In a hypercompetitive market, you need every advantage you can get in order to stay ahead of the competition. One of the best ways to achieve this is by investing in the right technologies at the right time. Whether it’s a remote tool for the new hybrid workplace or AI to eliminate time-intensive, repetitive tasks, here’s what you should be embracing in your business.
Embrace a hybrid work environment
If there’s one silver lining to the pandemic, it’s that more organisations have realised they don’t need to keep staff on-site to maintain productivity and collaboration. On the contrary, research shows that people who work remotely or in a hybrid environment are producing even better results than before COVID-19 drove everyone to work from home.
While that’s good news for staff, it means businesses need to adapt to the ‘new work norm’. Thankfully, technologies like video conferencing software and remote-onboarding platforms are helping to ease the transition.
Invest in cybersecurity
Did you know that nearly two in three businesses think they won’t ever be targeted by a cyberattack? But the truth is that cybercrime rose by 600% during the pandemic. So it’s no longer a matter of if but when you will have to thwart a malicious attack.
That means every business – no matter the industry – should be investing in robust cybersecurity software and training staff about how to spot phishing and ransomware scams. The alternative means not just reputational and financial damage, but loss of customers over the long term.
Leverage social media for brand expansion
If you haven’t already embraced the social media revolution, you may be missing out on lucrative opportunities with new audiences. While you will need to tend to your social channels like a garden, the payoff can be even greater than traditional advertising.
90% of people buy from brands they follow on social media. And with more than 20 million social media users in Australia alone, that’s a market with incredible potential to make profits.
Utilise AI for efficient operation
Technology is also helping businesses by reducing the repetitive tasks that would usually take hours – or even days – to complete every week. Take accounting firms, for example. Artificial intelligence is already automating tasks like reconciliation, updating financial records and creating financial statements from client data. Rather than eliminating jobs, this actually frees up human staff to work on more client-facing, income-generating tasks.
Integrate the right technologies for your business
If any of these technologies could supercharge your business in 2023, it’s time to start integrating them into your workplace and training up staff on how to use them. However, any investment in new technology requires funding.
As a business owner, it’s vital you adapt to changing work trends and technology is set to play a key role in the future of work. However, cash flow woes and razor-thin margins can hamper any necessary investment, which is where Capital Tree comes in. We can pair you with an expert commercial broker who will assist you in finding the most relevant technology for your business needs and then find an appropriate loan to fund that investment.
Looking to strengthen your business model by adopting powerful new technologies? Contact Capital Tree today or call 1300 045 647 to find out how we can help you get the funding you need.