While Baby Boomers still represent the largest portion of our spending demographic, the next generation of consumers are finishing college technology savvy and ready to claim the spoils of their years of sacrifice obtaining an education. These consumers are far more likely to make a purchase online than visit a specialty boutique and use online banking than establish a relationship with their neighborhood bank.
No one can deny how technology and the Internet have affected the next generation or evolution of business worldwide. "Mom and Pop" stores now have the capablility of being international suppliers of goods and services; while larger companies can market to publics and demographics far beyond the traditional limitations of market expansion.
Are you using technology to its fullest in your business?
As pressure from overseas suppliers increase, technology is a great solution to increasing productivity and quality while keeping your company competitive. Technology has provided software solutions that allow even the smallest companies the ability to analyze work flow, develop effective processes, manage back office functions and screen potential employees for compatibility.
For companies already employing these functions, technology can be used to upgrade the company website using streaming video for tutorials and product introductions,increasing customer satisfaction and profitability through enhanced inventory management systems, package tracking and customer support.
Where to begin?
My initial approach to upgrading your business with the latest technologies would begin by:
-
Review your Profit and Loss statement to identify the areas your business is spending the greatest amount of money.
- List every process from order taking to inventory replenishment. The key here is to identify who does what, when and how you can make that process more efficient.
-
Develop action plans and strategies to implement solutions to the deficiencies indentified in the preceeding analysis.
- Consult with a software specialist or business consultant to begin researching software solutions that will incorporate your company’s philosophies and goals, as well as raise productivity and profitability.
I’m sure you are wondering why I did not suggest using technology to accomplish the preceeding goals. By gathering and analyzing the information manually, you greatly reduce the chances of buying more software than you need and increase the likelihood of the return on investment being substantial and demonstrable.