The rapid technological advancements we're seeing are a double-edged sword for many business owners, presenting both great opportunities and potential challenges.
Adopting and integrating these new technologies is essential if you want to remain competitive, but it requires careful navigation and a
clear strategic plan for your tech stack.
5 key steps for transforming your use of business technology:
There are solutions for enhancing your bookkeeping, accounting, forecasting, inventory management, project management and a host of other key operational areas. These apps slot perfectly into a custom tech stack that can be tailored and integrated to meet the exact needs of both your industry and your individual business.
But if you’re at a loss as to where to start, it’s a good idea to step back and think in more detail about your digital strategy – and the
best ways for you to grab the best tech opportunities.
Here are five important steps to help you start your tech transformation:
1. Assess your need for the right technologies – it’s important to think about the relevance and impact of emerging
technologies on your business operations. Choose software solutions that meet a genuine need within your business model, and don’t be
tempted to jump onto a tech bandwagon just because it’s ‘the latest thing’.
2. Train and upskill your staff – you’ll only get the best from new software if your team knows how to use it. Invest in
upskilling your employees so they feel comfortable with these new tools and can use them effectively. It’s about reducing any 'tech fear'
that some employees may feel and showing them how it makes their job easier.
3. Tighten your cybersecurity and reduce risk – the more software tools you use, the more data you’ll hold in the business.
Because of this, it’s vital to protect your sensitive customer data and information from cyber threats. This means putting robust security
measures in place and keeping up with all the latest security protocols.
4. Scale up your IT infrastructure – it’s crucial to check that your proposed tech infrastructure can grow with the
business. Any apps you use must be able to scale up as the business expands and volume and demand ramp up. With a properly thought-out tech
stack, your systems can grow and scale with you as the business expands.
5. Focus on the customer experience (CX) – one of the biggest benefits of going digital is the positive impact this can have on your custom experience. Digital tools help you to personalise the customer journey, interact seamlessly with your customers and use highly targeted marketing and promotional activity to reach the right audience.
Most digital transformations don’t take place overnight. It takes time to switch each area of the business over to a software solution, and this can be an organic process as you find the right tools for the job. However, it does pay to have a sound strategy behind this transformation.
We can help you review your planned tech strategy and advise you on the best apps and tools to combine into your ideal business tech
stack. Get in touch with your WDF Team member today on 02 6921 5444.
Associate
WDF Accounting and Advisory | Accountants Wagga | Your partners in business
Providing carefully tailored accounting solutions in business advisory, tax compliance, bookkeeping, Self-Managed Super funds, and more.
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