In today’s digital age, technology has become an integral part of any business. Regardless of the product or service that a company sells, they require some form of technology to operate. This includes software, payment systems, computers, Wi-Fi networks, mobile devices, and more. In addition, companies must protect their devices and networks as any IT downtime can significantly impact their business.
According to a survey, 98% of organizations stated that just one hour of IT downtime costs more than $100,000. With such high stakes, every company must consider itself a technology company to survive in today's market.
One of the reasons technology has become a backbone of businesses is due to its critical role in operations. Even farmers use tech to check commodity prices, sell livestock, and keep their books. Most companies rely on their software and databases filled with crucial information. Any IT downtime can cause significant disruptions, leading to closures. For instance, the global meat producer JBS and Colonial pipeline had to halt operations due to ransomware attacks, leading to losses and damages.
Moreover, customers expect an excellent digital experience from companies. A survey found that 46% of respondents rated customer experience as a top business priority for the next five years. Customers expect a smooth digital flow when navigating websites, checking out, scheduling appointments, receiving shipping notifications, chatting online, receiving support, and contacting companies via social media. Therefore, companies must keep up with evolving consumer expectations by using technology.
Employees also need devices such as computers, tablets, and mobile phones to drive productivity. These devices help staff stay connected to customer data, enabling communication and efficient work. Companies that do not provide the right devices for their employees risk productivity loss, ultimately affecting their business.
AI and automation are vital technologies that help companies stay competitive in today's market. AI can personalize consumer shopping experiences, while automation can help sales teams close more deals and improve conversions. To remain competitive, companies need to integrate technology tools with AI and automation capabilities and know the best ways to use them.
Companies generate information digitally at a rapid pace. Imagine having to go back to using paper files to keep track of customer records, files, and documents. This would require a separate building to store all the filing cabinets. Technology skills are crucial to keep track of this information and make it searchable.
Suppliers and vendors are also leaving legacy systems behind, and it's becoming increasingly challenging to interact with them offline. Most businesses require digital means to interact with their vendors and suppliers.
Furthermore, it is challenging to grow a business without tech innovation. Computers and technology have exponentially increased processing power and reduced manual work. The cloud has helped level the playing field for small businesses by allowing them to leverage technology affordably. Companies need to review their technology infrastructure and look at innovations on the horizon to continue growing their business.
Business continuity is another critical factor in today's market. A natural disaster could severely impact a building and everything in it. However, if a company stores its data in the cloud and uses cloud software, they can still operate. Companies that aren't employing backup systems are at significant risk. Tech solutions create the ability to continue operating from anywhere, increasing business resiliency.
In conclusion, using technology securely and to its fullest can be a full-time job. Companies should consider seeking professional help to take that burden off their shoulders. With technology playing a critical role in today's businesses, it's essential to have a robust innovation roadmap to ensure the success and continuity of your business.
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