No matter what line of business you are in, there is one constant in today’s digital environment and that would be the need for technology. With that in mind, it’s time to begin looking at exactly how technology can help you grow your business and what the benefits would be in terms of profitability. Growth, after all, signifies increased profits and if you are going to invest in technology to leverage business growth, you want the highest ROI possible to justify the expense. Here are just a few ways technology can be leveraged by any business, large or small.
Automation and AI have become a huge focus in today’s hi-tech world. As consumer demand grows, it often becomes difficult to meet that demand. Unless you want to significantly grow your workforce, which may be next to impossible in some industries, automation, and artificial intelligence can offer the solution you need.
The more processes you can automate, the more your employees can focus on other jobs at hand. One of the biggest industries that can benefit from automation is manufacturing, but every industry can benefit as well. Consider automated mass mailings and automated payments to suppliers. This is one technology every business should consider if they are seeking to drive growth.
2. Wider Range of Payment Options
Another obstacle to business growth is in limiting the payment options you offer to customers or clients. Most businesses today accept major credit cards but don’t accept payment by eCheck. That can be a huge detriment to business growth for several reasons. Some people just don’t like putting out their personal credit card information online.
The benefit of accepting Automated Clearing House eCheck payments is the security involved and also the administrative savings you will realize. ACH payments for your business through a service like that offered by Envestnet | Yodlee offers layer upon layer of authentication and security so that consumers are protected but so, too, is your business. Chargebacks are reduced, and you will not end up ‘eating’ the cost of products shipped with payments refused.
Speaking of the security inherent in ACH payments, cybersecurity is another technology you can benefit from. Trillions of dollars are lost in cyber-attacks and hacks each year on a global level and your business could be next on the list. While ACH payments can protect your online financial transactions with automated payments, you will need to research and utilize the latest cybersecurity platforms to ensure that none of your intellectual property or financial data is breached.
Technology holds the key to business growth because it can work silently in the background while you go about running a business and taking care of things in the physical realm. Let technology lead you to a safer business environment but it will take leveraging state-of-the-art advances as they are made. With loss prevention and more efficient processes, your ROI can be assured, but it takes investing first before those returns are made possible.
WRITTEN BYClaire Ward