It’s an exciting time to own or run a business. Technological advancements have made it easy for companies to be more efficient, process data, produce and ship products faster, boost customer loyalty, and, more importantly, generate more revenue.
There are proven tech solutions that increase business profitability with zero risks. The most common ones include:
Paperless Data Storage
Going paperless is a fast-growing trend for many businesses. Not so long ago, Yale reported saving as much as $100,000 by replacing paper timesheets with more efficient electronic processes in their student employment office.
From electronic ordering in the food industry to electronic signatures on contracts, you can find many ways to go paperless in virtually any industry.
Notably, businesses today have more data than ever before at their fingertips. Knowledge is a valuable asset. Small businesses world over recognize the potential of the information they can lay their hands on.
With the right data, companies can quickly pinpoint their target audience, develop accurate projections, and make informed decisions on critical areas like marketing.
Consider all these, and it suddenly makes sense why more than 40% of small businesses believe that there is a direct link between access to big data and profitability.
It gets even better with open source software solutions, which allow massive data storage at affordable rates.
Long gone are the days when accounting meant hours and hours of manually counting notes and cents. Banking technology has probably advanced more than any other field. Money is at the center of it, after all.
Today, payments into and out of account can be seen and accounted for in real-time. Fraudulent accounting activities can also be flagged before they go through. The upshot is how fast transactions are made after clients place orders.
As a business owner, you’ve no choice but to automate invoicing and other accounting functions. That way, you save time and money, a perk which makes it possible for you to focus on other areas of your business that need more time and attention.
Cloud computing has made it possible for businesses to operate remotely without a problem. Many companies today no longer need traditional brick and mortar offices to function cohesively. Thanks to the convenience that cloud technology brought about, most companies can now run virtually.
As a business owner, you can store and share vital documents through Dropbox, Google Docs, and other cloud storage sites. You can also work with freelancers from all over the world and run office operations as efficiently as you would in a physical office setting. The cost-saving benefit is that you don’t have to set aside funds to rent office space or maintain a central business location.
Inventory and Asset Management
The latest inventory management tools in the market make it easy for businesses to reduce losses by enabling regular asset distribution and equipment maintenance.
But that’s not all. As a business owner, you can manage inventory from virtually anywhere. You can also replenish stock at the touch of a button or even automate inventory management software to make recurring orders each month.
The possibilities that new tech solutions offer here are endless. Benefits include reduced inaccuracies, enhanced productivity in operations, data security, loss and theft prevention, and less tedious inventory processes.
Asset tracking is an essential part of inventory management. Small businesses usually don’t have any assets to spare, but most likely have some crucial tools they can’t work without.
Losing valuable tools can result in a lot of missed work and the high costs of replacing them.
For example, if you have 15 earth moving machines and lose one, you won’t have lost much compared to a business with two earth-moving machines but lose one. Your business will remain with 14 machines and lose approximately 7% of its earth-moving capacity.
The other business, on the other hand, will lose 50% of its earth-moving capacity.
The rule here is simple. The less equipment your business has, there more important asset tracking is.
Modern Tools for Workforce Transparency
Workplace transparency is more than just an emerging trendy term. There is much more into it than employers and employees coming together to analyze criteria and expectations for advancement opportunities openly.
Employees improve productivity when employers adopt a transparent model that reveals everyone’s wages. This isn’t as unconventional as many people think. For example, Buffer, a popular application used for social media management, can share salaries, revenue information, and even fundraising processes.
This motivates employees to perform better if they want to reach the status of other high earners.
The use of performance tracking tools and interactive social features like message boards are also ideal when it comes to embracing modern tech tools that enhance workforce transparency.
The world revolves around technology. You can’t afford to remain behind as a business owner. Take time to invest in tech solutions that can help you increase productivity and, at the same time, improve your business operations.
Heather Redding is a part-time assistant manager and writer based in Aurora, Illinois. She is also an avid reader and a tech enthusiast. When Heather is not working or writing, she enjoys her Kindle library with a hot cup of coffee. Reach out to her on Twitter.