We're constantly seeing new technologies and upgrades to technology entering the market. Major phone providers upgrade their phones every couple of years, new desktops and laptops are coming out with faster processing, more storage, and more battery life, AI is becoming a daily part of our lives whether through a voice assistant, text predictions, and more. It can be difficult to keep up with such rapid changes to technology.
It may seem like only a few years go by before your technology is considered outdated. Upgrading technology is an important component of digital transformation. As new technology emerges, leaders need to reevaluate their current operations and determine if the technology is beneficial.
The Considerations of New Business Technology
As business technology advances so too can your expectations of what it can accomplish. This means that as you upgrade technology or implement new technology, you want to be able to customize it to your business needs.
When it comes to business technology, it should help operations become more efficient, productive, and profitable. Because there’s so much technology out there and so many digital solutions that promise to help businesses, it may be difficult for leaders to determine what digital solutions would be best for their business. Here are a few considerations to help make that decision.
Improving Communication
Without communication, business simply wouldn’t be done. Finding a business technology that enables employees to collaborate more easily is an essential investment. This communication technology such as various messaging systems, collaborative project management workflow tools, etc., can lead to more effective communication, faster decision-making, and improved customer service.
Increasing Customer Satisfaction
One of the first priorities in business is confirming your customers are happy and technology is a great way to do this. Any business technology that may improve your relationship with your customers should be a central consideration for your digital transformation. Some of these technologies could include an AI chatbot that can help customers find information 24/7 or an automated returns system.
Improving Employee Retention
With many businesses experiencing worker shortages and with the so-called “great resignation” still happening, it's more important than ever to verify that your employees have everything they need to feel satisfied and succeed. Business automation tools can help employees by minimizing tedious manual tasks, thereby freeing up their time to work on more fulfilling projects. Technology can also allow employees to have an increased sense of flexibility, thereby improving employee retention.
Increasing Profits
Consider whether new business technology may help improve your profits. Automating or using AI can speed up workflows, improve turnaround, and increase accuracy. An example of this is Exela’s remittance processing services, which reduce or eliminate the need for manual processing, minimize exceptions, provide early fraud detection, and improve cash flow.
The Challenges of Incorporating New Technologies
Another consideration of implementing new technology is the challenges behind it. By understanding these challenges, leaders can face them head-on and even implement practices to ease into the transition.
Selecting Technology That Doesn’t Work Out
Without having a proper digital transformation strategy in place and without serious consideration, you may select new technology that doesn’t quite match your business needs. This can lead to several challenges, including employees disliking what's put in place, which may hinder their workflows and slow operations. To prevent this, leaders need to carefully consider any new business technology and see where it fits within their digital transformation strategy.
Employees May Resist Change
Change can be difficult for some employees who may not wish to alter how they've been working. Some employees may be hesitant to try new technologies or some may be afraid that their jobs will be replaced. With concerns circulating among employees, it can cause difficulties in implementing new technology. Businesses need to help employees with the transition by being transparent, letting employees know what to expect, and even holding meetings or seminars that show the employees what technology will look like and how it will benefit them.
Providing Inadequate Training
One of the worst things businesses can do when incorporating new business technology is to let employees navigate it by themselves. Not every employee is technologically knowledgeable and some may use it incorrectly or less efficiently. This can cause significant delays in seeing the benefits of the technology and possibly upset employees. As the technology is put into place, training sessions should be set up to teach employees how to use the technology. This way, the technology will be implemented as seamlessly as possible, employees will know how to use the technology in the best way possible, and the company will begin seeing benefits much sooner.
Adopting a Digital Transformation Strategy with New Business Technology in Mind
Just because new technology exists doesn't mean that your company needs to have it. Just as continuing to use outdated systems can result in falling behind competitors, stocking up on new technologies, constantly updating, and not having a strategy in place can also lead to lagging behind the competition.
With this in mind, business leaders need to consider the technology they're currently using. If it's a few years old and hasn't had any updates, consider if it's worth your time to update it or find a new add-on technology component to make it more advanced. It's possible that your technology doesn't need to be updated, but it's always wise to have a digital transformation strategy in place that considers what technology you have on hand and if it would benefit from an update.
Use Technology to Your Advantage
Technology is there to improve productivity, efficiency, and profits. Remembering those three benefits of business technology should help in determining what technology business leaders need to implement. You may find it useful to consult with a digital transformation specialist to determine the next step you should take. Contact us at Exela and we’ll help you make the most of your digital transformation.
