Data from the U.S. Bureau of Labor Statistics (BLS) shows that twenty percent of new businesses fail within two years of opening. About forty-five percent of new companies don’t survive the first five years.
Analysis reveals that businesses fail because of wrong or late decisions, unyielding marketing strategies, ineffective market investigation, and insufficient internet presence. New companies are risky. They need smart and swift planning and effective use of resources.
How to ensure your startup’s survival might seem daunting, and many questions might arise. Luckily, Information technology (IT) comes to your rescue in situations like this.
Information technology has changed the trading process. It has restructured many commerce models by adding a new perspective to businesses.
At present, digital marketing, social networking, cloud computing, online shopping, and digital communication are great gifts information technology has given us. Each of these contributes to an improved market pitching of your products and services and ensures your customers are satisfied.
A few years ago, consumerism wasn’t heavily connected with social media. But now, your tactical advertisement on Instagram or Facebook could not only get you more customers but also ensure your business stays competitive. Hence, with its proven success in recent decades, IT is no more a choice or want but a need.
To take full advantage of information technology, you should consider hiring in-house IT experts or outsourcing to dedicated IT Support companies. Getting IT support could help your business thrive. Here are some ways IT can contribute to your business’ success:
Cybersecurity is undoubtedly an important concept. Many small businesses think cybercriminals are solely interested in large enterprises. Thus, smaller businesses tend to neglect security for their systems. This laidback approach has led to forty-three percent of the cyberattacks targeting small businesses.
Customers entrust you with their information, which could cost your company a great fortune and reputation if attacks cause data theft. IT support can ensure your computer and communication systems are safe from malicious viruses and online threats.
Your IT support team can significantly reduce security breach risks by installing a quality firewall and wireless network security. By safeguarding your data, IT can save time, money, and the reputation of your business. After all, with the rise in information privacy awareness, clients prefer to work with companies they can trust.
2. Human Resource Management
Keeping a paper-based record can be tricky and impractical. You might lose important information. IT has revolutionized record keeping too. Your business can have a portal where you can assign tasks to employees and have all relevant details secure in the same place.
Depending on the startup’s structure and employment procedures, IT support can build a customized human resource information system (HRIS). HRIS can automate your workflow and determine resources and workforce allocated, i.e., your HRIS data could have easily implied you’d need to hire a new employee in a month.
3. Network Connectivity and Data Availability
Due to technological advancements, communication has become easier. Whether you want to video chat with your employees or send mass emails for your weekly content marketing strategy, it’s now possible within seconds.
Moreover, thanks to cloud computing, businesses can handle data packages without overloading and losing data. Data handling can be done through third-party outsourcing through the internet.
In turn, smaller enterprises can conduct internal operations effectively and get their hands on resources that have been previously unavailable to them. Using networking and data availability wisely can give your small business a significant advantage.
4. Data and Resource Management
From inventory details to orders and customer data, a business has to maintain a large amount of information. Manual data management can be troublesome, time-consuming, and prone to errors. IT can automate data management.
Data management systems can be set up to organize, sort, clean, and protect the company’s data landscape. IT support can assist in encrypting company data to prevent breaches.
Intelligent resource allocation means making the most of available resources. With cloud-based Enterprise Resource Planning (ERP) solutions, you can monitor your organizational resources from anywhere using a laptop or smartphone. IT-enabled ERP solutions can lead to greater enterprise productivity and generate more revenue.
5. Improved Decision Making
Every successful organization makes informed decisions based on a thorough market analysis. IT plays an integral role in data collection and market research.
All relevant data is accumulated using online surveys, group discussions, industry forums, and blogs. Progress can be analyzed using tools like Google Analytics or Microsoft CRM Dynamics. Market analysis will help discover new trends, demands, and needs that might change your thoughts about your next campaign.
Moreover, IT can use algorithms devised to predict consumer behavior based on their activity. Because of IT’s speed and high relative accuracy, you can make the right decisions at the right time. Having fluidity in approach and allowing IT-gathered information to decide the flow of your business can avert losses and help bag more profits.
6. Enhanced Online Marketing Strategies
Business success is correlated to the effectiveness of a company’s marketing strategy. You attract new customers and keep regular ones engaged by marketing your product and services. IT-assisted analysis can segment customers into smaller groups which can be used for better-targeted marketing approaches.
Your business would need internet recognition to grow too. Digital marketing using Search Engine Optimization (SEO), blogging, SMS, MMS, email, pay per click (PPC) is equivalent to a traditional door-to-door salesperson. They convince your target audience to do business with you.
7. Improved Customer Support and Satisfaction
Customers want to feel recognized and important. Building communication pathways for customers through email, SMS, call, live chat, and social media messaging makes them feel acknowledged.
Since the main factor for customer satisfaction is the time, you take to respond to a customer’s problems, having a vigilant IT team can reduce the load on the customer service team.
IT support can make customer reception efficient by automation and outsourcing to remote staff. With the help of IT, customer relationship management systems (CRM) can be made. These can help comprehend consumer reactions. That data can be used to streamline and improve service provision.
8. Comprehensive Monitoring
IT support gives you a better view of your enterprise by providing you with logistics and internal auditing specifics. It serves as quality control for your business, ensuring more business transparency for you.
Comprehensive monitoring will increase accountability within the system and prevent your employees from slacking out. It is also vital if your company provides online customer service as it avoids risking the security of your customers.
Information Technology boosts your business by making it more competitive in this digital marketing era. With IT, the workflow can be more streamlined, management can be efficient, and more systematic and real-time monitoring can be done.
Information technology allows to fetch and analyze data and develop an effective business plan. Without IT assisting you, your services and products might not get acknowledged by your target audience, no matter how wonderful they are. Your business cannot achieve its ideal long-term growth without strong IT support.