Industry 4.0 has revolutionized every aspect of human life, and it helps businesses to grow at an exponential rate. Technology is at the core of this revolution because it helps; businesses be more efficient and productive. Moreover, technology is evolving every minute to make advancements and streamline human life as much as possible.
Every industry deal with different clients and delivers a solution to make their customer’s lives better. As a result, the technological requirement of the industry might also differ depending on their process. However, the need for technology will also differ based on their size, type, or sector the business deals in.
Technology plays a crucial role in business expansion irrespective of your business size or type. Small and medium-sized enterprises (SMEs) have immense potential to grow because they are in the initial phase of their business. The foundation of the organization plays a vital role because if the foundation is strong, you can create an empire out of it. Laying a strong foundation depends on various factors like core employees, their practices, and the tools they have to simplify their work.
Implementation of the right technology is essential for small businesses because it is time-consuming and involves a lot of finances. Because finances play a crucial role for any size organization, but especially for small enterprises it is a precious asset. In this blog, we will cover how small business owners can choose the right technology for their organizations.
Table of Contents
Understand your flaws:
The sole purpose of technology implementation is to simplify complex tasks and complete them quickly in an efficient manner. Before small business owners start looking for the right technology for their organization, they need to understand their pain points. Additionally, they also need to know their needs and analyze the loopholes that create challenges for good performance.
Small business leaders also need to understand their strengths and weakness to find areas of improvement. To understand the flaws in your process small business owners need to keep the entire team in the loop.
Once you understand the areas of improvements and business needs; then you can analyze, which department needs software to simplify their process. Implementation of the right software will help to streamline their process and increase the productivity of your team. For example, if your sales team finds a challenge, to manage the leads and make more sales or record the purchase history. Then small business owners can implement the best cloud-based CRM software to track the customer interaction and strengthen their sales team.
Speak with your entire team:
The best way to understand your business needs, challenges, and areas of improvement are to speak with your employees. The business leader needs to listen to their demands, thoughts, and suggestions to understand the workforce challenges and what support they require. Because the core purpose of implementing the best technology is to minimize the inputs and maximize the outputs. The following question will help the business owners to understand the process and challenges:
- Which are the repetitive tasks which the employees have to accomplish daily or monthly?
- What are tedious and menial tasks which employees spend most of their time completing?
- What is the impact of these tasks on your business expansion?
- Which tasks take a lot of time to accomplish?
- Which software were they aware of and which solutions they learned after joining your business?
- Which factors act as a hindrance while completing the task?
Additionally, it crucial for business owners to ask these questions in the right way to get precise answers. Because while answering these questions might give an idea to your employees that you might be laying people off or restructuring. As a result, small business owners need to be transparent during the communication, which will help the employees to accept the technology.
Consider the financial aspect:
Financial plays a crucial aspect for any small and medium-sized enterprises because it will help them expand their business lines of credit. It is crucial to understand the purchasing power of your customers, how much are your revenue and profit margin. Because every business; will have a different client base a few businesses will have a mass audience while some businesses will target a niche audience.
Small businesses will expand so does their need will also evolve; which is why it is crucial to choose a scalable technology. Additionally, small businesses must select the right technology that adapts their process and budget. Small businesses need to find a technology solution that has a minimum investment and gives you maximum investment.
Analyze the gap between the needed skillset and existing skills:
The global workforce has become more diverse, with the industry demands continuously evolving. Every employee will have a different acquired skill set and might require a new skill set if your process demands. Before implementation; of the right technology, it is crucial to hire employees who have the required skillset; to efficiently use this technology.
If the employees do not have the required skillset, then it is your responsibility to train them. Furthermore, you can look for a vendor who provides training as a part of the implementation package. Providing an efficient training program will help the employees to use the technology efficiently to make the most out of it.
Prioritize the tasks:
Implementation of technology is a time-consuming process and has a lot of tasks to complete. We will recommend you prioritize the work depending on the urgency. Businesses must have an efficient schedule to complete the task; on a priority basis to have maximum output. Additionally, it is crucial to follow the schedule to achieve tasks before the deadline.
Task prioritization will help small businesses to complete the task on an urgent basis and complete the work, which has a higher impact. For small businesses sales and marketing should be the topmost priority because it helps to increase their visibility and conversion rate. They need to find the right technology like top customer relationship management (CRM) software to simplify their process and increase productivity should be their priority.
Explore the available vendors:
Once your team understands your needs, challenges, and the impact of the technology, they can start exploring the vendors that provide the solution. Because; every vendor will have different features, services, and prices for their services. As a result, business leaders need to find a vendor that adapts to your need and budget. Additionally, when the businesses are in the initial stages, they will not all the features at the start.
As a result, when they look for the right technology for their business, they need to look for a reliable, flexible, and scalable solution. All the vendors will give you a free demo and explain every aspect of it. Furthermore, there are various vendors, which provide a free trial for a certain period to understand if it fits your needs or not. Small businesses also need to check which technology is popular in their industry. Many recommendation platforms give you unbiased reviews of the latest technology and the vendors available in the market.
Understand the influence of technology implementation:
Implementation of the right technology is an intricate process, which needs can have a tremendous impact on your business. Every department might require a different solution to support their process and simplify the work. Businesses must understand which aspect of their business needs immediate attention to prioritize the work. Moreover, the business needs to understand the impact of implementing this technology on all aspects.
As technology implementation has a substantial investment, it crucial to understand its returns. Small business needs to implement a right technology that gives a higher return on investment to make more revenue. For instance, small businesses need to strengthen the sales team to have a higher conversion rate to make more revenue which will help their business to expand. As a result, they can implement the best CRM software, which adapts your business will help your sales team to make more revenue.
Analyze the aftersales:
Irrespective of how advanced the technology solution you select for your small business, you will need the help of the aftersales team at some point. There are chances that technology might have downtime or crashes because of multiple reasons. Before implementing any technology, small business owners need to analyze the customer service team. Because your team will be reliable on technology to perform their tasks and if it has a downtime; will impact the productivity of your team.
The technology vendor should have a knowledgeable, quick, and friendly customer service team which is available 24*7. Furthermore, technology is always evolving and might get outdated in the future because of various reasons. When small businesses look for the right technology for their organization need to check if the vendor does the upgradation and maintenance continuously; to adapt to the market change. The aftersales team should be quick when they resolve the customer grievance to ensure have higher retention rate.
Technology plays a crucial role for all businesses irrespective of their size, industry, or type, to have a smoother workflow. Small businesses need to do an in-depth analysis of all the aspects to choose the right technology for their organization.