In a recent economics survey of small to medium-sized businesses by Oxford University, it was discovered that two-thirds of companies believe that technology is the key to transforming their business in order to “achieve longevity and sustainable growth.” This survey reveals a lot about how businesses worldwide feel about technology. Does your business identify with any these trends?Technology is Changing Everything
While technology is seen as the key to future growth for many companies, the majority of these enterprises view technology as a threat to doing business the way they are used to doing it. Over half of SMBs believe technology is making their traditional ways of doing business obsolete. This statistic is not surprising. It’s the nature of technology to replace old practices with new solutions; these changes are made in the name of efficiency and productivity.
Businesses on the Cutting Edge
Not every business runs out and buys the newest technology as soon as it’s released. Oxford has found that nearly one-third of businesses are early adopters of new technology. These are the businesses that believe strongly enough in technology to try it out, hoping that it will give them a competitive edge. With the way trends work, the other two-thirds of businesses watch the results from their competitors closely, learning if their investment is worth the risk. It’s also interesting to learn that larger companies are more likely to adopt new technology than a smaller business. Surely, having access to extra capital factors into this.
The Importance of Going Mobile
Using mobile devices to help businesses grow, and expand their reach beyond their office walls, and be more productive, is seen as an integral technology for 60% of business. Of the businesses that participated in the survey that were categorized as most profitable, 70% viewed mobile technology as a key to transforming their growth.
Don’t Count Out the Small Guys
While small companies may not adapt new technology as fast their larger counterparts, the majority of smaller companies are, “confident they can handle technology and understand its relevance.” This implies that funds may be keeping small businesses from being early adopters, which is opposite of the common perception that small companies are resistant to the change brought on by technologies.
Improving Customer Services Drives Technology
Of the businesses that use technology to improve customer service (solutions like social media, mobile technology, and business analytics), 60% say that adopting these new technologies are a significant benefit to their customer service processes. While technology can’t totally replace people-skills and caring customer service, there are many solutions that can make your business more accessible and personable.
Technology is driving business forward. Taking advantage of new solutions will help your business grow by helping you target your message to new groups, stay better connected with your customer base, integrate mobile technology, and much more. To learn more about new technology solutions that can enhance the way you do business and help achieve your goals, call Setton Consulting at 212-796-6061. We can help you find the perfect solution for your company’s needs!