What’s the ultimate formula to make your business a success? Technology. We all know that technology has a lot to do when it comes to running a business, earning profits, finding customers and expanding the business.
However, there are many businesses who in spite of spending a lot of money, fail to achieve success. One major reason for this is because they believe in the myths regarding business technologies and hence often shy away from using the latest technology.
Using modern technology in your business can provide you with amazing benefits, but sadly many businesses still have doubts regarding how technology can help their business, all due to the myths surrounding the use of tech.
In order to make your business successful, these myths must be broken.
Here are 5 business technology myths debunked:
Myth#1 – No Matter Which Technology You Use, It’s Going To Boost Your Business
Implementing technologies is like going digital. This is the era of digital business but very few businesses know how to make the transformation.
According to Forbes, 84% of companies failed at digital transformation in 2017 because they thought that implementing technologies one after another is all there is to it.
Boosting a business requires planning first and then picking up technologies that compliment your business. Usually, two things are required to perform a successful digital transformation. One, strategizing and two, figuring out the technologies that will support those strategies.
You need to pick technologies depending upon the nature of your business. To do this, jot down the problems that you face while running your business. Now figure out how many problems are due to the absence of technology (for example, time wastage due to no automation technology).
Once you know the problems you are facing, you will be able to come up with good strategies to counter those problems and boost your business.
Myth#2 – It’s Better To Be Perfect In A Technology Than To Implement Early
How can you be perfect in a specific technology if you aren’t bringing it into practice in your business every day? This mindset is the reason that most of the small businesses fail in the first year of work because they come by too late when it comes to implementing a technology.
The late you implement a technology, the worse it is for your business. We have so many examples before us that justify the importance of implementing a new technology as early as possible.
It took 25 years for telephones and 30 years for electricity to cover 10% of the population. But today, new technologies are spreading quickly. For example, it took only 10 years for smartphones to reach 40% of the population, and today, a large part of customers surf the internet and shop with smartphones. Thus, businesses that do not have smartphone apps, a mobile-friendly website, and mobile optimization are missing on a lot of potential profit.
The bottom line is that you shouldn’t wait much longer if you think that a technology will benefit your business even if you are not perfect at it.
Myth#3 – Businesses Can Thrive Without Automation
Implementing automation makes a business earn more in less time. However, the most important benefit is that it offers a personalized experience to the customers.
The benefits of providing personalization to customers are huge. It is estimated by eMarketer that by 2021, retail sales will reach $5.68 trillion. So, businesses that think that automation isn’t much of a big deal should rethink because it’s a great way to personalize services for your customer.
By personalizing services with automation we mean to give them what they want to see. For example, when you buy a book from Amazon, you get to see similar books in the recommendation section, that’s automation used to offer personalization.
It improves customer experience by giving them what they want, but automation can be used everywhere. For example, there are egg carton machines that can be used to make egg cartons in a quick manner, which means less input and more output.
Automation can generate auto alerts for businesses, do routine tasks without any errors, eliminate the need to hire ean xtra set of hands to perform a task, complete business operation is less time etc.
Myth#4 – Business Data Is Secured On Local Systems
A lot of businesses think that they are safe from cyber attacks thanks to the top notch security softwares installed on their systems and servers. However, with the advent of technology, cyber criminals have upped their game too.
Hundreds of hacks are attempted on an everyday basis that result in a loss of millions. Here’s where tech comes into play as antiviruses alone will not help you. You need to make use of better technology, such as cloud.
Taking your business on cloud offers 100 times more security than other options. Not to forget that it also allows businesses to store and access data whenever they like and on any device.
Myth#5 – Technology Is Killing Jobs
A lot of people think that the implementation of latest technologies such as automation services are killing jobs. The truth is that they’re looking at the picture from a different angle.
It won’t destroy jobs but create newer and better ones. With AI technologies taking over businesses, employees will have to upgrade their skills to bring more to the table.
The past has already revealed to us that implementing new technologies have always created new jobs. There were no Android or iOS developers when smartphones weren’t there, but with the growth of smartphones, the IT industry also grew.
So, it’s clear that with new technologies coming into play, it will create more jobs and motivate people into learning new skills to handle the technology.
These five myths keep many businesses from implementing technology in the right way. Make sure to avoid them and take your business to new heights.