Technology can be extremely beneficial for small businesses. It can help businesses grow and be more agile so that they can adapt to changing customer needs.
The cost of technology is not as high as it is often perceived to be. Findings show that on average, while an office set up and a knowledgeable worker cost around $62 on average every hour, a high-end technology can average out to only $0.20 per hour. The appearance of an office and business can positively influence clients, however, it is equally important to invest in technology which gives a business a greater reach and access to a broader audience.
Technology doesn’t just save money, it also saves time. Using technology will help make processes more efficient through automation and simplification. Additionally, investing in technology can improve interactions amongst employees and create a more productive work environment. Data has shown that investment in cloud technology, for example, can increase productivity by 20% and employees who spend a portion of their time working remotely (which they can due to cloud computing and mobile technology), have the highest workplace engagement.
Technology also makes it easier to engage with customers. For example, 60% of all millennials have interacted with a chatbot at least once and 70% of them reported the interaction positively. Social media further enables customer interactions as it allows customers to convey their feedback to the company and interact with businesses in a casual way. Current technology allows personalisation of communication with customers, so businesses should use this to let their customers know that they are valued rather than general communications which generalise communications.