Scaling Business With Technology

Scaling-Business-With-Technology
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Before reading this article, take a moment and try to think of a business that cannot be improved with technology.

You’ll find that technology can always provide solutions to improve efficiency, whether by improving communication with customers via text message, creating a website to display products, or building a bespoke software solution to track sales and profit data, from roadside vulcanizing to multinational-scale production.

By making work operations faster and easier and increasing business reach and market audience, technology ensures that you can effectively scale your business, regardless of size or industry.

This post discusses business scalability and how to achieve it through technology.

Understanding Scalability

Scalability is an organization’s capacity to seamlessly handle sudden increases in workload, demand, or userbase. While both are similar, scalability differs from growth.

Business growth refers to the general increase in customers, employees, and overall operations while scalability focuses on a business’s ability to handle growth effectively with an improved revenue-to-cost ratio.

To further break this down, scaling means increasing the capacity to ensure that profit margins exceed the cost of business expansion.

Scalability ensures that when growth occurs, there is a capacity to handle such growth without incurring loss over time.

It’s also noteworthy to mention that while scaling in this context describes expansion, businesses can be scaled either up or down.

Leveraging Technology for Business Scalability

Leveraging-Technology-for-Business-Scalability

Using technology to scale your business basically involves the application of various software or technical tools to streamline processes and achieve more with less effort to improve the performance of a business.

Utilizing technology in business today is a no-brainer and is, in fact, the only way to survive in the digital ecosystem we now live in.

85% of small business owners have reported finding success by utilizing technology in their businesses, and 99% of all businesses are using at least one form of digital technology today, and this is a testament to the unlimited benefits, such as maximizing customer experience, providing all required solutions, and increasing the revenue accrued.

Having discussed how important technology can be for scaling business, let’s look at some practical ways to achieve this.

Top Tech Solutions for Scaling Business

Top-Tech-Solutions-for-Scaling-Business

World Wide Web

The marketing world took a different turn with the advent of technology in business. With the invention of the internet, the world became a global village, and having a website opens the door to international visibility for you.

Meaning that although you sell shoes in the backwater areas of Lagos, you can have people view and even order your products from as far away as China.

A website allows you to appear more professional and credible, also greatly improving your interaction with clients and easing their buyer journey. And, of course, you benefit from search traffic.

Fun fact, Google is visited 89.3 billion times a month. Yes, billion! Also, search traffic generates 300% more sales than social media, which itself is a valuable technological resource for businesses. Some platforms to instantly get a website are:

  • WordPress
  • Wix
  • Hivedeck
  • Webflow

Cloud Computing

Cloud-based services help immediately access applications and resources online from any device or location without storing them on local servers or physical hardware devices.

Its major defining characteristic is scalability, as you can get all the resources you need on demand, scaling up or down easily and only paying for what you use.

These resources could be computing power, data storage, applications, etc.

In the case of unexpected loss of information such as data breaches and other incidents that may result in downtime, cloud computing gets you back running as soon as possible.

Some popular cloud computing tools are:

  • Dropbox
  • Google Cloud SQL
  • Microsoft Azure
  • IBM Cloud

Automation

Automation means using technology to perform tasks with minimal input from humans, and in doing so, eliminates human error while multiplying efficiency in terms of speed and scale.

One common use of automation is to perform repetitive tasks and give employees more time to work on core business activities.

Automation reduces operating costs by speeding up business processes, improving accuracy, and lowering your wage bill.

It has also been observed to do a great job at customer satisfaction in ways such as support responses through the use of AI-powered chatbots and automated emails, enabling constant and immediate responses to complaints and inquiries.

Some popular automation tools that make life easier for individuals and organizations include:

  • ChatGPT
  • Wrike
  • Integrify
  • Zapier

Data Analytics

“Information is the oil of the 21st century, and analytics is the combustion engine.” – Peter Sondergaard, Senior Vice President and Global Head of Research at Gartner, Inc.

One of the most powerful tools in modern business is data analytics.

As technology has evolved, so too has our ability to collect, process, and interpret vast amounts of data generated by various business operations.

This wealth of information can be a game-changer when it comes to scaling a business effectively.

Data analytics provides businesses with insights that were previously inaccessible. Businesses can now make informed decisions that drive growth by analyzing customer behavior, and market trends to eliminate guesswork and gauge operational efficiency.

Some common data analytics software are:

  • Microsoft Power Bi
  • Tableau
  • MySQL
  • Klipfolio

Project management

Project management covers planning, organizing, and overseeing resources and tasks to attain defined goals within a set time and budget by breaking down complex tasks into more manageable actions, creating schedules, allocating resources, managing risks, and closely tracking progress to ensure the successful completion of a project.

This collateral progress of ongoing projects within an organization can be monitored using technology.

With these project management tools, you can set individual and team deadlines and assess staff efficiency.

Some popular tools are:

  • Jira
  • Trello
  • Time Doctor
  • Timetap

Customer Relationship Management (CRM)

The backbone of business growth is customer satisfaction. With more consumers comes the need to maintain a cordial relationship, which warrants the need for a well-organized and professional CRM.

With this in place, you can meet your clientele at their exact points of need and leave them satisfied.

With satisfaction comes trust, and with trust comes referrals, leading to more sales with less money spent on advertising.

Here are a few tools to boost customer relationship management:

  • Salesforce
  • SugarCRM
  • Zoho CRM
  • Microsoft Dynamics 365

Collaboration Tools

Collaboration tools help foster communication among employees working in the same organization.

This gives room to discuss projects, brainstorm, share ideas, and work towards achieving a collective aim.

Since the advent of remote working after the Covid-19 saga, these apps have been used to bring everyone together in the same place, improving communication and efficiency, notwithstanding the distance.

Several tools are available now, including:

  • Slack
  • Zoom
  • Microsoft Teams
  • Google Workspace

Benefits of Scaling a Business with Technology

Scaling business with technology allows small-scale and large-scale organizations to flourish irrespective of customer demands, leading to an edge over other businesses in the same niche.

The benefits include:

Better Customer Experience

Automated messages help respond quicker to customers’ complaints and reduce the workload on the employees.

Customers are always looking for solutions; thus, tools like chatbots used by these businesses find a way of leaving customers satisfied and employing better feedback mechanisms.

Improved Security

Cybercrime is on the rise these days. Technology provides a business with security measures, such as antivirus software, to prevent lost information and make it difficult for attackers to access its data.

This makes it possible for businesses to run smoothly without fear of threats or losing vital information that can run down the business.

Increased Productivity and Efficiency

Members of an organization have more time to do more important duties if repetitive and less demanding tasks are attended to by technology tools (for example, automation).

This allows for completing more tasks and even taking on new projects in less time.

Saves cost

Because of the advent of Technology, there is a reduced need for labor. These tools have replaced the need for employing specific individuals.

Cloud computing tools have also succeeded in finding ways to reduce the need for the purchase of expensive hardware and software devices.

Thus, Businesses gain more light, and people find a way to learn about their vision and mission through online advertising.

It makes advertising less costly (unlike the old way of advertising) while reaching more people.

Competitive Advantage

With faster and more effective service delivery at a lesser cost, one tends to have an edge over other sellers of the same products.

Comparative advantage is an essential element of general profitability.

Considerations and Tips For Tech Scaling

Considerations-and-Tips-For-Tech-Scaling

Just before taking up the task of scaling your enterprise using Technology as a medium, you might need to consider a number of factors:

Target market

If the vast majority of the demographic you intend to reach does not need your product, using scaling tools for the same market will be of little or no benefit.

A smart way to test this is to conduct a usability survey within our vicinity.

If the tests confirm that your product is not very much needed, looking out for tools that expand your reach beyond that locality should be your aim.

You might want to invest in search engine optimization.

Expansion plan

It is crucial to keep in mind the aim of the whole process so as not to settle for too few results or aim for too much.

Essential questions to ask include:

  • How much demand can be catered to now?
  • How much demand do you intend to cater to in the next set of weeks/months?
  • How is that level of demand within the said time achieved?

Tech proficiency of your staff

As a small business owner or a start-up firm, it is of great advantage to know how much tech every member of your organization is familiar with.

This will determine whether or not you will have to enroll your employees in crash courses or intensive training sessions, or you will need an outright overhaul of your staff.

Budgetary allocation

After considering your market, plan, and staff’s tech proficiency, you must ask yourself how much you can churn out for scaling.

Every aspect of business requires money as its fulcrum, and tech needs are not excluded. To bring them to the table, your finances have to be considered.

Spending a fortune on tech enhancements to eat into your business’s running capital will only leave the business in crises that may be hard to recover from.

Final Thoughts

In conclusion, integrating technology into the process of scaling a business has become not just a luxury, but a necessity.

As we’ve explored throughout this article, technology offers many benefits that can significantly enhance a business’s growth trajectory.

From streamlining operations and improving customer experiences to enabling data-driven decision-making, the potential of technology is boundless.

However, it’s essential to approach technology adoption strategically. Each business is unique, and the technology chosen should align with specific goals and challenges.

Whether it’s harnessing the power of automation, embracing cloud solutions, or leveraging data analytics, the key lies in understanding the business needs and implementing technology that supports those needs effectively.

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