How Technology Can Improve Your Business Decision Making
As we make our way into the 2020s, it’s clear to see that technology is going to become more a part of our workplace processes than ever before all the way down to our data-informed decision making.
If you’re a business owner looking to improve your brand’s sustainability, efficiency and profitability, there’s a good chance you’re looking toward technology to help with this, and we’re glad to say you’re going in the right direction.
Whether you’re looking at something simple like choosing a new internal brand slogan or motivator, or something a little more complex like a project management tool such as PMO 365, you’re going to want to be as calculated and strategic as possible. That’s down to the fact that just about every choice you make as a business owner is going to affect the long term success of the brand.
That in mind, we have a few insights into how technology can assist with making business decisions and why you want to allow this tech to do some, or all of the work for you.
Customer and Consumer Information Collection
Off the top, one of the more clear ways that technology is assisting business decision making is with regards to the almighty consumer or client.
As we move into an era where we can see more data and insights in a consumer base than ever before, you’d be remiss to look over this data when making changes to your service or product offering.
We’ll give you a few short pointers in a moment.
For those service-based brands, you’re going to want to always adapt and refine what you’re offering to your customers. If you have a service, a product or a solution that is already undercut by the competition or simply isn’t wanted at all by consumers, then you need to cull this.
A few pointers are:
- Use your consumer data to adapt and create new products that you know consumers will want.
- Collect information on consumer purchase patterns and adapt your business’s service or product offering to better suit these patterns a freebie at peak times for example.
- Utilise data on rival businesses and their customers to mimic and undercut their product offering and work to develop products that are designed explicitly to be better than the ones they offer.
With those points out of the way, you’re able to see that data collection technologies are going to be key to creating a service or product suite that has been meticulously curated to exactly what your customer base wants. Essentially, don’t overlook data in making business decisions.
Internal Collaboration Tools
To add to the consumer-facing tools and data, it would be wise to turn to the inside of your business too when it comes to making decisions.
A lot of brands forgo their internal experiences and staff member opinions, and with these team members being the ones that hold up the brand, you’re running the risk of damaging your profitability and collaborative prowess.
That said, it’s a good idea to use internal data on employee check in and check out times to better understand what happens at work. If you’re noticing a frequent checkout time or that your team members can be late on certain days, offer some flexibility and use this as a way to empower your staff.
It might also be worth finding out information on staff lunch patterns, break times and more, before getting to work on integrating in-office food delivery, coffee breaks or anything else which will improve efficiency and keep staff at work, rather than out and about in the city buying their lunch or a coffee.
Our final point we’d like to go over is the management and utilisation of business-owned assets.
You can use project management software to assist with the collection of data and the use patterns of these assets, whether they be printers, computers, gym equipment or anything else to guide you in your decision-making process.
If you find that there are specific tools, machines or even pieces of software that none or very few of your employees use, you can use this knowledge to sell them off or rent these specific tools out to other businesses.
You’ll be effectively using your internal data collection to better find avenues for improved profitability and this means you’re not holding on to depreciating assets that aren’t making you any money.
From some of the insights above, you can see that there are a tonne of avenues for profitability that come from relying on technology to assist in your decision making at work.
You can work to collect data on staff efficiency and use this to better utilise your team, adapt the work day and more.
Added insights on consumers and their purchase patterns and likeness to a specific product or service you offer will also give you the chance to enhance your existing service or product line and further improve profitability.
In all, there are a tonne of avenues for business decision improvement when you make use of technologies that have been designed explicitly for this purpose.
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CEO and co-founder at Cloudsmallbusinessservice.com