Businesses that invested in technology grew by an average 26% in 2015
Small to medium sized businesses in the UK are currently investing heavily in new technology, second only to businesses in the United States.
It’s paying off too, according to a study from business software provider Exact. The study shows that those businesses that have embraced new cloud technologies experienced an average growth in revenue of 26% in 2015.
More and more studies are showing that the benefits of investing in new technology far outweigh the initial costs. Investments are paying for themselves, and more, with significant impacts on efficiency, productivity, growth and business continuity. Many solutions also offer low cost, subscription based models that are predictable, flexible and easy to manage.
New technologies claw back wasted time for your business
A study by Crucial.com, suppliers of computer hardware, found that on average 39 hours per employee per year are lost due to technology. This could be waiting for devices to boot up, programs to load, and formulas to calculate. It also accounts for hours spent redoing lost work after crashes etc. It was found that some individuals lost as much as 121 hours per year – that’s three weeks of work!
If you were the owner of a business with 50 employees, these figures indicate that poor technology would cost you almost 50 weeks of work time in a year. That’s a whole person for one year. What’s your company’s average salary? That’s how much poor technology is costing your business every year.
Early adopters can get the jump on competitors
The study from Exact also found that only 10% of UK businesses actively look for technology solutions that will help them to grow. 54% stated they only implement new software solutions when they need to replace outdated versions – i.e. software reaching its support end of life and becoming a security risk.
There is therefore a significant opportunity to get ahead of competitors by investing in new technology now that will make your business:
- More streamlined
- More responsive
- More productive
- Have greater resiliency and continuity
Ever feel like key data is disorganised and business processes aren’t slick and easy?
If your technology does not support the optimisation of business processes then it is likely costing you countless hours per year.
We have found that many businesses suffer from the following problems that the right solutions could solve:
- Crucial information separated across a variety of different tools and storage methods
- Multiple tools used to carry out what should be simple processes
- Tools do not “talk” to each other to make processes simpler and reduce duplication of work
- Different people have to chase each other in order to get the data they need
- Lots of manual updating of spreadsheets and other documents
- Searching through disorganised drives and folders to find key information
- Spending a lot of time manipulating data to get any insights from it.
All of this makes your business less manoeuvrable, and impacts its ability to drive revenue. Business processes should never require too much manual inputting of data. If your employees are always super busy, and always having meetings trying to figure out better ways of working and communicating information then it’s a sign that you don’t have the right tech systems in place.
The right technology solutions can solve all of this and give everyone more time to do work!