Why business owners should invest in technology, and How to invest?

Management
Ranjan KC
by Ranjan KC 

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It’s unsurprising that cost and the availability of trained employees might hinder the implementation of digital transformation. However, the observed inertia surrounding technology (even at times when digitalization is required to remain agile) was more startling, which might be explained by psychological issues holding back corporate executives. The perception of risk has a greater impact on performance for business owners and leaders tasked with driving digital strategy than anything else. It can be intimidating to decide to incorporate digital tools or infrastructure because of the unknown, but avoiding the process is a far riskier approach. Industry stakeholders may and should stimulate technology adoption in small and medium-sized firms by addressing the psychological barriers to digital decision-making; in doing so, they will strengthen the global economy’s backbone.

Decision-making in humans is a complex affair. Many research on the subject, even if they can’t fully explain them, emphasize the parameters that define our mental processes. These studies frequently reveal that we can be led to a result that we are aware is not in our best interests. This is also true in the corporate world. It’s easy to think of corporate decision-making as a binary process guided by facts and best practices. However, enterprises are ultimately run by humans. Commercial growth is decided by the decisions we make individually and collectively. When faced with a difficult decision, we sometimes require a catalyst to push us to make it. For example, the Covid-19 outbreak pushed technology adoption in many organizations, forcing them to take the risk and accept new digital transformation in order to survive. While many small-to-medium-sized businesses (SMEs) set up websites or e-commerce platforms to process online purchases, a sizable percentage were hesitant to do so.

The way you do business, connect with clients, manage your staff, and deal with data has all altered as a result of technological advancements. Nobody could have predicted that businesses would use Facebook Page to sell items and engage with customers just a few years ago.

Here are some reasons why business owners should take technology seriously and how your company manages it significantly.

  1. Remote Access.

    According to Ganesh Kunwar, Director of Gurzu Inc: “The work-from-home workforce is receiving a makeover as people around the world discover new methods to work without having to interact with others. Working remotely has shown increased productivity, completing more work in less time.” According to Upwork, by 2021, one out of every four Americans, or nearly 26% of the American workforce, would be working remotely. According to a survey by Owl Labs, 70 percent of people who worked from home during the pandemic report virtual meetings are less stressful in 2021, and 64 percent prefer hybrid meetings. Working from home increases productivity by 13%, according to a Standford study of 16,000 workers conducted over 9 months. More calls per minute were made as a result of a quieter, more convenient working environment, as well as working more minutes per shift due to less breaks and sick days. Workers in the same research reported higher job satisfaction and a 50% reduction in attrition rates. Even if they aren’t in the office, your employees can access emails, files, and chat with coworkers in real time thanks to smartphones and new technologies. Cloud storage providers and team management programs like Asana and Trello have been there for a purpose. Technology allows your staff to work from anywhere, and it boosts productivity by 20%.

    invest in technology remote access

  2. Technology isn’t as costly as some people believe.

    Many organizations are hesitant to incorporate technology into their operations because they believe it would be expensive. However, they are significantly less expensive than some people imagine. More crucially, they may turn out to be more cost-effective over time. Hiring full-time staff, for example, will necessitate a larger financial investment than automating the task with software, because software does not require a monthly wage, taxes, or benefits. In addition, the possibility of human error is significantly reduced. Hard for you to believe? Let’s plan for your leap on technology with our experts. Get in touch and you will understand.

  3. Competitive Edge.

    The greatest thing about investing in technology is that it can provide your company a competitive advantage. For millennia, businesses have used technology as a competitive weapon. Technology, on the other hand, isn’t the only technique to gain a competitive advantage; it’s just one of several options for growing your company. The sooner your company begins to use new technology and apps, the better. For instance, Fashion tech and analytics is a challenge for most companies while some businesses are able to analyze fashion tech & analytics and are using it in several ways. Designerex, for example is the world’s largest peer-to-peer designer dress sharing platform who has a clear competitive advantage over its competitors in terms of launching new brand strategies and campaigns since they analyze strategic data of their products, impact in the market and the customer segments. To understand how we built Designerex iteratively aligning MVP development that enabled rapid customer acquisition, read our designerex success story.

    competitive advantage

  4. Better interactions with customers

    By providing convenient multichannel communications businesses may satisfy a range of customer needs by providing opportunities to get in touch and communicate solutions effectively via text, chat, email, and social media. Multichannel communications that are consistent boost accessibility and convenience. Customers want service to be available whenever they require it, no matter what time it is. Companies can provide a rapid response even after allocated working hours using technologies like chatbots and live chat.

    customer satisfaction

  5. No Boundary, No Limitations

    From personal experience, we can attest to the validity of this principle. Gurzu Inc as an information technology organization with 100+ employees spread over different locations throughout the country working with 20+ Customers across the globe, the technological enhancements have helped us coordinate across boarders seamlessly we just would not be able to coordinate all of the personnel if it weren’t for technology. The demands, culture, and education of businesses across the country are all different. Technology advancements can help organizations handle these inequalities in ways that have never been possible before.

    No limitation no boundary

    What are the important factors to consider before investing in technology?

    Software is used by businesses of all sizes and in all industries to optimize their work operations. Business owner looking to purchase information technology products and services, on the other hand, frequently fail to consider which vendor’s business software will be a good cultural fit for their company. Let’s dig deeper into the factors to consider before investing in software development & technology

    1. Identify your needs

      You must first establish the problem you’re trying to solve as well as your precise requirements before even researching vendors. Perhaps your current product delivery based logistic software needs to be upgraded, or you’re seeking for software that automates unproductive operations. Alternatively, you might need to invest in new payment getway based Fintech software to improve customer safe transaction service and retention. In many cases, the issue you’re having is caused by both incorrect procedures and inappropriate software. Identifying these problems is not a fault-finding activity. It’s an opportunity to think about issues in a different perspective. Certain problems are solved with the help of technology. As a result, it’s pointless to spend money on solutions that your company doesn’t require. As a result, we propose that you speak with your employees to learn more about the issues they confront on a regular basis. This way, you’ll be able to invest in solutions that are relevant to your team, which is critical when you’re working with limited resources.

    2. Consider Pricing

      Tech solutions are not cheap, and you must be willing to invest in order to reap the benefits afterwards. Nonetheless, in most circumstances, investing in technology is not excessively expensive. It also aids in the search for different vendors. While it’s natural to assume that all vendors offer the same technology at comparable pricing, you’d be amazed at how different their prices might be. As a result, don’t accept the first offer you receive; instead, compare many providers until you have a shortlist of candidates.

    3. Interview Vendors/Software developing Companies

      Before you agree to any deal, you must interview the vendors you have short-listed to ensure that you are investing your money wisely. Take advantage of this opportunity to learn more about how the required system works and how it can help your organization bridge the gap. Even if a single provider has blown your socks off, it’s critical not to make any hasty selections! Instead, you should contact your team and ask for their views so that you can make a sensible conclusion. The face of business has been completely transformed by technological advancements. With hundreds of businesses vying for attention, it’s evident that yours does, too, and it’s time to invest in the tools and technology that help you reach a step closer to your goals. Now that you know why your firm needs technology, you must set aside enough funds to make this significant investment. Don’t rely on outdated ways any longer; instead, explore new technology that may help you grow your business in a matter of months!

    contact gurzu

If you want a better understand on how technology can enable a successful organization, drop in your query and we will be delighted to assist you with your venture. Get in Touch

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