There is no denying that the future of business to digital. From our finances to socializing on apps, we are more dependent on technology than ever before. So why should small businesses be left behind? Some of the smallest organizations today, can become huge success stories tomorrow. For that to happen though, becoming tech-savvy is key. Technology is changing fast, and businesses that adapt to newer software, systems and electronic devices are more likely to evolve rapidly than others.
Benefits of being tech-savvy
There are many benefits to becoming tech-savvy, like:
- Competitive advantage: A vendor that uses the latest software can have faster processing times. This means it can make sales quicker and more efficiently than competitors, potentially helping it grow faster.
- Cost efficiency and growth: While technology comes at its own costs, a small business could reduce them elsewhere as it enhances productivity. This can free up employee time to take on more responsibility and even contribute to faster growth.
- Meeting employee expectations: The younger workforce has been brought up on technology. So, they have high expectations of its usage. Small businesses that fail to recognize this can lose talented employees, who are used to an environment of faster and more digitized engagement.
- Avoid falling behind: Technology has transformed the world we live in over the last two decades. For a small business to remain relevant it needs to move with the times. Or else there is a likelihood of it falling behind to more tech-savvy peers.
- Business possibilities: With growing technology, the potential for business to expand is rising too. Becoming tech-savvy can be the difference between a small business staying as is or moving on to the next level. From data analytics to artificial intelligence, there are numerous technologies available today. These can help a business understand its target customer better and provide new products and services to them.
Small steps to digital transformation
Adopting technology does not need to be overwhelming for small businesses either. Taking small steps can go a long way. Some examples can include:
- Fast internet: The first step to becoming tech-savvy is making an investment in fast internet. A good connection can help with all kinds of business requirements. From keeping track of developments in the sector to business support tools, the internet offers a treasure of solutions.
- Digitized invoicing and sales: Finances are the lifeblood of any business. Having streamlined financial processes can go a long way in a small business’s efficiency. Automated invoicing, for example, can the process error-free. Similarly, online sales can be efficient and easy through apps like Paypal and Stripe. Or getting a card reader for physical sales can be a good idea too.
- Online security: Like in the physical space, maintaining online security is vital, however. A small business needs to ensure that these are kept safe. For example, PDF Live allows you to convert PDF into editable PDF but it has a protect feature, which prevents further edits.
How digitizing impacts business
It is little wonder then that small businesses are fast adopting technology. According to a study, 93% small businesses use at least one technology platform to run their business. Moreover, 85% of them say it plays a role in launching and running their business.
The success from using technology is also notable. 84% of companies that use six or more technology platforms have seen a rise in profits. Also, 82% of them report rising sales and 74% of these say their employment rates have risen faster than those that use only a single platform.
It’s time for tech
A small business that starts taking steps to adopt technology can start seeing results almost immediately. In the short term, there can be increased sales and more operational efficiency. But over the longer-term, it can grow its business in newer directions using technology. It can also move miles ahead of the competition, making it a bigger player in its segment. In other words, being tech-savvy is not just smart, but vital in today’s business.
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