A small business in India is shy in implementing technology as it believes that incorporating technology brings in complexities. But that is not true. Small businesses get entangled in the redundant processes of handling finances, scheduling meetings, handling customer queries, managing invoices, purchase orders, etc. All of these activities consume a considerable amount of time and human intervention can make errors, no matter how diligent your employees are. Implementing technology ensures greater efficiency and versatility, making it a natural progression for processes. Below are some pockets to explore where the inclusion of technology will prove to be cost-effective, increase productivity and reduce dependence on manpower.
Technology for better productivity
Businesses when they begin new, a single individual handles myriad responsibilities that demand enormous multitasking. Handling myriad functions by the same person can be a labourious task if he is a business developer who is into recruitment, and marketing as well. In such conditions, the use of project management tools or time tracking tools becomes beneficial to the businesses, since it can give a better picture of how much time we allocate for a task and find out the gaps that consume most.
Building better customer relations
For any venture to survive, it needs sales to happen. Addressing customer complaints and building a loyal customer base should be at the top of any business’s priority list. A business owner should begin nurturing customer relationships right from day one with the help of Customer Relationship Management (CRM) software. A CRM software gathers information at a central place that has the customer’s overall purchase history, customer info, and every customer interaction with your business, which can be shared with your employees as well. With CRM software in place, every question, every service request, and past detail of customers is at your fingertips, which benefits the business by understanding the customer better, identifying cross-selling and up-selling opportunities better, and acquire new customers. It is designed to help businesses to improve customer relationships and increase customer lifetime value.
Management of financials is the most vital part of any business where nobody can afford a single error. To streamline your accounting and bookkeeping process its accuracy and security should be paramount. Businesses should depend on the accounting software to automate the process of payrolls, receivables, and payables, efficient filing of taxes online, and other financially sensitive tasks. Further, businesses can implement cash flow management software to forecast cash flow based on past transactions and historical financial data within the software.
Learn, share and collaborate
The pandemic has pushed the workforce indoors which necessitates the use of cloud solutions to easily share, collaborate important documents with your remote workforce. Sharing documents through cloud solutions helps make changes and communicate them on the spot and share accordingly. This brings flexibility and seamless collaboration among employees. Implementing teleconferencing solutions and web conferences are an excellent medium to conduct meetings, inductions programmes as well as offer business training to your remote workforce.