Almost every business uses information technology irrespective of the industry type. Technology comes with several benefits when transforming business processes. You simply need to identify a specific business problem, compare multiple IT options and select the best fit. If you’re still confused about which business problems to solve with IT, continue reading.
Customer Relationship Management
Some companies have multiple customer service teams. Others are sole proprietors who have to shoulder their CRM duties all alone. Whatever the situation is, CRM helps to bring (and keep) customers to sustain the businesses. Don’t get it wrong. Your products and management strategies are essential, too. But the world’s best product will mean very little if you keep losing your customers over trivial complaints.
There are several ways companies can enrich their customer experience with IT. Investing in contact center solutions is the best place to start. There are trillions of devices globally, and each demands personalized services. According to a Forbes survey, 96 percent of customers are ready to abandon service providers over poor customer service.
Using a cloud contact center might not be a guarantee that customers won’t abandon ship. But it can act as a unit to identify challenges applicable to specific groups of customers. That way, just one solution can become a template for many existing customers and new ones who may face the same challenges in the future.
Data Security Vulnerabilities
Over a thousand data breach cases are reported by U.S. businesses each year. As companies increasingly take their workspace to the cloud, cyber security has become more of a necessity than a luxury. Using advanced information technology helps ward off hackers and secure valuable assets. But most of these cyber security softwares don’t come with a true-zero solution.
Hackers continuously monitor their victims and feed off employee mistakes to wreck data systems. Therefore, it pays to enlist a security specialist or contract a third-party firm for assistance. Qualified security specialists with NexGen certificates are well equipped to build and maintain resilient systems. Beyond that, they can help establish a data-responsible culture within your business. With a more security-conscious workforce and more cyber-secure solutions, businesses can significantly reduce risks and vulnerability to data breaches.
Operational efficiency is a crucial business key performance indicator (KPI). You first need to identify all forms of waste in your workflow. Often, when talking about waste, many companies only focus on money-hemorrhaging activities. But an employee taking too long to complete a task (or a delay in a customer accessing a service) are all hotspots for waste.
Today, many businesses are automating their processes. This involves the use of high-tech innovations like business process automation (BPA) or robotic process automation (RPA) to ensure transparency in business processes. With heightened operational transparency, businesses can identify inefficiencies and deploy solutions in real time.
Automating business processes also helps to perform repetitive tasks on time. For instance, using chatbots for customer queries can save time and money for higher-value work. With less room for human error, automation has become a go-to for many efficient businesses globally.
Inaccurate Financial Management
Businesses, both large and small, have access to several SaaS fintech applications to work their books. Keeping up with financial numbers can be a daunting task, especially for sole proprietors who need all the time they can get to create and sell business offerings.
Luckily, many financial management apps have invoice and receipt management integrations that support on-the-go record keeping. That means the more customers receive bills and pay via the app, the less time is required to balance numbers and transactions.
You can generate a financial statement for an entire year without a drop of ink on paper. What’s even better is the ability to access and leverage financial information for periodic evaluation and investment pitches.