2016-09-14 00:00:00TechnologyEnglishhttps://quickbooks.intuit.com/in/resources/in_qrc/uploads/2017/05/Technology-How-Technology-can-keep-your-business-competitive-1.pnghttps://quickbooks.intuit.com/in/resources/technology/technology-can-keep-business-competitive-2/How Technology Can Keep Your Business Competitive

How Technology Can Keep Your Business Competitive

2 min read

Technology can be a vital factor that can boost your business and reach audiences and customers like never before. You can stay abreast and keep your business competitive with latest developments through the adoption of the right technologies for your business.

Small businesses are hesitant to switch over completely from a labour focused to a technology focused approach with only 5 per cent of Canadian Business are leveraging online or cloud solutions. Today 55 per cent of their US counterparts have moved on to newer online technology. Hybrid clouds (works online and offline) enables small businesses to have a higher degree of ownership and flexibility.

Here are 5 tips to keep your business competitive:

Cloud computing:

By moving to the cloud, you will reduce your investment and demand for equipment which needs constant maintenance. To keep your business competitive, your small business will gain through lower power use, support costs, upgrading and reduction in housing servers. In this way, you can pay for only the data is used and costs will correspond to the amount of space demanded and your hardware will be utilised to its full capacity.With Cloud Computing you can increase productivity and flexibility. This is possible as cloud platforms offer multiple access across various platforms and mobile devices. They work on through a cloud app for access, or plug-and-play process.

Businesses require agility:

In terms of E-commerce, businesses can devise means to reach new audiences. Accounting is made simple, through the collaboration of the company’s accountants and providing real-time data to all those that have access. There are easy tools within the cloud software that are compliant with government regulations and standards. All small businesses have the need to perform different roles and can now focus on their goals and depend on technology to help reduce tasks like monitoring inventory and accounts. This will help you spend the much needed time meeting customers and creating new business leads.

Stay up to date with technology:

In order to ensure that your competition does not have an advantage over your small business, you should update and upgrade. Your business will benefit with the use of new technology that helps in business administration, sales and marketing.

Social media to the rescue:

If your small business needs a strong tool to leverage your business, there’s no better channel to undertake than through social media. This allows your business to stay competitive and provides you with better channels to market your business. With digital marketing tools, you can schedule, connect and interact with customers and provide call-outs to sell your products online. A constant engagement with clients and customers provide you with the best way to build loyalty and build your relationship with them further.

Security and administration:

For the best in administrative insight, you can trust technology to give you notifications, updates and suggestions about reports that are being tracked and monitored at real-time. Newer technology makes your business software more secure and reliable than before. This is due to the constant updates and upgrades that are happening in the background. Security is higher as only you are provided access and since the servers are in remote locations and are constantly monitored and kept protected.

Small businesses can now focus their attention building new business instead of having to continually work on accounts and other administration tasks that are now automated. With cloud servers and management your client’s confidential information is safe and there is a reduction in paperwork. Companies must switch over to cloud computing and take advantage of newer technology and processes.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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