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Technology transformation: get your business ready for the future

Technology has long been a driving force in the business world. In the past, technological advancements were difficult to implement because they were expensive and sometimes not feasible.

However, with the rise of technology, things have changed. The life cycle of IT is becoming shorter each year, and market competition is becoming fierce as organisations leverage the latest cutting-edge technology. Customer expectations are increasing, as people demand faster, more connected and seamless experiences. IT has to do a lot of work supporting state-of-the-art capabilities, such as data analytics, cybersecurity, automation, and third-party integration.

Almost 70% of small to medium businesses are utilising technology to achieve their business aims. Globally, nearly $700 billion was spent on digital transformation in 2021. Clearly the right technology is transforming businesses around the world and will continue to do so into the future.

The importance of technology in business

The importance of technology in business is undeniable. As technology has advanced, what businesses are capable of doing to achieve success has grown. The digital age has allowed businesses to imagine bigger, and then execute a plan to achieve that vision.

Technology transformation, or digital transformation as it is better known, is the process of rethinking how your organisation uses technology to improve business processes and outcomes. Technology in business is of paramount importance today, informing business operations, managing data, and developing business strategy to promote long term growth and increase revenue streams.

Digital transformation is no longer optional for businesses who want to stay relevant and stay ahead of their competition. Traditional ways of doing things slows a business down and makes them less relevant in the future.

How the right technology can transform your business

The goal of digital transformation is to harness technology to create new offerings, not just to replicate an existing service. This can be accomplished through re-designing the process using technology. Digital transformation isn’t simply about “digitising” your company. It’s about rethinking your business model and processes so they work with the digital world.

This is where a digital transformation strategy is essential. Technology transformation can involve any number of different digital tools, including cloud computing, big data, and artificial intelligence and machine learning. One of the key elements to finding the right technology to suit your business needs is to work out what your business goals are and create a strategy for digital transformation initiatives that aligns with those business outcomes.

Well-planned investment in technology can transform your business in many ways:

Saves time and money

As businesses grow, the need for efficiency increases. The integration of technology can mean labour intensive tasks are automated, simplified, or even no longer necessary. This can boost productivity without the cost of hiring more people to fulfil functions such as book-keeping, payroll, or administration.

Solve problems with data

Data analysis and business intelligence apps can dive deep into the pain points and opportunities that lie within a company’s data. Intelligence systems can collect data in real time, and analyse both big and small data to inform the decision-making process about where to expand or scale your business. Predictive data analytics can find opportunities in potential problems, while AI integrated apps can create contingency strategies.

Boosts business continuity

The digital transformation journey is taking businesses into the cloud and creating a new workplace. Cloud platforms, remote workforces, virtual desktops – your business can be anywhere and operate continuously. Many organisations benefit from professional cloud consulting services to plan and implement cloud migration strategies that can unlock rapid growth, increased flexibility, and continuous business operations.

Better communication and reach

Technology has transformed the way businesses can communicate with their market, customer base, supply chains, and stakeholders. Communication is unlimited today, whether it is texts, emails, social media, or apps, and allows organisations to broadcast their messages far and wide. This information isn’t just important for marketing a business, but for feeding the data back into the business to power change and achieve business goals.

Secure the future

Data has become an invaluable asset for any business. When utilised properly, as mentioned earlier, data leads to better business decision-making, enhanced user experiences, and enhanced business growth. In the wrong hands, your data can lead to disaster. The average data breach in Australia costs $3.35 million per breach. It’s not just the money, a data breach can cause a loss of confidence and trust in your organisation, and even put you out of business. Investing in a security technology transformation strategy is imperative to keep your business moving forward into the future. Cybersecurity should always be an important consideration on your digital transformation journey, to keep your business data safe. 

Transforming your business with the right technology

As technology continues to evolve and develop, the speed of change will only become more and more significant. The old ways of working are steadily being phased out as more businesses embrace technological innovation. Transforming your business with technology enables you to achieve your biggest business goals.

Create a new future for your business with the IT consultancy experts at Steadfast Solutions, who offer specialist knowledge and expertise to leverage your technology transformation.