For any business to establish itself as a profitable and successful one on a long-term basis, the need for innovation is of much essence. The occurrence of such is nevertheless highly resultant of adequate use of information technology.
Digital revolution has undoubtedly benefited almost every company operating on a global landscape, ranging from the most hands-on agricultural firms to leading manufacturing and industrial corporations.
Figuring out how to make wise IT recruiting choices remains one of the most important aspects of any start-up business. It is true to claim that a business is likely to fail to flourish, in the absence of a technological backbone.
The rise of Information Technology
Innovation commenced with the ingenuity of the computer and of course, by the onset of the internet. In the late 1970s, only an appropriate business strategy sufficed for companies to function correctly and profitably, considering that efficiency did not stand as a major primary goal back then.
The fairly low volume of trading and transactions, compounded with minimal competition, rendered traditional ways of conducting business to prevail well above the necessity of putting in use technological advents. Decades which followed nevertheless witnessed rapid adoption of the internet, and soon the technological revolution was deemed highly essential for business survival and growth.
Start-up companies, failing to implement proper IT strategies to date, tend to suffer in the long run, due to the delusion of several primary benefits which these tactics bring about to businesses, as provided below.
Technological Advances facilitate business decisions
Effective, flexible and rational business decisions are often a result of solid market research and sophisticated processing capabilities.
While technological advances render the former easy primarily through sentiment analysis and social listening on social networking outlets, the latter on its part is facilitated by usage of data mining tools, which slice and dice ways through a massive quantity of information, to retrieve the most appropriate ones.
In addition, the ever-rising Artificial Intelligence process, in the form of expert systems and neutral network contributes greatly in applying reasoning capabilities to reach conclusions.
Small businesses, choosing not to adopt such technology-related strategies often find themselves with an array of unsorted data patterns, besides no suitable monitoring technique for their market research, the result of which causes them to fail in the long run.
Marketing Strategies have been enhanced
Internet marketing, by way of numerous online advertising methods, has substituted the once traditional advertising technique to boost up a clientele.
While it would have been impossible to target a specific group of individuals, based on unique factors, without the tedious run-in from looking out for audiences and discovering their needs, all the way to setting up proper marketing campaigns and persuading them to buy products, internet marketing has contributed in simplifying that task.
One of the biggest aspects of online advertising is via Facebook ads, which helps market products and reach out clients in a much cheaper and faster way, which would have otherwise not been possible. Likewise, emailing has streamlined the communication process from business to the client.
Online demos on social media outlets have also facilitated product awareness, henceforth influence the decision to buy on the part of clients. Companies moving away from such facilities due to the failure of setting up adequate IT strategies are more prone to finding a resulting low demand for their products in addition, of an inability to quickly react to market changes.
Improvement in Resource Management
Virtual and Augmented reality, combined with advanced machine learning and autonomous agents have reshaped businesses, in contrast to what they were decades from date. Virtual reality has long been sought to enhance training and learning, be it from off-site assignments to corporate training.
Advanced machine learning tools are also being put to use, so as to facilitate the recruitment process and to evaluate employees’ performances, with minimal human effort. Businesses are also moving more towards a more capital-intensive approach to labor intensive approach, hence justifying the use of robotics as autonomous agents to the companies.
With these representatives having the capability to become an internal data nexus, which enhance growth and promotes efficiency, there is no denial that start up businesses, not making use of such IT related facilities are just adding up to their costs, hence not making optimal use of their resources.
Customer engagement, a key factor simplified
Customer engagement is perceived of high importance for the success of any business. Advancement in technological facilities has permitted businesses to move away from the conventional method of customer interaction.
The leading factor driving customer engagement is personalized marketing. Through use of social networking platforms and various other media outlets, businesses are now, more than ever, in a position to innovate tailor-made products, specific to the demands of their customers.
Purchasing and payment processes have also been streamlined, henceforth causing clients to conduct their transactions, at their ease of comfort. Most importantly, online networking platforms provide convenience and control as matters pertaining to customer dissatisfaction are promptly resolved.
The comfort with which the above are conducted and settled, certainly indicates the high importance of technological advancement for better business to client relationships.
IT tools eliminate complex business issues
Traditionally, researching and analyzing data has been a long and monotonous process, for reports occasionally wound up with inaccuracies and falsified estimates. However, technological progress today not only assist in research methodologies employed, but also in evaluating and interpreting data.
In a similar vein, a number of technological applications have been developed, to enhance businesses’ strategies. Persistent innovation of tech-related apps allows business owners to discover and apply to their companies, techniques they would have otherwise not pondered upon. Hence, to survive in an ever-evolving market, the need for an adequate IT strategy is highly plausible.
The above mentioned simplifies the utmost importance of IT-related techniques which cause businesses to flourish in the right way.
With an increasing level of competition, compounded with a wide array of products on the market, small businesses are highly encouraged to utilize technological advents to survive, from social networking platforms to business-related applications, failure of doing which will render into higher business inefficiency and ineffectiveness, poor profitability, low customer engagement and hindering growth.
Author’s Bio: Mahish Patny is a Banking & Finance Undergraduate who works as a Professional Accountant. He spends his free time being a passionate and relentless Freelance Finance and Economics writer, covering topics ranging from business, technology, stock and investment analysis to political and social economy. He is a regular Seeking Alpha contributor, and working his way to establish himself as a Financial Analyst.