How to Leverage Modern Technology to Drive Business Growth

Published: 6 March 2020

Can your technology keep up as your business grows? Can you scale it up or down on demand? We’re in the midst of a rapid digital transformation, nevertheless nearly a third of UK companies are unable to keep up with this pace, losing out to more agile organisations. Here we explore how to leverage modern solutions to drive business growth and achieve competitive advantage…

IT has entered an era of digitalisation where new technologies can provide an attractive basis for growth, innovation and differentiation. By 2025, every industry will be transformed by digital business, therefore it is essential to utilise modern technology to become agile and grow more efficiently.

How can technology support business growth?

Technology is not just essential for day-to-day running of your business but also can help to achieve growth and success when utilised effectively. With the right tools you can adapt to your changing business needs, provide a good level of customer service, minimise operational costs and maximise revenues. Other benefits include:

Improved agility

Organisational agility is critical for business success. With the ability to respond rapidly to emerging trends and changing market conditions, you can outperform the competition and drive business growth. Research by the Massachusetts Institute of Technology (MIT) suggests agile businesses grow revenue 37 per cent faster and generate 30 per cent higher profits than non-agile companies.

Informed decision-making

According to Sage, companies with more effective data grow 35 per cent faster year-over-year. With real-time access to accurate data you can obtain valuable insights to fuel business decisions. This in turn will support business growth allowing you to make continuous improvements based on your current business performance.

Higher returns

According to Federation of Small Businesses, 85 per cent of small businesses identified investment in new technologies as a key driver for business growth. By simplifying your business processes, modern solutions will free up time allowing you to focus on what matters most – growth and revenue generation. Added to this, 53 per cent of businesses believe that by providing real-time and accurate data, modern technology has helped in targeting new customers.

Increased productivity

Flexible and easier to use, new technologies can reduce the cost and complexity of IT management, so your staff can focus on adding business value instead of routine tasks. According to the Telegraph, adopting new technologies can lead to 84 per cent increase in office productivity. The trend is expected to continue, with a further growth of 22 per cent predicted by 2020.

How to leverage technology to improve business performance?

Cloud-based applications are often ideal for SMEs to help them improve business performance, because they tend to carry a lower up-front cost and limit the burden of in-house management. Accessible on different devices, regardless of the location, cloud technology further helps to boost staff productivity and efficiency. Here is how to leverage technology to improve business performance:

Well-thought strategy

For a successful implementation of new technology, it is essential to develop a business plan that documents the business drivers and challenges, the process issues and the existing IT setup. This will help you understand what must be accomplished and implemented in order to achieve desired business goals.

The right tools

According to the Techaisle 2015 SMB Cloud Adoption Trends Study, nearly half of businesses say the cloud makes them more agile, allowing to adapt more quickly to changing business needs. Whether expanding the infrastructure that powers your business applications or adding new PCs, devices and apps that help your employees work more efficiently, cloud offers mobility and scalability to help you anticipate, manage and respond quickly to the dynamic market demands.

Embrace change

You are likely to approach change and new technologies with a healthy amount of scepticism. Depending on the project, it can take several months of planning to develop a sound and future-proof IT strategy that follows the broader vision for your business. Nonetheless, it is important to embrace the pace of that change. Remember, resistance means your business may will slip behind the competition!

Get solutions that help you grow your business with greater efficiency. To start with, have a look at cloud to see how it can add value to your business. Find out more about cloud technology here.

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