Technology Investment for Startups: What You Should Invest In
Find out how to optimise technology spending for your business.
For growing business owners, the value of investing in technology is clear.
Technology investment helps improve the competitiveness of your business. It helps reduce waste and inefficiency, and it can generate data that improve leadership and decision-making.
However, all technological investment comes at a cost. Organisations with limited budgets often have to balance multiple tech-enablement initiatives at once, choosing to invest only in the technology deployments that will generate the best returns.
These kinds of decisions are never easy to make so our team has identified some of the areas where small and mid-sized businesses are most likely to earn positive ROI from technology investment. Start learning how to use technology to improve efficiency at your business in these key areas:
1) Technologies That Streamline the Employee Experience
Investing in your employees is one of the best ways to ensure a positive ROI. The easier it is for employees to accomplish their goals, the more productive your business becomes as a result. Addressing pain points and friction in the employee experience is a simple way to improve profitability for your company.
For example, you may be able to reduce the amount of time your employees spend filling in productivity reports by using software to monitor their performance directly. You could deploy a more streamlined human resources management application to improve the sense of autonomy your employees enjoy, enabling them to work on tasks more productively.
2) Customer Service Solutions
Top brands and Fortune 500 enterprises use a wide range of high-performance customer service solutions. These technologies help companies eliminate friction from the customer experience and automate some of the time-consuming tasks along the sales funnel. These solutions range from customer service help desks to full-featured customer relationship management (CRM) solutions.
But these solutions are not exclusive to large enterprises. Small and mid-sized businesses can use them too. The better-organised your customer data is, the more visibility you’ll have into what drives sales. Scalable CRM technology can transform the way your business interacts with customers.
3) Managed IT Services
The average small business does not have the time, expertise, or technology to adequately meet its data governance and cybersecurity needs. Managed Service Providers (MSPs) allow smaller businesses to delegate their technical needs to a vendor who offers IT resources and expertise on-demand. This ensures that your business can meet new challenges without paying for services it doesn’t use.
MSPs can provide a wide range of valuable technological services to your company. These include persistent cybersecurity, data disaster recovery, and expert technical support for employees. Signing a contract with a third-party vendor gives you the ability to enjoy enterprise-level technologies without having to hire and equip an entire IT department on your own.
Save Money While Gaining Flexibility and Scalability in your Technology Investment
Deploying new technology can help your business become more profitable while improving its relationships with customers and employees alike. The MSP deployment model can help your company integrate best-in-class IT solutions at a predictable cost while ensuring your company is able to meet new challenges and improve profitability.
Get in touch with the team at SMB Solutions today for more information and help in choosing the best technology investment for your business.