Technology has brought many different benefits to the business world. It’s helping us work faster, be more productive, and removes a lot of needless tasks in our days. But it can also help you do the one thing that all businesses should strive for – earn more revenue. We’re going to take a look at some of the smart tech that is enabling companies all over the world to make more money. Let’s get started right away.
The virtual office
One of the biggest costs of running a business is, without a doubt, the office. When you have to pay extortionate rent and rates, it’s going to have a significant impact on your profits. But are offices a ‘must have’? In today’s world, maybe not. It’s possible to run a business and a large team without an expensive office – and maybe even from your bedroom. You can bring everyone together with the power of programs like Slack or Trello, manage projects, and keep your costs right down.
Payments and finances
You don’t have to look too hard to find a wealth of accounting technology that will help you balance your books. And the ways you can encourage customers to pay for goods or services are increasing, too. With mobile credit card processing, you can get payment straight away, right after you finish a job. The likes of PayPal make it easy to collect payments from all over the world, too.
Data and information
The Internet is all about collecting information, and it can be incredibly valuable for your business. Big data can tell you who and where your customers are, and what they enjoy doing in their spare time. It can tell you their pain points, and the questions they need answering. It can help you make sense of your traffic, and uncover parts of your website that are doing well – or not. Finally, big data can also help you make reasonable estimates of demands and trends in the future – vital for a business that plans on being successful in years to come.
Inventory management and logistics
Another big cost for businesses is inventory and logistics. It’s easy to lose track of what you have in stock, where things are in the supply chain, and any problems that are arising. However, using a robust inventory management program will help you keep down costs, stay on top of your stock levels, and improve your business by a significant amount.
The old-fashioned telephone is fast going the way of the dinosaur. Communication is changing so fast right now, and there are many options for businesses wanting to communicate with their customers. The likes of Skype, WhatsApp, and all kinds of VoIP services make communication cheap, easy, and accessible from anywhere.
How is technology making your business more profitable? Or do you see it as something that costs money for little return on investment? Let us know about your experiences and thoughts in the comments section below.