPN that makes it much less likely someone unauthorized can access your network, even if you’re allowing your employees to work remotely from many different locations.
If your company still has an office building or a similar location you utilize, you can use technology to make sure only the right people can enter your building. You can have a security checkpoint in the lobby and only issue swipe cards to authorized individuals. You might have security personnel in your lobby who can check IDs to make sure you’re expecting someone before those guards admit them as a guest.
You can give the guards driver’s license scanners, the same as you’d see in airports. That will confirm someone’s identity beyond a reasonable doubt. That might seem like overkill, but maybe your company has trade secrets you’re trying to protect from corporate espionage.
You can also have state-of-the-art cameras monitoring your building. That’s another defense line to make sure you’ve secured the premises.
Better Employee Interactions
Technology often facilitates better employee interactions as well. You might set up Slack, Asana, or one of the other popular software suites that allow remote work. You can customize it so that it only has the features your employees will most likely use.
These platforms encourage daily interactions. Your workers can use them to message each other throughout the day as they work on projects together. They can also conduct real-time meetings if they have a pressing concern.
These platforms allow management to see whether each project continues to progress according to a schedule you’ve created. You can also use them to have morning meetings if you feel like you need to give your workers a pep talk. Maybe you have a crucial deadline coming up, and you don’t want to miss it.
Product Assembly Automation
You can also usually use technology if you want to create more products faster than ever before. Maybe you started making your products by hand, but now, they’ve caught on with a larger market, and you’re going to go national. You’ll probably need to set up an automated assembly line to mass-produce them.
If you can figure out how to automate production, you won’t need to hire as many human workers to handle assembly. They’ll need to watch over the machines that do the assembly for you instead.
Technology allows you to take customer orders and process them without ever speaking to a customer if you use an eCommerce business model. Your factory can receive the orders and get to work on them immediately. You might even automate product packing and shipping to some extent, as well as assembly.
Automated Payment Processing
Technology can make payment processing easier, whether your company has an eCommerce business model, brick-and-mortar locations, or both. If someone comes to one of your stores, you can use point-of-payment processing if they want to tap their credit card and pay for something that way. They can also use their phone the same way if they’ve set up Apple Pay.
With an eCommerce business model, you can use technology to make sure a customer can quickly process an order using their credit card. You might also let them use additional payment forms, such as cryptocurrency. More businesses take crypto now, and you might attract some new customers that way.
If you look at your business from the top down, you’ll probably see how technology can help you almost everywhere. You can look at the forms we mentioned, but some companies have more specified technology forms they can use that won’t apply to every niche or industry.
Any chance you have to use technology so that it benefits your company’s growth, you should do that. If you can learn about and use some new technology before your closest business rivals do, you might gain a competitive edge.