Poor efficiency can make or break your business, especially if you’re only starting up. Ever since Adam Smith wrote about the ways in which a business can improve its efficiency to fuel growth, economists have held efficiency in high regard for good reason. Increasing your efficiency saves you money and increases your profits. Increased profits can be invested into increasing your growth. One of the easiest ways of increasing efficiency in contemporary business is to use a technology solution to automate processes and save you time. Here are five top technologies to look out for.
CRM, or customer relationship management, is a highly profitable endeavor (with great ROI): finding a new customer is far more expensive than selling to an existing customer, as there are set acquisition costs involved. Modern businesses need to nurture relationships with their customers, send follow-up emails, and know when to send special offers. This can be done naturally and intuitively, but when you’re operating at scale, it soon becomes infeasible.
Managing your customer relationship with a digital system can improve your efficiency massively, helping you to reap the benefits of CRM without expending lots of energy on it. You can try to create a CRM model yourself if you have a rudimentary programming ability or are an expert in digital spreadsheets, but this takes a bit of time to do and is recommended only if you’re revitalizing your business or just starting up.
Online accountancy platforms allow you to create invoices, make payments, and monitor your expenses to develop a three-dimensional impression of your finances. Some of these platforms are even compatible with digital taxation, which many governments are trying to implement, allowing you to easily create and file tax returns.
If you use lots of cloud-based services, if you rely on IoT, or if your small business has a lot of computers in its network, you might suffer from problems relating to an unreliable network. If you lose connection regularly, it could mean that there is pressure being put on your network’s bandwidth. This can be infuriating, with negative effects manifesting as interrupted workflow and even system crashes. Using high-quality network monitoring tools can help to stabilize any network problems and keep your business working as it should.
If your business involves a team that has different tasks to do on different days, you should consider a central workflow management system. These enable you to track your team’s work, monitor its progress, and assign priorities to manage it more effectively. Managing and monitoring workflow can help your team stay in sync, communicate and collaborate effectively, save you time, and prevent misunderstandings from impacting your efficiency.
Cloud document processing
Your business likely uses some documents and spreadsheets that you should all be able to access. Emailing documents across to colleagues and waiting for important files to upload and download takes time. As a result, many companies are resorting to cloud document processing: using a cloud-based drive that all members can access. Google is a popular solution, as it also offers free word and number processing suites that can save you money. You should make sure that you have your network monitoring sorted out before moving to the cloud, as it can strain your bandwidth if all employees rely on it.