11 Ways to Scale Up Your Business Through Technology
The Covid19 pandemic made the world realize the need for technology as ever before. In this new normal, technology has entered every aspect of life, Scale up your business be it employment, education, health, governance, or business. Businesses across the world adopted the technology at an unprecedented speed to catch up with the new normal and stay relevant in the market. The technology helps the enterprise bring efficiency and scale up their business.
In this article we will discuss 11 ways to scale up your business through technology:
#1: Boost Your Efficiency
Technology helps in bringing efficiency to the business by automating various processes related to production, operations, customer engagement, marketing, auditing, sales, and supply chain. Entreprises across the world use technology such as artificial intelligence, the internet of things, and blockchain to bring efficiency to the business by streamlining various front and back-end processes, and scaling up the business.
#2: Streamline Internal Communication
The communication between various teams and verticals within an organization had become challenging due to the closure of offices when the pandemic began spreading its legs. In such circumstances technology was the last resort to bridge communication within organizations. The cloud-based software ensures smooth communication and coordination between different teams even if they are working from a remote location. It speeds up the operational efficiency of the organization.
#3: Better Customer Support
The AI-based chatbots are designed to initiate a conversation with customers without any human intervention. It increases customer engagement and helps in lead generation and conversion. The AI-based chatbots respond to customers’ queries automatically 24/7 and collect insight about their buying behaviors, which has a very important role in making future strategies.
#4: Improve Customer Experience
Customer experience is a very important part that a business cannot undermine as it dictates its sales and revenue. The technology has equipped enterprises with tools such as virtual reality, chatbots, and speech-enabled voice recognition systems to enhance the customer experience. For example, CRM integrated with Chatbot interacts with customers to answer their queries on a real-time basis and help them make a buying decision.
#5: Streamline Tracking and Tracing
The efficiency of a manufacturing business largely depends on tracking and tracking the movement of inventory from the factory to the end consumer. The Blockchain-based tech solution Blokchi enables the manufacturers to tag their products with an NFT-enabled QR code, which helps in tracking and tracing the real-time status of the inventory by scanning it through a mobile camera.
#6: Curb Counterfeiting
Counterfeiting not only brings bad names to the brands but also dampers their potential to scale up their business due to loopholes in the supply chain. Technology has a very crucial role in countering the counterfeiting of products and removing gaps in the supply chain. The unique and inimitable QR codes generated by Blokchi technology help in verifying the authenticity of the product and uncovering the fake products.
#7: Reduce Costs and Capital Expenditure
A major chunk of a company’s budget goes to capital expenditure and managing various operational costs. Technology automates the functions such as record keeping, accounting, and payroll. The capital expenditure on machinery, land, plant, equipment and building can be reduced by opting for innovative technology solutions that do not need huge space and maintenance charges. Digitization reduces these expenses and helps in scaling up the business. For example, the world’s largest car service company Uber does not spend on purchasing cars, instead, it uses technology to facilitate the booking of cars by collaborating with car owners.
#8: Flylight Business Model
Traditional businesses based on the brick-and-mortar model, need to have their physical stores and shoes to provide their services. This business model requires a lot of expenditure on land, buildings, or rent. However, the innovative technology has made it possible to run a business without having a physical office or store which is called flylight business. This business model can be scalable indefinitely as digitization has no limit to expansion.
#9:Security and Privacy
Although digitization has transformed the business space, it also comes with the risk of online security threats. Enterprises need to ensure the physical and virtual security of their business to prevent infringement. For physical security, they can use high-tech tools like drone technology, AI video surveillance, areal imaginary tools, etc, while cybersecurity solutions assist them in tackling online threats. Robust security saves a lot of money lost due to theft and damage.
#10: Competitive Advantage
The optimum use of technology to bring efficiency to your business, and product differentiation make your business stand out among your competitors. Even if your competitors are manufacturing the same product, you can have a competitive edge over them by reducing your costs, and strengthening your internal communications and operational efficiency using the latest tech solutions. For instance, you can save a lot of expenses on manpower for inventory management by introducing Blokchi track and trace solutions in your supply chain.
#11: Scale-up Your Business Productivity
The use of robotics in manufacturing can increase your productivity multiple times. The AI-enabled technology can revamp your whole manufacturing process without any human intervention, ensuring zero error. The productivity of manpower also gets a boost from well-connected workplace software that ensures robust coordination and communication between in-house staff.
Hopefully, these 11 ways to scale up your business using technology must help you to take your business to the next level. Businesses need to invest in technology to remain agile and quick to respond to changes in the markets and stay relevant in the cut-throat competition.