One of your key goals as a business owner would be expansion, but in a time of supply chain issues and rising inflation, it is not easy or cheap to scale up one’s business. There are a plethora of mistakes business owners and managers make at this stage, including scaling up too quickly, trying to expand beyond their means, or focusing on the wrong areas when reinvesting in the company. Thankfully, advancements in technology have taken a lot of the guesswork out of the process, and you can use data tools and other tech to figure out exactly how much you can afford to scale up and which areas you should focus on to get a great return on your investment. This guide will go over some key features you should focus on.
Install software with scalability in mind
As you begin incorporating digital asset management, data analytics, and other forms of business technology into your business, you will realize not all software suites are created equally. There might be some cheaper alternatives that can be operational for a small business, but would not be able to efficiently and quickly deliver the information you need as yourbusiness grows and more data goes through it daily. This is why you should invest in scalable enterprise-wide business software from the start, allowing you and your employees to get used to a networking solution that can grow with the company and help you in your endeavors.
As such, you need to look for options like JDE CNC, which is a fantastic means of running scalable software on various hardware, operating systems, and platforms. Software like this can act as the core of your business as it can run the applications you need and perform pertinent functions such as batch processing or security.
Cloud computing improves productivity
Consumer internet speeds are already fast enough to buffer and play 4K videos without interruptions. As you consider enterprise-level internet speeds, alongside the incoming benefits of Wi-Fi 6 and 5G idata, you have access to speeds that could allow you to move files from the cloud to a computer as if it was connected to an SSD. This unlocks immense potential for cloud computing and its role in the office. For instance, you would not need a high-end machine for every employee, as much of the data they need to sift through can be kept on the cloud.
Moreover, this will give you and your employees access to files at any timein case you need to update a piece of information or refer to a document from your phone or a laptop away from the office. This not only allows you to work more flexibly, but it allows for the company to offer remote work options, which are becoming increasingly more popular.
Flexible work options make it more likely to attract high-end talent when you scale up your business and bring in new employees. Plus, cloud computing itself is scalable, as most hosting services like Google or AWS will offer plans at different price points to suit your needs. Just ensure you hire a professional team when migrating to cloud services and ensure robust security protocols are in place for your data.
Know how to use big data
In simple terms, big data can refer to the various shapes of information your company generates and obtains and how it can be disseminated into useful knowledge that can aid you in making more informed decisions promptly. This data could be the addresses and age demographics of your customers, the HR information of your employees, or the live tracking of your cash flow across various departments and stores.
With the help of this data, you can identify which products are most in-demand and when you need to send another shipment out to stores to ensurethey don’t stop selling, or to predict trends amid your customer base and capitalize on their needs before your competition does. You could even recognize resource gaps within your departments and use that information to fix the shortcomings before they develop into bigger problems.
A lot of raw data is involved in this process, and you must ensure you set the parameters and key performance indexes to filter out the unneeded information. By doing so, you will consume less computational resources and gather the insight you need to predict market trends and prevent issues from developing. Regardless of the level of your business currently, big data can help you out.
Automate as much as you can
As your business grows, you want to make sure your employees are focusing on the most crucial tasks, but at the same time, you will be dealing with more mundane tasks more frequently as well. For example, if you provide a customer service line, you will be dealing with a greater volume of calls as you expand. You would have to hire more customer service agents, but this is not the most effective manner of using company capital. Instead, you can invest in a voice or text chatbot that can handle basic queries and lodge complaints while gathering key information such as the customer’s order number and only pass this on to a human agent if theproblem needs to be escalated.
Automation helps reduce the number of agents you need at a time and ensures those agents are armed with the needed information before they even pick up the phone. Look over your business and identify aspects of repetitive tasks, such as file management, some elements of social media post-production, and so on, and you will surely find a means to automate it. Rather than having your workers focus on dull and repetitive tasks, this willfree them up to deal with issues that require more contextual attention and make decisions that can help the company progress, not simply sustain itself.
Technology might seem daunting at the start, but there are various means to make the most of it and ensure you can utilize it to help your business grow and expand. The key is knowing which data you need, using software thathelps sift through it and ensuring you invest in data solutions that can grow with your company. By having scalable software, whether it be for running your applications or cloud computing, you would only need to migrate your systems once and will be able to ensure all the employees are used to it. It can be a little rough to transition initially, but it is well worth the investment and will help your business in the long run.