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Why Business Leaders Must Keep Pace with Advancements in Technology

on February 02, 2016

Companies need to make technology a priority to remain competitive in an increasingly globalized economy. Learn why in the following post.

Today, technology isn’t really optional if you want to grow or maintain your competitive presence in the marketplace. Every organization, even those that don’t deal directly with technological assets, needs technology to facilitate day to day business operations. Without it, they risk losing traction with target markets, or worse, becoming obsolete.

Digital Transformation: The New Norm for Business

You may have heard of the term “digital transformation.” At the company level, it’s the transformation from a traditional business environment to a culture of change and technological innovation. It starts with changing the mindset of the organization to embrace digital solutions, and it also refers to the implementation of digital technology solutions that make business easier and more effective. If your company still uses basic computing and customer interactions to get the job done, now is the time to transform.

The concept of digital transformation is unique because it’s a continuing evolution. In other words, you will never truly complete your transformation. Instead, your company will continue to adopt and optimize solutions that help you reach your target market and earn a place in the ever-expanding global business environment. And if you don’t start now, you run the risk of losing out altogether.

Implementing Technology in Digestible Bites

Making a transition to digitalization takes time, and some organizations are more resistant to change than others. However, you don’t have to overhaul your entire business at once. In fact, that might not work out well anyway. Instead, start with a strategic plan. Map out your customer journeys and your internal processes, and identify your pain points in the global environment. You may need to start with something as simple as optimizing your website for mobile technology, or you may need to facilitate communication between colleagues and prospects with a better collaboration platform.

Going digital doesn’t mean jumping on every emerging technology bandwagon, but it does mean finding the technological solutions to naturally drive your business operations and capitalize on them one step at a time. Some simple tips many companies use to stay current with new technology include:

- Hiring a techie. You need someone in your company who’s completely and utterly enamored with technology. This individual will recognize areas for improvement faster than anyone else on your team and may also have good ideas for implementing solutions within your company culture. Hire an outside provider if you don’t have the right “tech fit” within your current operational teams.

- Invest in integrative collaboration tools. Ideally, your CRM system, ERM system, audio-visual solutions, data storage networks, accounting platforms, and other solutions will integrate seamlessly, so you don’t have to search through multiple platforms to find the information you need. Facilitate communication internally and externally with integrated AV solutions that store interactions in the proper profiles and encourage employees to document in-person meetings.

- Think outside traditional business processes. Technology affects how you communicate and store or measure data, but it can also control thermostats in the workplace, operate your online and physical security systems, and assist with remote accessibility, too. All of these solutions combine to make the office a little more efficient and productive. Invest in any technology that supports daily business operations.

You may start out feeling a little overwhelmed at the prospect of using so much technology on a daily basis. However, once the solutions are in place, they can provide significant peace of mind in the form of measurable data confirming that your company is doing everything it can to remain viable in the marketplace. Start reading a technology and business publication to further explore the potential for technology in your enterprise.

Image credit: StockSnap.io