Investing in technology is one of the most sensible investments a business can make. Still, it has to be the right technology: well-thought-through purchases will be rewarded with high ROI, but mistakes can be a major cash drain and sometimes do more harm than good. If you’re looking to enhance your business’s profitability by investing in tech, look to the following areas first.
Productivity or Efficiency Enhancing Software
There are many different software solutions that promise to enhance productivity or make grand efficiency improvements in your company. It’s very important to scrutinize these properly. It’s important to consider how well your staff are suited to changes in technology. If you have a team that finds adjusting to different technologies a bit tricky, new software could actually hinder productivity and efficiency. Look towards software that is easy to use and makes tangible efficiency improvements – like bookkeeping software that does the job of an accountant or HR software that eliminates the need for an HR department. These solutions are a good idea because they can save you money in a very tangible way – by reducing the work your staff needs to do.
IT and Cybersecurity Management Services
Hacks are a growing problem for small and large businesses alike. Cybercrime is expected to cost the world $6 trillion this year and businesses fall victim to ransomware every 11 seconds. If your business gets hacked, it can cripple you. There are other reasons to get IT management, too – they can ensure your servers are constantly in good health and minimizing downtime. This can lead to your website being punished by search engines and placing lower down on the search engine results page. When you use IT and cybersecurity management services, you are eliminating the need for an IT department and hiring experts to take care of your networks. These can be well worth it in terms of time; according to Zeta Sky, 81% of issues are resolved with just one call or email to technical support. This means that investing in a management service will save time and effort as well as protect from the growing threat of hackers.
Digital Marketing
Digital marketing is one of the essential forms of modern advertising. It can be an incredibly effective tool to increase sales, customer retention, and brand awareness. You do need proper strategies; however – if you don’t read up on concepts like conversion funnels, PPC, and SEO, you can be wasting money with an ineffective campaign. If you have the time to invest, it’s well worth learning about DIY digital marketing, though you could alternatively just hire an agency. If you have a website, SEO is a must. It’s a renewable method to get organic views to your website, which are far more valuable than paid click-throughs. Almost all online interactions begin with a search engine (93%), so one of the best ways your business can beat the competition is by placing higher than them on the search engine results page.
