“If you change the way you look at things, the things you look at change.”
This quote by motivational speaker Wayne Dyer doesn’t only apply to a person’s life, it also applies to business.
For example, some business owners look at their technology as an expense – something they have to budget for and spend money on as part of doing business.
But this mentality can mean they drag their feet when it comes to adopting new processes and only put the bare minimum amount of effort into utilizing their IT infrastructure. They may even forgo important security needs like update management and equipment maintenance through managed IT services, leaving them at risk of costly downtime or a data breach.
Approximately 70% of data breaches happen to small businesses.
When companies shift their mindset and realize that IT can also be used to leverage significant productivity gains and operational excellence, a whole new world of opportunities opens up.
How Changing Your Mindset About Technology Can Change Your Business for the Better
Technology has become the backbone of just about every type of business. From email communications to processes that run accounting, customer service, and more. Without it, businesses today could not keep up.
The recent pandemic has made it painfully clear just how vital the technology that a business uses can be. Those Toronto area companies with the right cloud systems in place, had a much easier time adopting to a team of remote working employees than those that didn’t and keeping their businesses going.
The problem with seeing IT as a pure expense, rather than an opportunity to strengthen the backbone of a business, is that it leads to not using it effectively. This is why businesses need an experienced IT provider like Data First Solutions, with experience across multiple verticals as well as SMB and enterprise experience, to help them build an IT infrastructure that can fuel their growth.
Here are ways that changing your perspective about how you see your IT can change your business for the better.
There is a direct correlation between how well businesses use technology and their bottom line.
According to a study of small businesses and their use of technology by Deloitte, companies that used technology to its fullest saw the following benefits over those that didn’t:
- 2x as much revenue per employee
- Nearly 4x as high year-over-year revenue growth
- 3x as likely to have exported good/services within the last year
If you see technology as an opportunity and investment in your growth, then your business is much more likely to move ahead of your competition. This is possible through optimizations that can improve productivity and lead conversion activities.
For example, automating a lead conversion funnel through use of technology can increase your response rate and sales conversions without you having to spend additional time sending targeted lead emails out manually. Lead nurturing campaign emails get 4-10 more responses than stand-alone email blasts.
Manual processes can eat away at productivity and can lead to things like data errors through keying mistakes. When you focus on how a technology investment can improve your workflows rather than what you “have to spend” to put a new process in place, you can help your employees do more in less time.
Through process automation and the ability to collaborate through cloud technology, you team gains hours more per day in productivity, eliminates areas of error vulnerability, and can better drive your business forward.
Reducing Security Risk
One large cost that can often put a company out of business is a cybersecurity incident. A ransomware attack or breach of a database of client records can devastate a company.
The average cost of a data breach in Canada has risen 6.7% already in 2020, to approximately $6.35 million.
Investing in a good cybersecurity infrastructure isn’t about expense, it’s about protection and safeguarding your business now and for years to come. This includes safeguarding your reputation with your clients and letting them know they can trust you with things like their payment card information and other sensitive details.
When use of technology is planned strategically, it isn’t an expense at all, but rather can end up lowing your overhead.
As just one example, companies that invest in technology to support a remote team, even one that works remotely just part-time, can save $11,000 per half-time remote employee per year.
IT can bring multiple cost-saving advantages, such as:
- Reducing costs for software (e.g. VoIP is much less expensive than a landline system)
- Improving employee productivity
- Increasing work flexibility
- Improving customer experience
- Eliminating mistakes and manual processes
- Giving you insights to make faster decisions
Lower Your Costs With the Right Technology Partner
Data First Solutions can help your GTA business with smart technology investments that pay off with huge cost savings and productivity benefits for years to come.
Contact us today to schedule a consultation. Call 416-412-0576 or contact us online.