This is a thought leadership article by PrimeGlobal member firm Lutz which provides details of five useful ways in which to use technology in your business.

Technology has transformed the way many businesses operate. According to the 2018 Digital Transformation Index, 77% of businesses describe their relationship with technology as average or above average. 

According to another survey by Gartner, 56% of CEOs reported that their digital improvements have led to increased revenue.

In fact, 27% of senior executives say that digital transformation is a matter of survival. So, for the businesses that haven’t implemented technology yet, here are some specific ways to take advantage of the latest technologies to increase productivity and successfully grow your business. 



Data Analytics

Today, businesses can access tons of data at every point of the customer journey, from mobile app usage to social media interactions. However, having all the data isn’t enough. Businesses need to use data analytics tools to analyze all the data to drive positive outcomes.

With data analytics, businesses can anticipate and act on their customers’ needs, make more informed decisions, gain a competitive edge by identifying the need for products or services, provide personalized interactions with their customers, improve operational efficiency, and mitigate fraud risk through security and fraud analytics.


AUTOMATION

As businesses scale, their focus shifts to improving operational efficiency and reducing costs. Business process automation, a way of using technology to take care of recurring business tasks, can help with these goals. Automation allows businesses to streamline workflows, increase productivity by taking care of redundant tasks, improve accuracy in repetitive tasks, increase efficiency, and reduce operational costs.


CLOUD STORAGE

Businesses of all sizes and verticals are adopting cloud services to store their data. According to the RightScale 2020 State of the Cloud Report, almost all enterprises surveyed use the cloud. Cloud hosting is the process by which data is stored, managed, and processed online. Shifting your operations to the cloud offers several benefits, including high security, easy scalability, potential long-term cost savings, automation, flexible working, and loss prevention in case of disasters.


VOIP PHONES

As we move to remote working, teams are now spread out all over the world. Voice over Internet Protocol (VoIP), a communications technology that allows users to make and receive calls over the internet, is an affordable communication option for such remote workforces. VoIP enables you to place calls over the internet, meaning you don’t need conventional telephone lines. All you need is a high-speed internet connection to communicate with colleagues across the world. 


COLLABORATION

With the remote workforce growing and work from home becoming the norm, remote teams face challenges streamlining their communication and workflows. Agile collaboration technologies enable teams to work together in real-time to solve problems and perform tasks, no matter where they are. Digital collaboration solutions, like Microsoft Teams, Sharepoint, web-based apps, and more, provide greater mobility to employees, improve communication within and among teams, increase productivity, reduce travel costs, and increase the accessibility of documents and resources.

The addition of the latest technology to your business is exciting and brings many opportunities to make better business decisions, increase your revenue, and reduce costs. However, most of these tools depend on high-speed internet, so make sure that you invest in a backup internet line and a high-speed internet connection. If you have any questions about implementing these technologies, contact us today to learn more!


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Lutz

Since our founding in 1980, Lutz has steadily grown because of our integrity, work ethic and collaboration to become the largest locally owned firm of its kind in Nebraska. Our clients' goals are our goals and we believe that understanding our clients is a vital part of getting to the bottom line and ensuring their success. We provide accounting services such as tax, assurance, business consulting and valuation. We also support our clients in the areas of investments and planning, recruiting and technology services.

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