4 Tech Trends Driving Business Growth - 4 Tech Trends Driving Business Growth
4 Tech Trends Driving Business Growth
Technology investment may vary from business to business but make no mistake, that investment is top of mind for most CFOs and business owners. With the ever increasing velocity of innovation, no modern business can afford to sit out a beat. These trends are helping to propel some of today’s most exciting and successful businesses. Perhaps they’ll help yours, too.
With technology constantly changing and impacting how small business owners do business, it’s worth investing some time and effort to ensure your business is built to give you a competitive edge.
According to Chelsea Segal, CEO of TARGETWISE, the rate at which technology is changing1 can be daunting for any business owner, and keeping up with technological changes can be difficult, especially when you’re constantly trying to stay afloat with the day-to-day operations. Despite this, there are some technology trends that may help you run a smoother operation and conserve resources.
Here are 4 technology trends driving growth to consider:
The popularity of remote working has continued to grow all over the world and has become increasingly popular in the San Francisco Bay Area, where many employees can’t afford to live in the cities where they work.2 With rental prices on the uptick, having a brick-and-mortar location may not be as feasible as it was in the past. A great option for small business owners is to allow their employees to work remotely from a laptop, tablet and smartphone via a mobile app.
The advantages of having a mobile workforce are evolving, and many small businesses are capitalizing on this by ensuring their employees feel empowered to sell from anywhere, according to Salesforce.3
2 Key Performance Indicators
Using Key Performance Indicators (KPIs) will let you set and keep track of your success metrics. If set properly, they show how these business measurements are performing thus enabling you to prioritize your time and focus on what matters most to your business, in addition to determining where cutbacks can be made. According to Resilium4, KPIs can also be used to manage employees more effectively by settings clear expectations.
What is a KPI?
A Key Performance Indicator (KPI) is a measurable value that demonstrates how well a business is achieving its key objectives. It’s a great way to gauge how successful the business is at reaching its targets. There are standard KPIs – like revenue and profit or customer acquisition and retention – but the best KPIs are often those designed specifically for your unique objectives.
3 Live streaming video
Many customers are no longer content with impersonal, generic marketing. Video is the most viewed content, and live video may be the best way to engage with your audience.
Vimeo’s Livestream research shows that 80% of audiences would rather watch live video from a brand than read a blog, and 82% prefer live video from a brand to social posts.5 With that said, it may be time to move away from paper based marketing and invest some of your resources in live streaming.
4 Enterprise Resource Planning
Enterprise Resource Planning (ERP) is becoming increasingly popular among small and medium size businesses.6 Managing multiple departments can cost you an astounding amount of money. But there are software programs that can help speed up and/or automate your business, saving you time and money, giving you time to focus on business growth and development.
Once only cost-effective for large enterprises, Enterprise Resource Planning (ERP) software is now a business staple, and more affordable than ever. Basically, ERP integrates business functions and processes into a single seamless system, enabling automation of back – and front – office operations. What’s more, they can improve intelligence, visibility and efficiency across every aspect of your business. But there are many other business management software options on the market. It’s worth the time and energy to find one that meets your requirements to make your business hum.
As you can see, technology drives business innovation. Hopefully these trends can help you outfit your business with the latest technology and software to improve efficiency.