Changes in technology will inevitably result in the transformation of the way we shop and run our businesses. It may seem that technology only favors the heavyweights and can only be afforded by large corporations. The truth is that even small firms stand to gain when they embrace new technologies. Today’s tech tools are cost-effective and affordable. Here is how technology could revolutionize your company.

Improved Customer Service

Today’s businesses use customer relationship management software to track the behavior of their customers. That allows them to nurture and personalize their relationships with customers. Previously, app developers could craft CRM solutions that would only favor large corporations. However, vendors are now crafting solutions that can suit the needs of small and medium-sized businesses. In fact, CRM solutions go beyond management of customer contacts to help SMEs improve customer service. It also allows SMEs to access analytics to stay ahead of the curve and compete with large corporations in an omnichannel social world. Small businesses are now using the latest CRM tools to integrate data from multiple platforms and increase customer engagement. That results in higher customer satisfaction and improved interactions.

Improved Cyber Security

In today’s digital era, most businesses are concerned about increased cybercrime. While most companies may be aware of the growing need to protect their systems from cyber-related attacks, they might not have adequate resources to do so. Many startups feel overwhelmed and wholly inadequate to protect their networks from the seemingly endless risk of online security breaches that could ruin their operations. However, vendors are developing holistic cyber security solutions designed for SMEs. These solutions are enabling small businesses to secure their critical data and reduce the vulnerability of their systems. Nowadays it is possible to safeguard your critical data wherever it resides. It can be on mobile apps, the cloud, endpoint devices, or on-premise infrastructure.

Distributed Workforce

With the rise in the popularity of cloud collaboration tools and freelance market, employees can now work remotely. Companies are investing in workflow software to enable employees to collaborate seamlessly and minimize overhead costs. Distributed team models will increase your workforce and allow you to outsource tasks or fill positions. A pool of talented sales representatives will enable you to access a broader range of specialized marketing skills without the need to hire full-time salespeople.

Data-Driven Decisions

Companies currently draw analytics from their social media accounts and website. However, just a few of small businesses implement that data in their decision-making process. However, SMEs are increasingly recognizing the power of analytics and are investing heavily in it. They have embarked on setting up initial analytics and upgrading to cloud-based solutions. While most of the small and medium-sized businesses are still using on-premise analytics solutions, some have already moved to cloud-based analytics solutions. In fact, this trend continues to strengthen as SMEs seek out analytics solutions that can help them bypass their competitors. As more businesses move to cloud-based solutions, analytics software will become more user-friendly and affordable. Large corporations already know the value of analytics in making informed decisions. Similarly, you can leverage the power of big data by investing in cloud-based analytics solutions.

Mobile Payment

Mobile payment options such as Google Wallet and Apple Pay can have a significant impact on your company. These payment options make transactions quicker and more convenient. Moreover, minimizing queues at the supermarkets increases customer satisfaction profoundly. Mobile payment allows your company to use loyalty programs and CRM software to give discounts and coupons to individual customers. In fact, you can integrate various mobile payment options with inventory management tools to help in stock tracking. They can also help you eliminate costs associated with credit card transactions. Unfortunately, only a few small businesses have embraced this technology. However, more companies will integrate mobile payment into their companies as the population of mobile-dependent customers continues to rise. Accordingly, the security of mobile payment solutions will become more robust.

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