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The 4 Types of Technology for a Growing BSC

Bill Wichert

When many companies are founded, they use pen, paper, and phones to manage their work and staff. As the company grows, there is a demand for technology that can help support the growing business. Without these technologies, companies begin to stagnate as they can no longer support their growing list of customers.  It is critical to implement technologies when you need then and not wait until you are forced to go down a path.  When you see issues arise, bring a tool on board to ensure a smooth growth for you and your customers.

Why use technology?

Technology is how we work together and it is a crucial aspect of business today. For every company to be successful, they need technology to support their employees and customers. Businesses that use technology help their employees collaborate, work effectively, and make better decisions. For customers, they are able to access services more quickly and easier. When looking for technology for your company, there are many different options available to choose from. Even if you are a small startup with a handful of employees, it is important to have technology that supports all levels of staff.

Core types of technology for a growing business

The most important tools to build your business are customer relationship management (CRM), mobile, web, and digital marketing. All of these need to be managed to effectively manage company growth. Below, I've categorized each of these technologies and added examples of how to use each.

  • Customer Relationship Management is a tool that captures all the relevant data about your customers and your interactions with them in one place. This can include the normal aspects of contact information and addresses, but should also include information about work orders, purchases, and interaction details. A CRM is a core system that every growing company should have.
  • Mobile services relate to the ability for your staff to complete their work away from the office. This can be through a phone, tablet, or laptop, but the core aspects of conducting business should be made available to staff wherever they go.
  • Web services include your website, social networking presence, and other web based services. In today's world, your web presence is the front door for most customers. Without a great front door, your prospective customers may have a tarnished view of you before they get a chance to talk. Your web services should look professional and offer the critical information that prospective customers are looking for.
  • Digital marketing is a set of tools that communicate with your customers and prospective customers. These can include email marketing, social marketing, and others. Growing a business today requires the use of many of these technologies in order to drive inbound sales and grow quickly.

Why do you need technology now?

While we often think that technology comes first, data shows that only about one-third of companies have a formal IT department to provide support for the technology that they own. According to many survey results, high-growth startups have a tendency to outpace their competition when it comes to relying on technology. However, the numbers are even more impressive for high-growth companies that are facing hard economic times: they manage a 25% faster rate of growth than their counterparts. In many cases, this comes from using technology that does not require you to hire an entire IT department to support. Cloud based services ensure you can make your technology available to your staff wherever they may be.

Conclusion

Regardless of whether you are a startup or a large enterprise, technology can make the difference between success and failure. The principles that have proven to be successful for a growing company can also apply to a startup, which is why it is important to start early and continuously build and adopt these best practices as your business grows. Technology is changing the way businesses operate. The world is experiencing the rapid expansion of technology such as big data, artificial intelligence, the internet of things, and more. The scale and scope of technology is changing the way businesses operate as well. Businesses using pen and paper and only a few email programs as their primary forms of communication can leverage these tools to transform overnight into a global brand.

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