Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
How to Streamline Your Business Using Technology
Guest Post | Dec 21, 2020
An integral goal of every business manager should be to maximize profits and get the most out of their investment. Streamlining your business processes is one of the most effective ways to improve efficiency and increase your bottom line. This will help you drive sales revenue and achieve your organizational goals and objectives. Modern technology can help companies streamline various processes and activities including project management, customer support, and production. Here are some keys areas of your business that you can streamline with technology.
See: The Enterprise Automation Imperative—Why Modern Societies Will Need All the Productivity They Can Get
Inventory management
Managing your inventory can be time-consuming and complex. In the past, it was common for a customer to place an order and then be told that the item they ordered was no longer in stock. This often led to frustration and negative customer feedback. Nowadays, companies can install an inventory management system that monitors stock and provides real-time updates of products as they are sold. This technology allows businesses to keep on top of their stock levels and order new products as and when needed. According to assetinfinity.com, investing in an inventory management system can also reduce inaccuracies and errors, improve productivity in production, and increase the order fulfillment time. This should result in happier customers and an increase in profits.
Employee engagement
Business managers should place high importance on employee engagement. Engaging employees is fundamental to retaining skilled staff, improving workplace morale, and maintaining good productivity levels. Employee engagement will play an integral role in your company’s success, so you should create strong strategies designed to engage your staff and boost productivity. Managers have access to an expansive range of technology and tools designed to increase employee engagement. For instance, automated transcription software can be installed so that employees are no longer required to take notes in business meetings. This means that they can engage fully in the meeting without becoming distracted.
Customer support
Technology has revolutionized the ways that companies support their customers. In the past, customers would have to email or call a company’s customer support center and wait for a response. This often led to delays and frustrated customers. Nowadays, companies can leverage technology to manage their customer support. For example, chatbots can be installed to offer live chat services 24/7. This makes it possible for customers to get fast and efficient answers to their questions or queries. Customer support technology can also improve productivity as it means that your employees won’t need to spend time answering calls or responding to messages from customers. Investing in customer support technology will streamline your customer service processes and boost the efficiency of your customer interactions.
Project management
Planning and executing numerous projects simultaneously can boost your business activity and help your organization meet its milestones and objectives but it can often cannibalize resources leading to unexpected results and negatively impact overall productivity. To avoid this companies can use project management software like Microsoft 365 cloud which guarantees visibility and control over all projects. To get setup and 'hit the ground running' companies can collaborate with experts like pmo365 to integrate a Microsoft Power Platform-based solution that can be deployed and hosted in a secured Microsoft Azure data centre anywhere in the world.
Internal communication
Along with improving external communication, technology can also be used to boost the efficiency of internal communication. Employees can use a broad range of tools to improve their communication in the workplace. Apps like GoToMeeting make it possible to organize remote meetings and you can use Skype or Google Meet to speak to your colleagues from anywhere using high-quality video technology.
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