How can technology drive your profitability?

New technology paves the way for future business innovation. Although you don’t have to invest in all the new technologies or gadgets, it is advisable to keep up with the latest trends that could improve your profitability, such as CRM.

The worldwide range of e-commerce

One of the most important advantages that technology can offer to your business, regardless of your industry, is access to a large number of new customers that you would not be able to approach otherwise. The rise of e-commerce, i.e. the online sale of products and services, has brought massive changes in the business world. According to eMarketer, the sales from e-commerce are expected to reach 4 trillion dollars by 2020. This is a number that cannot be ignored. By moving your business to the Internet, you can gain access to markets all around the world. And with the help of the right partners, you’ll be able to sell your products to customers worldwide and, thus, significantly increase your revenue.

Technology and efficiency

As technology is developing, businesses become more efficient, since they are able to reduce their expenses and increase their profits. Although many existing technologies are designed to increase efficiency, a new type of technology that is attracting attention is Big Data, including the use of powerful analytics software that enables businesses to utilize their data in order to gain a competitive advantage. Big Data allow businesses to take advantage of their processes in order to increase their efficiency and reduce their expenses.

Technology equals versatility

Modern technology will help your business become more versatile, and a parameter that will significantly contribute to this end is cloud computing. One of its main benefits is software as a service: instead of running your software on local hardware, you can do so through a network. For example, you can take advantage of the numerous capabilities of cloud ERP and CRM, without having to bear the otherwise significant cost of investment and maintenance expenses that an on-premise system would entail, with all its restrictions.

Cloud-based solutions are provided directly from the vendor, via Internet, and therefore eliminate the need to have available IT support at any given time. This automatically reduces expenses, enabling your business to allocate part of your IT budget to other areas. In any case, based on statistics, the average business is now using dozens of different cloud-based services, and this clearly indicates the general trend regarding the relationship between technology and businesses.