There’s no doubt that technology comes with a cost, with companies spending an average of 19% of their revenue on software in 2023. But that doesn’t mean it isn’t worth it. Here’s how investing in the right technology makes you more profitable in the long-run.
1. Improve Your Cybersecurity
According to IBM, the average data breach costs $4.45 million, and some businesses never bounce back from so significant a loss. Investing in cybersecurity tools and a security services provider to manage them will significantly lower your company’s chances of a cybersecurity attack and improve your resilience in case of an incident. Bottom line? It’s a lot cheaper to invest in cybersecurity than it is to recover from an expensive attack.
2. Prevent Expensive Downtime
Downtime is expensive. It can significantly impact your revenue stream, reduce productivity, and even result in compliance-related fines. The fact is that outages and system failures happen, and your organization needs to be ready when they do. Whether it’s due to a hardware malfunction, natural disaster, targeted cyberattack, or even human error, downtime is something all businesses need to be prepared to minimize. Investing in maintenance, monitoring, and backups provided by a managed services provider (MSP) is worth its weight in gold when the inevitable happens.
3. Enhance Productivity
With the right technology in place, employee productivity is greatly enhanced, from tasks to project management and communication. For example, unified communications solutions allow teams to collaborate faster and more effectively. Whether in the office, on the road, or at home, they can exchange ideas and documents in real-time.
4. Reach Your Goals Faster
When you enable employees to use tech that facilitates automation, you can speed up processes and accomplish key company goals more quickly. Automation also helps free up employee time to focus on revenue-generating projects.
5. Deliver Services More Quickly
With the right technology, your organization can deliver services to customers and internal team members far more quickly. For instance, you could use a point-of-sale solution to streamline store operations. You could implement a website optimization tool to ensure your pages load faster. Many companies even invest in customized applications that make it easier to perform business-critical tasks more quickly and efficiently.
The key is to isolate your most significant service delivery challenges. Then, reach out to a managed services provider for ideas about improving those processes with tech solutions. By letting your challenges lead your tech decisions, you can prioritize faster service delivery instead of merely buying tech because it’s hot at the moment.
6. Boost Customer Satisfaction and Retention
Investing in the right technology gives your company the tools to meet customer needs faster without sacrificing quality. As a result, your clientele gets better and more reliable service, making it more likely for them to remain customers.
For example, the right tech can help:
- Decrease response times to customer issues and concerns
- Facilitate more efficient and faster support ticket systems
- Increase service availability
- Optimize fulfillment and shipping times
- Increase the speed of your website
- Improve user experience when it comes to customer transactions
7. Prevent Employee Turnover
The best way to utilize your IT team’s talents is to prioritize projects that push your organization forward. Far too often, IT teams get tied up with manual, repetitive tasks that could be outsourced to an external service provider. Leverage a managed services provider, to keep your IT staff engaged and productive and prevent burnout and turnover caused by overwork.
8. Evolve with the Market
The market changes quickly, and investing in the right tech solutions is the only way to keep up. In recent years, AI has drastically changed how leading companies get work done and satisfy customers. By investing in AI-driven solutions, companies remain on the cutting edge and keep pace with those leading the industry.
TPx can help you make the most out of your technology spend. Talk to our experts about your current IT bill and how we can consolidate your costs to make you more effective and productive.