MAKING YOUR BUSINESS TECH READY- SPRINGBOARD WEEKLY
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MAKING YOUR BUSINESS TECH READY
Technology is an inevitable must-have if you want your business to succeed. However, many people especially those running small businesses, underestimate and or don’t appreciate the transformative power of what technology can do for their businesses.
Indeed history has shown us if you don’t embrace and plan around technology, you and your business may soon be rendered obsolete. This was the case with the Post Office when email became the norm and the classic business school case study of Kodak whose failure to transition to digital photography saw a global giant become obsolete in less than 5 years.
What is technology and why is it important to your business?
With no single definition, for our purposes, you will describe technology as the application of scientific knowledge to the practical aims of human life. For the entrepreneur, this definition thus touches on many aspects of what they do and how they do their business from the basics of collecting and inputting data and collection to making and receiving payments and later to complex matters like systems that the company operates around.
We live in a tech-driven world and at a very basic level we interact with technology in all we do; every time you transact on Mpesa or Whatsapp a friend, that is technology at work. While some of these were not necessarily developed for business, they have found numerous business applications and must thus be seen as such- business tools.
Today technology that drives business falls under two main categories-
ERP– an Enterprise Resource System is a type of software system that helps organizations automate and manage core business processes like procurement, inventory, accounting, operations, and risk for optimal performance.
CRM– Customer Relationship Management is a technology for managing all your company’s relationships and interactions with customers and potential customers. The goal is simple: Improve business relationships. A CRM system thus helps companies stay connected to customers, streamline processes, and improve profitability.
These two systems represent the bulk of technology applied by small and large businesses globally and they are normally classified as Tier 1 for large operations, Tier 2 for mid-sized operations and Tier 3 for small operations. The decision of which technology to use in your business is however informed by several factors that every business owner must consider when choosing a solution for their business.
The Business Automation Process
Key considerations to decisions around your business automation are thus informed by: –
- Your understanding of your needs. As you shop for technology, as a business owner you must be able to see the result of what this technology will mean to your business.
- Budget. How much money and resources are needed to acquire and implement the system? This will require you to evaluate your internal and external costs.
- The selection process. How do you go about choosing a solution, from which vendor etc? This is informed by a myriad of factors including your size, type of operation, your customer needs, and relationship with vendors among others.
- Deploying the solution. This asks the question of what is needed for the chosen technology to add value to your organization and may include new hires, change management, process change, or automating previously manual tasks.
As you make these decisions, as a business owner you must also ask yourself a number of questions
- Business readiness. Does the business need this system, are you ready to implement it, and what needs to be in place before you embark on this transition?
- Is the needed data available? Tech feeds on data that informs processes thus is the relevant data to optimize the solution available? As an entrepreneur, the data that you collect is gold and thus systems demand you collect and interpret as much data as possible for informed decision-making.
- User readiness. Who are the users of the solution, are they ready and how will it affect their jobs? These questions are key because systems affect or disrupt internal operations and thus it is key to get employees on board in the decision-making and deployment process.
Why Technology?
With the above considerations, as a business owner you are armed with the information on how to shop for and apply technology; but why is technology important for your business?
The benefits of technology are numerous; it helps in introducing systems and processes that in themselves help in introducing efficiency and or flagging inefficiencies in your organization. With efficiency, many companies register cost savings and improved customer experience. Technology also helps streamline cash management by tracking and making payments and collectibles, budgeting, and resource allocation. This also helps in enhancing productivity as technology ensures optimal usage of assets and resources which in itself improves the customer experience through better service or products, efficiency, consistency, and in some cases lower prices.
For the business, these improved metrics mean a better balance sheet and room for growth.Should you wish to learn how best to integrate technology with your business, Contact Springboard Capital at 0700 944 444/WhatsApp Us through the button below or email us at info@springboardcapital.co.ke. Our team members are at hand to guide you with the financial resources to help you finance the process of acquiring and implementing the technology systems for your business.
Click here to WhatsApp us 0700 094 444
Article based on Bizsmart Webinar Presentation.
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