Today, the world is experiencing technological momentum more than ever before. Every aspect of business requires technological support in running business operations smoothly. Letting companies achieve their end goal of operational excellence and customer satisfaction. The sky-rocketed evolution of technology, progression in connectivity, and the internet have modified the way you work and perform day-to-day operations. Those companies which place innovation at their core are expected to adapt to the rapidly evolving technology trends better. Your tech strategy at the initial stage of your business may have been fruitful at that time.
But for continuous improvement, agility and growth you need to stay relevant with the technology and roll out IT renewal strategies. Therefore, as a technology leader, you need to be progressive in adopting new technology developments in your company for improved business outcomes. Investing in technology upgrades in the company may seem a little daunting idea in terms of budget constraints.
However, it can prove to be one of the essential steps, in the long run, to help you cope with today’s technology-driven business environment. You need to embrace the fact that technology advancement and digital transformation is the need of the hour. Research tells that the IT budget ideally should account for at least 19% of your business expenses.
Let’s take a look at reasons why you need to invest more in IT and adapt to a technology disrupted world better:
1 – Achieve a competitive edge
Technology is considered the center of every aspect of your business from internal workflow efficiency to customer-facing activities. Adapting to the evolving business ecosystem requires you to put IT updates at your top priority for delivering customer excellence. Companies who fail to recognize the impact of technology on their business often are outperformed by their rivals.
Having said that, it does not mean you should heavily invest in technology without even knowing how it can prove beneficial for your business. For an effective technology upgrade planning you should be clear on these things:
- Technological updates in your industry
- How these technology updates can improve your current business performance
Getting a clear picture of IT trends in your industry can help you in identifying loopholes in your operating system that can be enhanced through technology. Hence, embracing and constantly investing in relevant and appropriate IT resources for your business can help you achieve a competitive edge over rivals.
2 – Gain agility in business
Technology is evolving at a fast pace and so are the business operations. As organizations strive hard to achieve agility in their workflows and operations. Technology plays a pivotal role in helping companies survive the evolving business requirements and market trends. Therefore, you must realise the importance of improving your technology stacks and start to shift to new technologies when required. Because your legacy system may be helpful now, but with the pace business landscape and consumer demands are changing you need the latest technology inclusion in your IT system.
Here are some key technology areas that you should focus on while planning to uplift your IT platforms:
- Adapting a CRM software which helps you organize and maintain customer databases without investing in IT infrastructure and hiring a team to manage that.
- Migrating your workload to cloud platforms increases the scalability of your business. You can easily decide to grow or even reduce your resources based on your current needs with the cloud.
- Lending blockchain service (BaaS) infrastructure that is based on the cloud servers helps you to use blockchain cloud platforms to develop, manage and host your blockchain applications, workload, and systems to achieve infrastructure agility.
- RPA is a technology solution that lets you do business efficiently by reducing the mundane workflows and focusing on the core business activities – needed for promoting growth.
3 – Accelerate operational productivity
The new decade predicts the great potential for CTOs and CIOs to embrace the shift in their business operations by adopting new strategic technology trends. In this digitally disrupted world, you must seek opportunities to navigate through the digital landscape and accept key operational innovations in workflows for improved productivity. By putting the focus on technology upgrading plans, you can achieve an optimal level of productivity and efficiency in your operations.
For instance, you can automate monotonous and time-consuming manual tasks. It can improve workflow productivity as human employees can put more time into critical thinking and decision-making activities that are crucial for your business. Investing in team collaboration and agile project management tools can help you enhance your team’s performance and efficiency even while remote working. It increases productivity, flexibility, and transparency in the entire workflow of your company. According to a study, you can enhance your productivity level by up to 20% by implementing collaborative tools like Asana and Pipedrive.
4 – Improve organizational data security
Currently, the situation faced by enterprises worldwide, is that with the ever-increasing adoption of mobility, the technology also presents some data security threats. Your legacy IT infrastructure might become vulnerable to more digital attacks and data breaches today. The cyber-attacks are only going to grow in the future with the evolution in connectivity, AI/ML, and IoT. Companies need to understand that these threats are as evolving as they are novel. Increasing your technology budget to improve your security protocols can do wonders for your organizational data security.
Therefore, you must continually develop extensive cybersecurity strategies to protect yourself from scammers to avoid unnecessary additional costs and disruptions. As a technology leader, you need to analyze the potential of AI/ML and blockchain in the field of risks and security threats and how your company can leverage these emerging technologies to improve your security challenges. The main focus should be on three crucial elements for security purpose:
- Securing AI-driven operating systems
- Using AI to improve security barriers
- Predict notorious use of technology by hackers around the world
- Blockchain should be used as a decentralized storage solution to store encrypted data on the technology itself.
Technology is innovating the core of business models across every industry. It is a smart step to invest in technology to be ahead of the competition and increase:
- operational productivity
- business agility
- organizational data security
However, you need to first understand the relevance of adopting new technologies in your business. Surely, you do not want to spend dollars on updating your IT stacks just because those innovations are trending. To build a technology-driven organization you need to make sure there is a cultural and strategic fit between your business and the technology implementations. So that the emerging technology becomes the backbone of your business agility and customer service.
Are you ready to grow your business with the latest technology services? Let’s embark on your innovative solutions journey together. Drop a line!