Since the dawn of technology, it is no longer a supporting purpose, and it is now a significant driver of the growth of businesses in any industry and in any size. Smaller companies that are not in the technology sector have a challenging task to develop an effective Technology Strategy; instead, many of them do not have one. In addition, these businesses are financially strapped, but they also lack internal resources and are unable to access expert advice regarding technology. Lacking a comprehensive Technology Strategy can drain a company’s resources, put them further behind their competitors or even end up being inactive. This article offers essential guidance to small-scale business owners on how to start. Below are a few things to be considered when designing a strong Technology Strategy.
Legal and Government Compliance
The planning for the right technology to keep the company in compliance with the law and regulations is the first priority. The last thing any business would like to do is get distracted from its core business and becoming bankrupt in the process of defending litigation. For instance, restaurants should be equipped with technology for sales tax, PCI Compliance and employee timesheets, etc.
Customer Experience and Core Business
Technology that enhances the customer experience and core business follow. They are the ones that directly generate revenue, and they are the services that customers are paying for. This is the part to which a company must adequately prepare and allocate funds. For instance, in order in order for a restaurant to succeed, it needs to have the right technology to handle orders from customers, and execute in the kitchen, and provide service. If customers do not receive what they want or arrive late and leave, it’s likely to impact the business of the restaurant. Offering free WiFi can help improve customer service.
Marketing as well as Digital Reputation
In order for a company to draw customers, it not only has to announce its existence to customers, but it must also constantly create buzz to stay ahead of rivals. Effective marketing is a crucial element in any company’s growth. In today’s world of the internet, consumers tend to look up products or services online before purchasing them. That’s why maintaining and maintaining an online reputation that is good online extremely important for any company. That is the thing that a company should plan for and make sure that they have the proper funds. For instance, restaurant owners may want to create websites that provide information to customers regarding the restaurants and their menus. To promote its digital reputation and marketing, it must make and keep a presence on social media platforms such as Facebook, Twitter, and Yelp, and others. Utilizing online marketing instead of traditional channels is more efficient because they allow for reaching large audiences for a significantly less cost.
Operational Efficiency and Efficacy
The next thing to think about is planning for the use of technology to increasing operational efficiency and efficiency. Technologies that improve efficiency in operations will help cut expenses, reduce waste and significantly improve the bottom of the line. When the savings gained through increased efficiency outweigh what technology costs and technology, it’s a worthwhile investment. For instance, restaurants that have the latest technology in material and inventory planning will significantly reduce the costs and food spoilage, directly increasing profitability.
Insource, Outsource, or the Cloud
Once you’ve decided what you’re looking for, then you need to think about a plan for how you will gain these capabilities. Small businesses that are not tech-savvy have a lack of internal resources, and hiring personnel to run non-core operations could leave holes in their pockets. If the company has staff members already in place with technological skills, outsourcing might not be the best option. The majority of the leading technology, both platforms as well as software, is available in the cloud and should be considered as the first option. From a small-business perspective, Cloud is not only cost-effective, but it also allows businesses to remain focused on their strengths. If something isn’t accessible on the cloud, outsourcing could be thought of as.
Data Strategy and Security
After determining the requirements and what to get it, it’s crucial to conduct research and create a plan for the storage and retention of data as well as security plans. It is essential to ensure data storage that is compliant with the laws of the government regarding the physical place of storage, its retention time, as well as encryption standards, usage, and many other elements. Contracts between cloud providers need to be reviewed prior to deciding to purchase their services. Cloud platforms typically include top-of-the-line security systems. The use of in-house data could increase security and cost.
In the end, be sure to check it frequently.
Also, make sure to ensure that you review your Technology Strategy to keep it in line with the business objectives and other elements discussed earlier. Keep in mind that laws, technology, customer expectations, as well as competitors and markets, change constantly, and therefore, your strategy must remain in sync.
Amit Ginotra is a seasoned Information Technology professional with expertise in Technology Strategy and Transformation. He is studying for the master of the Entrepreneurship Degree program at Western Carolina University. Webmasters and article publishers are granted reproduction permission for as long as the article is incomplete, as well as the author’s name, information, and any hyperlinks remain in place.