Why Technology is a Worthwhile Investment for Your Business

New technology emerges every day, and although you don’t need to pursue every trend, you’ll be left behind if you ignore it all.

00:12 22 July 2023

New technology emerges every day, and although you don’t need to pursue every trend, you’ll be left behind if you ignore it all. Today’s businesses operate at a basic level where certain technology is required to compete in the marketplace. For instance, you need a website and an email marketing list at the very least.

Investing money into tech is a big decision. Systems, software, and services aren’t always cheap, so before you commit, you need to be certain that you’ll get a good return on your investment. 

Here’s why tech is a good investment for your business.

1. Technology keeps you competitive

To compete in your industry, you need technology that will help you cut costs and provide better service to your customers or clients. One of the most effective ways to achieve this is through managed IT services.

If you have an on premises server, an offsite data center, or just operate in the cloud, managed services will increase efficiency and productivity and lower your costs. For instance, Converged Tech, a managed service provider in NYC, monitors company networks 24/7, implements strict cybersecurity, and reduces the workload for in-house IT teams.

Automation is also popular because it reduces the time workers spend on repetitive tasks. Sometimes, automation can do a better job than humans because they aren’t prone to error.

Although the tech you choose will depend on your specific needs, staying competitive in your market requires investing in at least some kind of technology.

2. Tech reduces your expenses

It’s impossible to avoid all expenses, but you can reduce them with the right technology. For example, project management software is essential to keep projects organized and help teams stay on track with their tasks. Investing in a good task management program is worth the cost because the alternative is a disorganized team who can’t seem to meet deadlines.

Another way tech saves you money is by completing tasks faster and more accurately than human workers. Instead of paying a human 30 hours’ worth of pay to complete a given task that may be full of errors in the end, you can invest in software that will generate a perfectly flawless result every time. Accuracy reduces your expenses by ensuring you don’t have to pay someone to redo their work. It also prevents flawed projects from being launched.

3. Technology supports better customer service

The power of a good customer experience (CX) can’t be ignored. Businesses that focus on improving CX see an 80% increase in revenue. The customer experience encompasses every touchpoint possible, including:

• The experience of browsing your website
• Interacting with a chatbot
• Contact forms
• Email signup lists
• Your return process
• Your ticketing system
• Phone support
• Email support
• And more

There are definite elements involved in creating an amazing customer experience, almost all of which require technology to achieve. First, you need to start testing your web pages and systems to find the flaws and make them better. Split-testing, for example, requires software. Trying to improve CX blindly without data to inform your decisions won’t be effective.

When your customer experience is excellent, you’ll have an easier time retaining customers and attracting new customers through positive reviews and word-of-mouth.

4. Tech supports a fast reaction in a disaster

No business wants to think about what might happen if they get hit with a major virus or ransomware attack, but it’s a possibility. Without technology, you won’t stand a chance at recovering. Most businesses are unprepared for a cyberattack and go out of business within 6 months.

To avoid this unwanted fate, you need several things only technology can provide:

• A backup and restore plan (fully tested to ensure it works)
• Offline backups to prevent infection
• A business continuity plan to direct your actions smoothly in the case of a security incident

This isn’t possible without technology. These also happen to be services provided by managed IT companies for the purpose of protecting your business. You can get a significant amount of your needs covered through managed services.

Cybersecurity isn’t the only potential disruption. You might experience a data breach or a weather-related disaster that causes data loss. In both of these cases, technology is your only hope for recovery.

Technology is the foundation for success

It’s no longer enough to simply have a good product and expect to generate success. To compete in today’s marketplace, you need a good tech toolbox to meet customer expectations and keep your workforce productive. Next time you review your tech budget, consider allocating a little more to invest in the tools that will give your business an advantage in becoming more profitable.