Tips to Stay Current with Technology in Business

Success in business depends on your people, process and products, according to Marcus Lemonis. Being able to stay current with technology puts you in a great position for success on all three of those business pillars. For instance, new collaboration applications can make your people more productive. Today, many employees can work from home or other remote locations just as effectively as they can in a traditional business setting. Video, voice, text and screen-sharing tools have empowered the ability of many team members to work from home (WFH) or any other remote location regardless of distance.

That’s just one of the many reasons to stay current with technology. Making sound investments can streamline your organizational processes, such as adding automation tools to a production, distribution or service business. Artificial intelligence (AI) and machine learning applications can help you deliver a better customer experience. You can also use technology applications to design and develop new products to meet the evolving needs of your customers.

Like many business owners, Marcus has mixed feelings about technology. “For many years, I was scared to buy things for my business or even my home,” he says. “Technology moves fast and investments can be expensive. But we need to do whatever it takes to get comfortable. Whether or not you think technology is important, the consumer does, and that’s all that matters.”

If you run a retail, restaurant or entertainment business, you know that investing in technology can determine whether you thrive, survive or close your doors. Mobile ordering applications, for instance, make it easy for customers to buy your products or services at any time from any location. Encouraging customers to download your app can be a key step in generating repeat orders and long-term customer loyalty.

For example, Avaya, a leading global telecommunications solution provider created a strategic partnership with RingCentral in order to establish a stronger position in the online unified communication and collaboration (UC&C) market. By combining their joint technological capabilities, they created a cloud-based system to provide businesses with streamlined communication and collaboration.

In many cases, technology investments depend on the nature of your business. For instance, a mobile app is unlikely to generate new customers for a B2B business. However, a robust customer relationship management (CRM) platform could help a B2B company take a proactive approach to serving the market, including strengthening personal relationships with key buyers. But there are some general steps that will help most businesses stay current with technology. Here are several to consider.

Best Buy is a great example of a business with a successful IT strategy. Long known as a big-box retailer selling merchandise, the national retailer invested in its online platform and Geek Squad services, including in-home consultations and installations. Another recent change was a shift to remote ordering: customers can order and pay for merchandise at home, and a Best Buy employee brings the product out to the waiting vehicle.

• Go to the cloud. If you have a traditional on-premise voice system, you may want to consider moving your voice, text and video communications platform to the cloud. This step can open the door to staying connected with customers, employees and business partners without having to invest in new infrastructure.

• • Integrate applications and platforms. Many businesses have purchased stand-alone applications and platforms for specific purposes. That can make it difficult to move data from one silo to another and hamper team productivity. To stay current with technology, you should consider integrated platforms such as a combined sales and CRM application.

• Outsource routine services. Regardless of the size of your IT team, you should think about outsourcing network administration, software updates, employee communications profiles and other routine functions. This allows your in-house professionals to use their time more productively without being distracted by housekeeping duties.

When you think about technology, don’t just look for a popular new tool or application. Instead, consider all the ways your business could benefit if you stay current with technology. That might mean a behind-the-scenes investment in your network or service platform or an exciting new offering designed to capture the market’s attention. Here are three ways technology could help your business.

• Delivering a seamless CX. Technology is the key to delivering a seamless customer experience. That means being able to provide information, answer questions, and address any issues quickly and efficiently for your customers. It also means being ready to handle voice, text, video call or web chat contacts. In some cases, you may want to add multiple language capabilities to serve interested customers who may not be proficient in English.

One company that needed to update its technology platform was a New York based family-owned business selling used cars. The two brothers, and co-owners of the company, turned to Marcus for financial advice due to their low margins on each vehicle and a rising tide of debt. Marcus felt the business could make a much greater profit on each sale by selling directly to consumers, rather than wholesalers, as well as turning the business into a franchise. After several contentious discussions with the owners, Marcus was able to get the business moving forward again, using appealing radio ads, digital technology services, and a licensing program to build a successful, scalable business.

When it comes to new technology, “have no fear and be willing to fail,” as Marcus says. Don’t put off those technology investments until it’s too late. If you want to stay current with technology, you need to look beyond today’s requirements and plan for the future.