Every business should have a tech strategy. That’s why over 70% of companies have one or are in the process of implementing one. Hopefully, you’re in the same scenario. Should this be true, here are five benefits of a digital or tech strategy for your business.
Customer satisfaction is the lifeblood of a business. Happy clients provide word-of-mouth reviews to others. In turn, they become your customers. However, this doesn’t happen unless you have the proper support. The proper tech strategy helps you establish a multi-channel approach to communication.
It goes beyond email or phone. A multi-channel strategy includes SMS (text), social media, and video support. In other words, it provides customers with several support methods to minimize wait times and maximize solutions.
Automated processes improve productivity and efficiency levels. They do this by performing duties you and your employees once handled. With artificial intelligence and machine learning, these automated processes continue to improve on their initial setup. Further, automation reduces labor costs. Although you still need workers to maintain machines and software, you don’t have to hire an entire staff.
On the contrary, automation allows you to outsource your operations to a team of subject matter experts. Thus, continual hiring and onboarding are unnecessary. In turn, you can focus your staff on product creation and improvement.
Automation also helps generate and nurture leads. Once initial interest is received, you can program campaign applications to deliver regular follow-ups to the customers. When connected to a sales funnel, the automated processes send out different messages depending on purchases.
There are two forms of product delivery methodologies in business. Internally, the agile methodology helps teams work together to complete small and measurable goals. On the other hand, consumers like to apply the waterfall technology to invest in a finished product.
To achieve both goals within your technology strategy, you should join forces with a digital product development company. This will help your business identify new opportunities and establish methods to merge agile and waterfall methodologies and release new products quickly.
For every business, data security is of utmost importance. Continual reports of data hacks and ransomware attacks signal a need for different strategies. After all, you can’t offer business satisfaction if your customers’ personally identifiable information (PII) is continually at risk.
Technology investments in this field go beyond multi-factor authentication (MFA) or robust password encryption. To maximize benefits, explore digital options like blockchain and zero trust network administration (ZTNA). The technology, based on cryptocurrency, takes a “never trust, always verify” approach. Thus, it’s harder for cybercriminals to break into your data networks.
Statistics are crucial for a modern business. The lack of data points reduces a company’s ability to predict future trends. For that reason, they can’t develop a proactive strategy to grow. When you adopt a digital strategy, you include data analysis as one of its goals. There’s no template for information gathering. What each company needs is different. So, part of new technology implementation is a data audit. You create an avatar of the perfect customer and the information you want from them.
From there, your digital strategy turns to collection and interpretation methods. The size of your company and customer base determines the number of servers required to store information and the programs your analysts will use to compile the data. While it could take a while to implement, proper data analysis is a significant return on investment if it helps your company move past the competition.
There are several benefits of a digital or tech strategy for your company. Are you an organization that hasn’t considered this yet? If so, consider some advice before you start. First, don’t implement everything at once. Perform a technology audit within your organization to discover the critical issues. Then, work with your departments to compile a list of digital and technical solutions.
Research each one carefully. Have a series of questions prepared to ask vendors. Let them go if they don’t have the answers you desire. Then, test the remaining vendors’ solutions to determine what works for your company. In the end, keep moving forward with your digital/technology strategy to rise above your competition.