Top SMBs use technology to maintain their competitive advantages, increase cost, working capital, and asset utilisation efficiencies, and create scalable businesses.
Every businesses have a constant desire to grow by a huge margin. Most businesses try to apply the same methods they have been successful in within the last few years, forgetting that their business is entirely different today and that they need a new approach very often. Scaling up any business requires the right support and coordination at multiple levels. This is not possible without technology. How can technology help? Let’s read on to understand.
How top businesses use Technology To Scale Up Revenue?
“ A KPMG analysis claims that utilising digital technologies can greatly increase the revenue of SMBs. The report continues by pointing out that online tools like websites, social media, and e-commerce may expand SMBs’ market reach and improve their capacity to connect with clients. When compared to offline SMBs, digitally engaged SMBs have an almost doubled revenue growth trajectory.”
Technology allows businesses to do things that would not have been possible before and helps them save money on overhead costs such as office space and equipment. This enables them to reinvest those savings into other areas of their business which will help them scale up revenue even further.
1. Machine Learning and AI
Machine Learning and artificial intelligence are two terms you’re probably familiar with by now. Machine learning is artificial intelligence that uses statistical modeling to learn from data without being programmed. It helps you predict the future by looking at the past.
For example, let’s say you wanted to know how many people would buy your product after seeing an advertisement on Facebook. You could use machine learning to gather information about the past purchase behavior of people who saw your ad and then apply that information to estimate how many people will buy your product after seeing an ad in the future.
Machine learning is also instrumental in automatically managing customer service requests, sending emails when someone subscribes to a mailing list and scheduling social media posts. This automation helps businesses scale up quickly while lowering costs because they don’t have to hire new employees or pay them benefits.
2. Application Performance Management
Application Performance Management (APM) is a key part of any business’s Internet of Things strategy. APM helps you identify and monitor applications to see their performance in real-time.
APM also provides insight into the health of your web applications, so you can identify potential problems early on and address them before they affect your customers.
Finally, APM helps track performance over time to see how it changes with different workloads. This data can help improve your app’s overall efficiency, making it more reliable for your customers and sustainable for your business.
In a nutshell, companies can benefit from APM by improving their application’s performance, finding bottlenecks in the code, and understanding how many resources are used by each application.
3. Remote Management Systems
Remote management systems are a growing trend in the business world. They allow you to connect with your employees from anywhere in the world and help them work more efficiently. This can be hugely beneficial for companies that need to scale up quickly since you don’t have to spend time at the office if you don’t want to.
You can also use remote management systems and software like Monday, Trello, and Hubstaff to ensure your employees stay on track with their projects. This will help improve productivity and keep everyone motivated throughout the day.
Managing your business from afar doesn’t have to be difficult or expensive—remote management systems make it simple and affordable!
4. Augmented and Virtual Reality
Augmented and virtual reality are terms often used interchangeably, but they have distinct meanings. Augmented reality is a technology that overlays digital content onto the real world in front of your eyes. It’s like wearing a pair of glasses that shows you information about what you look at.
Virtual reality, on the other hand, takes you inside an entirely new digital world separate from the real world. In virtual reality, you don’t see the objects around you; instead, you see a new environment created specifically for this purpose.
Both augmented and virtual reality can be used in business to drive revenue growth or improve customer experiences. Companies are using these technologies to create interactive advertisements, marketing campaigns, and educational experiences for customers who want to learn more about their products or services before buying them, resulting in more sales.
For example, if you’re a construction company that needs to build a new skyscraper in New York City, you could use augmented reality to give your workers a virtual tour of the project, so they know exactly what they’re working on. You could also use this technology to create custom training videos for each employee to teach them how to use certain tools or perform certain tasks.
The same goes for customer service—you could use virtual reality to give your customers a preview of what it’s like before they travel somewhere. This will help them feel more confident about booking trips or buying products from your company.
5. E-Commerce Platforms
E-Commerce Platforms are an essential tool for any top business. They help you to build your brand, manage inventory and orders, provide customer service, and much more. Many of the world’s most successful online retailers use an e-commerce platform to support their businesses.
A wide range of platforms can be used to help your business scale up. These include Shopify, Magento, WooCommerce, and BigCommerce. The main thing to remember when choosing the right platform for your business is the type of product or service you are selling. For example, a simple website will suffice if your product or service requires little customer interaction. Still, if you want to engage with your customers on an ongoing basis, then an e-commerce platform would be more suitable.
6. CRM Software
CRM software is a system that helps businesses manage customer relationships. It can get customer feedback, monitor activities, and provide customer service.
A business can use CRM software to respond to customer requests more promptly. The software also allows businesses to track how much time and money they spend on each customer and what products or services they purchase.
Businesses can use this information to improve their products and services, which makes it easier for them to attract new customers. They can also better understand what types of advertising are most effective at bringing in new business.
For example, if a customer enquires about a product or service, the CRM system will record this information in one place so that you don’t need to look up their details every time they contact your business.
7. Cloud Computing
Cloud computing is a technology that businesses can use to scale up their revenue. Cloud computing stores data on a remote server rather than on your computer. This means you don’t have to worry about backing up your data or maintaining the server, making it easier for you to scale up your business.
This is beneficial because it reduces the amount of physical space you need for your business and can also reduce the cost of having to pay for more storage or hardware.
For example, if you’re running an e-commerce website and want more features but don’t have the time or money to hire someone else, cloud computing can help you get more features for less money.
8. Enterprise Resource Planning Software
Enterprise Resource Planning Software (ERP) is one of the most powerful ways to scale up a business. It’s a software system that helps manage all aspects of your business, from inventory to sales and even payroll.
It’s easy to see why ERP is so effective: it allows you to integrate data from all parts of your business, which means you can make better decisions faster.
Some of India’s leading ERP software providers include Oracle, SAP, Microsoft Dynamics GP, and NetSuite.
For example, if you’re looking at your inventory levels and notice they’ve been going down faster than expected, ERP will tell you if there are any problems with your supply chain or production process that need fixing.
How to leverage technology to improve profit?
To achieve EBITDA goals, the business must accomplish business improvement objectives (2nd layer) like increased new sales from new products in order to get there.They must create business capabilities (3rd layer) such as a better product launch procedure in order to accomplish those business improvement goals.They must adopt digital technologies (4th layer) and improve applications, reports, and cooperation, such as during the product launch process, in order to achieve those business capability advances.They need to have a strong, secure, and healthy IT infrastructure foundation (5th layer) in place before they can accomplish such advances in digital maturity.
Technology can help you improve profit in a variety of ways. There are many different technologies available, each with advantages and disadvantages. However, several main categories of technology can help your business improve its bottom line.
1. Social Media Marketing
Social media marketing automation is a great way to save time and energy while still being able to engage with your audience. By automating some of your social media efforts, you can focus on the bigger picture of your business while still staying engaged with your customers.
Social media has become a huge part of many businesses’ marketing strategies. It allows companies to reach customers in real time and provides them with immediate feedback on their products or services. Social media also allows businesses to test new ideas and products before they go into full production.
Social media marketing allows you to automate some processes essential for running a successful business on social media platforms such as Facebook and Twitter. For example, you can set up automated messages sent out when someone mentions one of your products or services on either platform. Responding quickly lets potential customers know they are important to you.
2. Managing Payments Using Automation
Managing payments can be a nightmare if you don’t have the right tools. You need to automate if you’re looking to get your payment management under control. Automation takes care of all the tedious, time-consuming tasks so you can focus on what matters most—your business.
For example, imagine that you run a small business that sells water bottles and other products online. You have a sales team that works remotely from home offices, so they need to be able to access the software they use to manage customer information. They also need to be able to manage payments using automation to make sure their customers are satisfied with their purchases.
When you use technology, you can automate making sure payments are processed correctly and on time.
3. Managing Customer Information & Interactions
Customer information and interactions are a pivotal part of any business. You need to understand who your customers are and how they interact with your brand. This is where technology comes in!
Using Customer Relationship Management (CRM) tools, you can record customer interactions, including phone calls, emails, social media posts, and more. This data helps you learn what customers want to buy, their problems, and the best way to reach them. You can then use this information to better target ads, products, and services towards them.
4. Automated Accounting
Automated accounting is a great way to improve profit. It can help you save money and make your business more efficient. It’s especially useful for small businesses, which often have trouble keeping track of their finances.
You can hire an accountant specializing in this kind of work, but it will cost more than doing it yourself—and if you’re just starting, that might not be feasible for you right now.
Automating your accounting allows you to be more accurate when tracking your expenses, which leads to better profit margins. It also helps you to avoid mistakes that might occur when you’re doing manual accounting, like double-counting certain expenses or forgetting about them altogether.
5. Invoicing Software
You may have already heard about the importance of invoice software. But if you’re unsure what it is or why it matters, here’s the scoop: invoicing software helps you get paid faster and more efficiently.
It does this in a few ways. First, it lets you create professional invoices that are easy for clients to use and understand. Second, it allows you to track what your customers owe you over time so that you can easily access their account information and send them an invoice when they’re ready to make a payment. Finally, invoicing software makes it easy for you to track payments and make sure bills are paid on time—so that you don’t spend hours chasing down delinquent clients later on.
Invoicing software can help you save time, make more money, and track your company’s growth.
6. Email Marketing
Email marketing is a great way to reach your audience.
You can create an email list using tools like MailChimp or Constant Contact. You can also capture emails on your website with a contact form, allowing you to build an email list of people who have already expressed interest in your business.
Once you have your list, send out regular newsletters with information about the company or products, updates on new products and services, special offers, and more!
This is a great and cost-effective way to maintain relationships with customers and get them excited about what’s coming next from your business.
7. Sales Funnel Software
Sales funnel software is a way to track and manage your leads, customers, and sales. The better you know your sales funnel; the more effective your marketing and sales will be.
Sales funnel software allows you to see where people drop off in the process of becoming a customer so that you can tailor your marketing messages to them based on their stage in the buying process.
The most powerful thing about sales funnels software is that it lets you track how many people visit your website from different sources. This gives you an idea of which channels are working and which aren’t, so you can focus on the ones bringing in the newest customers for your business.
8. Tap the Cloud for More Storage
As your business grows, you’ll need more space for your data. But as you know, storage can be expensive.
Luckily, there’s a solution that can give you more room for your files without breaking the bank: cloud storage. Cloud storage is a service that lets you store files online rather than on your computer or an external hard drive. It’s like having extra space to store all those photos of your dog!
The best part is that cloud storage is affordable (pay as you use)—much less expensive than buying an external hard drive and setting up a server in your office. And it’s easy to set up: just upload whatever files you want to store on the cloud, and they’re automatically stored there!
9. Human Resources and Payroll Software
Employees are the backbone of any organization. Ensuring that they perform to their fullest potential requires time and effort. You must have efficient human resources and payroll software to manage this effectively.
The human resources and payroll software can help you track employee performance, attendance, and training. You can also use these tools to manage leave and other benefits. This will ensure that your employees are happy and productive at work.
You can also use these tools to streamline your payroll process by automating it completely or partially using these software applications. This will save you time and money since there will be no need for manual calculations or manual data entry into the system anymore!
How to Use Technology To Increase Cash Flows
This is a great time to be in business. With the right technology, you can increase your cash flow and make your business run more smoothly than ever. You just need to know where to start!
1. Track payments and expenses through an accounting software program
Accounting software is a great way to stay on top of all your finances. If you don’t already have one installed on your computer or phone, now is the time! It will help you stay organized (which is key when managing money) and make it easier to track who owes what and when they need to pay up. Plus, some programs come with features like invoicing tools so that you can send reminders about fees owed—which means no more lost revenue from late payment fees!
2. Get paid faster by implementing online payment systems
There are many ways to use technology to increase cash flows, but one of the easiest is getting paid faster. Use an online payment system that offers faster payments. It can help your business keep operating smoothly while also giving you more flexibility regarding how much money you have in the bank.
There are many different online payment systems available, but one of the most popular options is a hosted solution that allows customers to pay through their bank account or credit card.
3. Use analytics tools to understand your customers’ spending habits
Use analytics tools to understand your customers’ spending habits for better decision-making.
The first step toward increasing cash flow is knowing where you stand. What is the best way to do that? Get down to the nitty-gritty of your business’s operations.
Your analytics platform is going to be your best friend here. It’ll help you track sales and expenses, so you can tell what’s working and what isn’t. It’ll also help you figure out where the money is coming in, ensuring it’s coming in consistently enough to keep the lights on. It’ll show you everything you need to know about your finances—where the money comes from and where it goes.
Analytics tools are great for helping you understand how much each customer spends every month—and which ones spend more than others. Armed with this information, you’ll be able to make better decisions about allocating resources across your customer base—especially if one group is spending more than another!
4. Integrate your inventory management system with your point-of-sale platform, so you never run out of stock again!
Keeping on top of inventory is crucial if you’re running a brick-and-mortar store. Not only is it important for customer satisfaction, but it also helps prevent theft and loss. But when you’re juggling multiple platforms to keep track of everything, it’s easy to miss something—and when you do, it can make all the difference between making a sale and losing one.
One of the best ways to ensure that you have the right amount of products in stock is by integrating your inventory management system with your point-of-sale platform. This way, every time someone checks out at the register or orders something online, they’ll be able to see whether or not they have enough products available before they complete the transaction. You’ll never run out again!
5. Get rid of all those pesky paper receipts and check stubs by using something like Quickbooks or Xero instead!
There’s nothing like getting a big stack of paper receipts, check stubs, and other junk mail in the mail. It’s a pain to sort through it all and file it away, and then you must do it again when you get your next pay stub!
But there’s a better way: use something like Quickbooks or Xero instead! These programs make it easy to keep track of your finances in a digital format so that you’re never scrambling to find where you put your business receipts.
A well-known grocery store chain with a large tech team based in Austin, Texas, Whole Foods Market was established in 1980 and sold to Amazon in 2017. This year, the brand saw significant online sales and home delivery growth. Tseng, who joined Whole Foods from Amazon in March and answers directly to his CTO, claims that the company had to invest significantly in employees to handle online order fulfillment and ship software system upgrades supporting record growth.
NielsenIQ helps brands comprehend and improve customer journeys using purchase data from Nielsen Global Connect. The company’s platform team is currently working on its software, Nielsen Connect, to make it easier for businesses to use the data they receive from Nielsen. According to Ramaswamy (Founder), his team has been hiring front-end engineers and API specialists this year.
MassMutual, a 169-year-old financial services company, offers customers a variety of digital planning tools, life insurance policies, investment options, and financial wellness services. Cole is in charge of the company’s digital transformation initiatives. MassMutual has increased the size of its cross-functional product development teams by hiring new executives and full-stack and mobile developers. These new team members helped develop voice-based technology, launch two new mobile applications, and partner with MassMutual’s larger technology group to introduce a free-term life insurance program for healthcare professionals fighting the pandemic on the front lines.
Western Union develops mobile apps and the technology that underpins its extensive network of merchants. It also creates risk and cash management systems used by NGOs, institutions of higher learning, banks, and companies of all sizes. Consumers’ needs changed quickly during the COVID-19 outbreak, so Western Union pushed out more digital solutions and real-time visibility into the condition of its retail locations throughout the world. Swanback claimed that despite a drop in in-person transactions, the company’s app and web portal saw an increase in visitors.
How can Ateam Soft Solutions help?
Ateam’s expertise in implementing innovative solutions to improve business processes and increase your bottom line.
Ateam is a leading technology provider and solution for businesses seeking to scale revenue, profits, and cash flows. Our mission is to help you achieve greater success through our unique blend of expertise, innovation, and customer-centric approach.
Businesses of all kinds can use technology to help them scale and produce faster results, saving hundreds of thousands of dollars in the process. While there are many ways to think about scaling a business and each company is different, there are certain trends that most businesses follow over time. The methods described here should help you take your business to the next level.