In this climate of globalization, companies need every advantage in order to remain competitive — which means digital solutions are paramount to success. Given the rate at which companies are sold, downsize, or go under, it is important to look at whether they had the digital solutions necessary to make the grade.
Kauffman Foundation and Inc. Magazine found that almost 66 percent of businesses that had been on the magazine’s list of the 5,000 fastest growing companies had downsized or been sold. Fortune expanded on that study, offering a few important points regarding what mistakes these companies often make:
· Innovative talent is driven away
· The “end of the journey” is thought (falsely) to be financial viability
· Failure to maintain day-to-day aspects of running the company
· They only go after incremental improvement to existing products and processes
On the digital solutions side, businesses need to think about how to incorporate data with their decision-making. The best way to make sure you’re keeping a watchful eye on external and internal facets of your company is to watch your data closely. The most successful of these companies are building dashboards that are completely data-driven.
When you have your dashboard in place, you’ll be more efficient at empowering leaders to make smart decisions. You will also have a better idea about where changes should be made in your operations and you can build fact-based policies that will support your company.
Out With Manual Processes
Is your company still relying heavily on paper records? This is inefficient and costly. Incorporating digital communication solutions will allow you to streamline the way you operate your business.
Going digital, especially with calendars, allows you to easily invite others to important meetings, teleconferences, and anything else that is deadline-driven in your enterprise.
Keep an Eye on Trends
The rate at which technology evolves has grown exponentially. This means the solutions you’re learning about today aren’t going to be the go-to thing for long. For instance, many companies utilizing the Internet of Things (IoT) right now are finding that it’s helping them reduce manufacturing costs. However, every digital solution may not fit your business model, so track the trends and keep up with innovative technology.
And what about the remote work trend? Most employees embrace this and become more productive when given the opportunity to work from somewhere apart from the office. Do you have the digital infrastructure to implement this for your employees?
At Access Tech, we’re the efficiency experts that give our clients a competitive advantage with end-to-end support. We have decades of industry experience offering voice and data solutions. Contact us today to talk about how to advance your competitive edge.