7 Reasons Your Business Is A Tech Company
Looking back at any TV show or film from 15 to 20 years ago, it is plain to see how advanced our technology has become. For many businesses and companies, the rapid increase in digital tools has created a need to understand an array of systems, software and apps to complete their core function – selling goods and services. So whether you’re an accounting firm in Blackburn or a cafe in Richmond, your business relies on software-as-a-service (SaaS), payment systems, computers, Wi-Fi networks, and smartphones.
And with heavy reliance on these technologies, your business must protect its devices and network. A recent survey found that 98% of companies found that one hour of IT downtime costs more than $AUD 150,000.
That should come as no surprise; as you know, when one of the banks is offline due to a ‘system glitch’, it causes chaos in everyday life when people can’t access their money to pay for goods and services.
Here’s the truth, every company is now a technology company regardless of the products and services offered.
Let’s explore why understanding this context matters in 2023.
Why is technology the engine room of every business?
1. Technology is crucial in modern business.
Our farmers on the land in Gippsland or down in South West Victoria rely on technology to stay updated with commodity prices, sell livestock, and maintain their bookkeeping. So like farmers, many businesses and companies could not operate without software and databases to record critical information.
You may recall significant breaches impacting global meat producer JBS and Colonial pipeline. When these ransomware attacks occurred, JBS and Colonial had to stop operating and resulting in devastating IT downtime.
Unfortunately, they both decided to pay their attackers so they would avoid costly financial losses and start trading again. This impact on their operations highlights how vulnerable companies can be with their business reliant on technology.
2. Customers expect an excellent digital experience
Over the coming five years, many leading companies anticipate that their top priority will be creating an exceptional digital experience for their customers. A recent study by Super Office identified that 46% of survey respondents expect creating a perfect customer experience is at the top of their list.
To avoid customer attrition, you should focus your digital customer service efforts on creating delightful experiences when:
- Navigating and interacting with your website
- Adding to cart and checkout for eCommerce
- The ease of making an appointment
- Shipping notifications and updates
- Relevant and valuable online chat
- Understand your response time from customer support
- Ability to contact your company through social media profiles
3. Improve employee productivity with current devices
Investing in and maintaining quality devices for your employees improves productivity and drives team engagement. Modern businesses and workplaces should ensure all employees have easy access to their internal information and customer data and be able to stay connected with each other. But it’s not enough to provide the latest smartphone or laptop; you must ensure your employees are trained regularly to maximise the use of their devices and adopt the best practices.
4. To stay competitive, lean into AI and automation.
Artificial intelligence (AI) and automation help businesses move faster. For example, with AI, you can offer a personalised experience for your customers in your online store. And with automation, your sales teams could complete 30% more deals and lift conversions by over 200%, according to Salesforce.
To maintain a competitive edge, companies need to consider integrating AI and automation with their existing solutions, ensuring your relevancy in the marketplace in the years ahead.
5. Information and content are being created at a rapid pace.
Imagine you turned the clock back, and we all reverted to paper files. And we were storing them all in separate filing cabinets in an archive room. Do you remember how many major organisations needed different buildings to keep all this information?
While you’re unlikely to choose to go back to that antiquated system, most businesses maintain files, documents, and customer records online. Importantly, your business should have systems and processes to make finding this information seamless.
6. Vendors and suppliers are letting go of legacy systems
You may think you can have vendors or suppliers run your business offline. But, increasingly, the answer is ‘no’, and it’s unlikely you could operate in today’s world without digital documents, let alone email.
Your vendors are the same as you and should be considered technology companies. And in the unlikely event that they still use a legacy system like a fax machine or using paper documents; this will soon be a thing of the past.
7. You can only grow with tech innovation.
It’s well known that humans are limited by what they can physically and mentally achieve in a single day. Modern computers and technology have taken over many global processing and manual tasks in companies. For many small businesses, using cloud software enables them to leverage technology to do more at an affordable cost.
For your business to continue to grow, you need to adopt clever use of digital tools, including reviewing your existing technology infrastructure and looking towards the future where you can innovate.
8. Support your business continuity when disaster strikes
Australia is the “land of droughts and flooding rains”. So, business continuity is critical to keeping your company operating during a natural disaster or crisis. It only takes one of your buildings to be impacted by a bushfire, cyclone or severe storm to impede your business’s ability to operate.
However, you can remain operational if you are operating your business with the cloud to store your data and software. Critically, you should ensure your business is backing up your systems regularly to be relied upon if disaster strikes. Many solutions are available to help your business operate from anywhere in the world, which leads to a more resilient business.
How do you innovate your business for the future?
Developing a strategy for innovation can be challenging without expert IT professionals’ guidance. Contact us to help you build a roadmap for your Melbourne business.
About the author
Yener is the founder and Managing Director of Intuitive IT. Prior to running his own business Yener worked for a number of corporate organisations where he gained invaluable experience and skills, as well as an understanding of how IT can complement and improve business outcomes.