5 Ways to Achieve Your Business Goals by Using Technology
Technology, particularly computer and information technology, helps managers and executives reach their business goals quickly and more efficiently. However, many businesses do not capitalize on the appropriate technology that can radically help the business. This is why many businesses still fail, even when specific technology could have helped those businesses overcome issues and solve problems. If a business is interested in using the latest technology for their business, here are 5 ways to achieve business goals by using technology.
Know the Inefficiencies
Technology is meant to resolve the inefficiencies of business, production, or logistic processes. An inefficiency can be defined as a process that costs the business money, reduces the share of revenues, actions that seem redundant, or an action that consumes a large amount of time from employees. Managers need to be keen and aware of these inefficiencies in order to capitalize on appropriate technology. Without knowing what there is to fix with the business, a manger will not be able to purchase the right technology for the business.
What Are the Explicit Goals?
Although this should be fairly elementary, technology is meant to help a business reach a goal. If the business does not have explicit goals in mind, whether they are long-term or just for one fiscal year, then a piece of technology will not help completely. Knowing what piece of technology is necessary to reach a particular goal will help immensely.
Compare The Competitors
Many businesses will see how their competitors succeed in certain avenues. Whether it is through trade publications, business magazines, or explicit knowledge, many businesses will discuss some of the technology they might use for certain business processes. In addition, independent consultants will have first-hand knowledge on how competitors reached the goals they had through technology. Working with consultants or investigating what competitors have done in the past can be helpful to find the right technology.
Data Is Part of the Equation, not the Solution
Many piece of technology are great in accumulating, processing, and highlighting analytical data about the business. However, all that data shows a business is data. A business needs experts in management who can see this data and interpret what this data means. Better yet, businesses should invest in technology that provide quick, measured data so the management team is not consuming time trying to quantify data. Using resources like Domo’s BI tools can provide real-time data for management groups. The goal of the technology is to provide a constant stream of automated data so the management team can sit, think, and execute ways to capitalize on this data.
Technology Investments Can Outweigh Cost
The latest piece of technology can have a price-tag on it that may seem intimidating. However, when reviewing the inefficiencies of the business, the return-on-investment from this technology can outweigh its up-front costs. What managers need to do is to appreciate the suggested steps beforehand so they can know if a piece of technology is worth it for their business. Otherwise, the ROI will not be worth it. However, no matter how high the cost for the technology is, it will most likely be worth it and it can reduce waste and increase revenues.
Technology can be a wonderful thing, but only if it is utilized well. Investing in technology that can help a management team solve problems and reach defined and measurable goals is necessary and a prerequisite for a successful investment in technology.