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How SMBs Can Increase Their Bottom Line Through Technology

Published: 7/31/2020 10:32:35 AM

From enhancing customer experience to building trust, technology allows organizations to stay competitive and productive. According to a new study, 88% of companies expect IT budgets to stay steady or grow in future. Organizations with less than 100 employees, or SMBs, will assign a huge portion of their budget for technological advancements. As SMEs increase spending on technology and utility tools, it is essential to understand how these technology trends affect your business while finding ways to implement agile solutions. Here is a brief on how SMBs can increase their bottom line through technology.

Shifting to Cloud-Based Solutions

Cloud-based software solutions are far better than using on-premise solutions. Using cloud-based CRMs software, utility tools, HRMS, accounting solutions, and other types of solutions will help you address different issues related to customer relationships, mailing lists, endpoint security, accounts, and so on. In addition to this, cloud-based solutions are affordable, and SMEs with little high budgets can easily afford them. This indirectly increases business productivity and revenue for you.

Focus on Chatbot Enhancements

From algorithm modifications favoring a customer-centric approach over keywords to vehicles including voice technology on infotainment systems, a rising number of SMEs are seeking technology solutions that gear their website to address user’s particular needs, concerns, and expectations. Chatbots are one such technology solutions that help reduce the time lag is answering customers’ doubts without costing a fortune. With user-friendly content and AI chatbots onboard, SMBs can enhance their customer loyalty and retention with no time, thereby increasing their revenue through repeat website visits and purchases.

Improve Workplace Communications

As increasing number of SMEs depend on a remote workforce to expand their business, collaboration solutions such as video conferencing software and webinar tools are essential. These tools connect contractors all over the world with in-house staff, leading to enhanced productivity.

As per a recent study, 43% of people consider the “best workplace” as the one that promotes team collaboration and building. Using modern technologies and tools, SMEs can develop strategies based on how their employees interact, what their concerns are, and will find solutions to solve all the pain points for a smooth flow of process, thereby achieving higher productivity without spending a fortune.

Shift to Smart Marketing

Digital marketing is vital for any company irrespective of their size. It is seen that most SMEs end up marketing their services and products on the wrong platform, thereby wasting their precious time and money. Companies should understand the right marketing platforms and target audience, and should tailor their messages accordingly. Modern solutions like live chat tools are helpful to reach a wider audience and market your products and services. In addition to this, opting for digital marketing services and packages is quite cost-effective, thereby leading to a successful digital marketing campaign.

Use Data Analytics to Fuel Strategies

Access to data is essential for business development. On the other hand, the sheer amount of information is difficult to analyze. Fortunately, cloud-based cognitive services are increasing adoption by lowering the investment required to get started. Additionally, these analytics are easy to understand and require minimal technological expertise. Rather than using data to inform sales and marketing plans, SMEs should use technology to devise their strategy at the granular level. Adopting these affordable cloud-based data analytical solutions will help in understanding the major pain points of the business and will help them address quickly.

Having said that, deploying widely available modern, affordable, and cost-effective technology can significantly simplify the working day for SMEs and have a great impact on the bottom lines. Using technology in a smart way to implement flexible working can help improve employee morale, keep costs down, and increase productivity; all major factors in improving that all-important bottom line. Simply put, SMEs can use modern solutions, software, and technologies effectively to increase their bottom line. And WareBuy is the perfect place to find all such software solutions in one place.

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