Making the right technology investments is one of the ways to boost your business and key to remaining successful in a rapidly changing market. Legacy technologies are a common hindrance when it comes to businesses being able to reach their full potential.
As your business evolves and grows, you can be leveraging new technologies to improve profitability and reduce costs. From analytics to IT outsourcing, here are some of the top tech investments businesses can make to drive revenue.
Customer-Centric Analytics
Investing in analytics software puts your business in a position to provide a customer experience superior to what’s typically offered in the market. This is beneficial to your existing customers and can attract new customers. A recent Google study found companies that adopt a data-driven marketing strategy achieve a 20 percent increase in revenue along with a 30 percent reduction in costs.
Businesses are also investing in analytics to improve other business functions like operations and finance. Operational intelligence applications are equipping businesses with real-time data that helps business managers and front-line workers streamline operations. Companies looking toward the future are leveraging their financial data to predict trends in sales and revenue.
Outsourced Software Development
Need custom software development or additional expertise to take your product to the next level? A strategic partnership with external IT experts knowledgeable about the innovations happening in your industry can be the best solution for your business.
Businesses reap many benefits from outsourcing software development, including:
- Faster speeds to market
- Lower overhead costs
- Reduced risk
- Greater efficiency
The expertise and resources of a tech agency matched with your own capabilities can propel your business to new levels of innovation in the market.
Cloud-Based Technologies
Cloud-based technologies are a great tool to grow your business. Research shows that small and medium-sized businesses that invest in cloud resources grow 26 percent faster and are 21 percent more profitable than their peers that don’t.
Thanks to the cloud, SMBs can gain immediate access to enterprise-level technology that may have previously been out of reach financially. For more mature companies, cloud software enables you to simplify and streamline operations. This opens up more capital to invest in new markets and revenue streams.
Artificial Intelligence
Artificial intelligence is one of the most powerful tools your business can have in its arsenal. AI-enabled coding apps are helping IT teams write better code. Thanks to their autocomplete features, these apps add speed and efficiency to the software development process.
Additionally, AI cuts down on the need for manual software error management. Anything from bugs to missing code can be automatically detected, diagnosed, and repaired. AI is also a great error prevention tool. After uncovering abnormalities, AI can provide developers with a series of steps they can take to avoid them in the future.
The technology investments you do (or don’t) make have a direct impact on your business’s ability to achieve its revenue goals. To learn more ways you can use technology to drive revenue for your business, download our ebook, Tech as a Revenue Driver: From Operational Support to Customer-Centric Tools.