5 Reasons for Contemporary Firms to Invest in Technology

In recent times, emerging technology solutions across the globe have helped firms from almost every industry and changed the way they conduct their day-to-day business activities. Whether it is interacting with clients or business partners or finding a solution to real-world problems, technology is assisting firms in every possible way.

Invest in Technology
Here is a list of five key reasons why investing in technology is a must for firms and how they can improve their business performance through it.

Why should your company invest in technology?

Remote Access Facility

In the current turbulent business environment, firms and their employees are mostly concerned about the market volatility or changes as it can greatly affect their business. For example, in the investment management industry, stockbroking firms are constantly required to track the performance of different indexes. Similarly, business people are also required to carry important firm related data so they can utilize it whenever required.

Thus, investing in technology like smartphones is a must for modern firms as it allows the employees to access the important files, email remotely, and also communicate with their peers in real-time while they are working outside the office. Team management apps like Asana and Trello is a great example of modern apps assisting firms in remote working operations.

Sharpening the Competitive Edge

This is the most crucial reason for investing in technology for firms as it allows the firms to strengthen their market position and outperform their rivals. Investing and utilizing emerging technologies like big data, cloud computing, and blockchain for improving the existing business processes can help firms to stay ahead of the competition in the market.

For example, in the crypto investment space too, a lot of fintech solutions have emerged, who are leveraging advanced technologies like blockchain to assist both the individual and institutional investors in making accurate investment decisions.

Digital Crypto Invest (DCI) is one such upcoming finance preferred ecosystem in the crypto investment space that is making investment easy, accessible and comprehensive for everyone, including large institutional investors and firms. DCI also uses modern technologies like AI, ML, and Robo-advisory to provide a 360 degree of both private and institutional portfolios to investors. Thus, trading on such platform can greatly help the firms to outperform rival firms in terms of having better cash capital.

Improved Communication with Customers

Customer satisfaction is one of the critical factors for firms operating in any district industry to attain market success and profitability. Many firms, despite offering top-notch services, face backlash and negative word of mouth from customers due to poor customer services. Now, customers are getting smart as they have access to the latest technologies.

Therefore, it is important that firms start investing in modern technologies like Customer Relationship Management (CRM) tools to understand the customer’s needs, demands, and issues related to company product or services.

Speed

Speed can be considered as a by-product of integrating technology into key business functions for the management of day-to-day activities. The integration of technology like robotic machines in manufacturing can reduce the manual and labour-intensive work that requires a large amount of time and energy. For instance, health informatics technologies have improved the speed and quality of care for patients up to 30 per cent.

Productivity

At last, investing in technology by firms can also help them to enhance employee productivity; and as a result, improve the overall business efficiency. For instance, the use of Electronic Health Records (EHR), a disruptive health informatics solution, in the healthcare sector has improved the productivity of medical employees by reducing the hectic paperwork process for patient data storage.

Matt Williams is the founder and CEO of Add USA Story - A platform for global startup, looking to find happiness in the world of startups, investments, health, technology, business and more.

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