One of the key discussion themes at this year’s conferences like LEADS 2022 by FICCI, I.C.E Exchange, E-ATP, COTS 2022, and TiE DC Capital GovCon were how businesses can enhance their productivity and the affordability of their products and services by improving their technology focus.
Our dependency on technology is increasing each day and rightfully so because of the multifold benefits efficient systems bring into our lives. Considering how much everything is becoming technology driven, business owners should know what business functions software or technologies provide, how much they cost, what is the technical debt technologies create, what are their life cycles, are they hosted or not?
Another aspect that we can’t ignore is data and the basics of analytics. All businesses are a powerhouse of data. It's data that drives a business’s internal and external process, innovation and competitive analysis. Likewise, if we talk about emerging technologies, one must understand what innovation means for a business and how processes can be improved further.
I believe technology investments are the ROI punch that most SMEs need. But understanding the real cost and actual benefits of technology is also essential. Technology can be expensive, especially proprietary platforms like ERP and CRM platforms. So, knowing beforehand of the inflexibility of large technology investment can prepare you in advance in case there is a need for mitigation.
Today’s hyperconnected businesses need digital transformation to pivot sales, enhance customer service to be future-ready. And as emerging technologies become more and more embedded in the real-world, businesses need the necessary technical advantage to thrive against their competitors.”
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