Making Tech Work for Your Business: A guide for entrepreneurs | BDC
Marketing Technology
Summary
- A strategic approach for your business
Technology initiatives can feel daunting, often seen as costly and disruptive, with uncertain outcomes. However, companies that make informed, strategic investments in digital technologies can adapt to evolving industry demands and customer needs, ultimately reaping significant rewards. While there may be short-term challenges, the long-term benefits are substantial. - Develop your technology roadmap
A successful technology project begins with a clear understanding of your current systems and their uses. Start by mapping your key business processes and identifying the digital tools involved at each stage. Evaluate whether you can enhance existing systems or introduce new ones to streamline operations, boost visibility, and improve customer service. - Foster a digital culture
Don’t overlook your employees as you implement new technology. Transparency, training, and support are crucial to navigating changes smoothly. Building a culture of continuous improvement will ensure your team is engaged and ready to support the company’s technological growth.
A smart strategy for your business
How to stay competitive in a digital age
Digital technologies are transforming every industry and business function, from distribution and logistics to sales, marketing, production, finance, and HR. This digital shift is opening new opportunities, altering business models, and driving the need for increased investment.
Yet, many companies are slow to adapt. For example, they may still rely on manual processes and spreadsheets to manage data, creating bottlenecks when key people struggle to access necessary information. In some cases, tech solutions are purchased in isolation by different departments, resulting in software incompatibility across teams. This often leads to manual data entry, which not only increases the risk of errors but also wastes valuable human resources.
A 2018 BDC study found that businesses slow to adopt new technologies were at the highest risk of falling behind, with many already experiencing declining sales. On the other hand, companies that embraced digital technologies reported stronger sales and profit growth, were more innovative, and were more likely to export their products. To reap these benefits, businesses must take a practical and structured approach to technology adoption.
What is a technology strategy?
The traditional approach to business strategy treated IT as just another department responsible for operational tasks, often disconnected from other areas of the organization. This siloed decision-making process left businesses vulnerable to rapid technological changes within their industries.
To address this, entrepreneurs should adopt a technology strategy that integrates seamlessly with the broader business strategy while supporting the tactics of individual departments. This approach allows companies to prioritize technology initiatives that align with their overall goals, streamline projects across the organization, and build a more customer-focused business.
Unlock the potential of digital technologies to boost your business growth! Continue reading and download the complete guide to make technology work for you.
Related guide: Get Your Business AI-Ready: A Guide for Entrepreneurs | BDC
Table of Contents of “Making Tech Work for Your Business: A guide for entrepreneurs”:
- Summary
- A smart strategy for your business
- How to stay competitive in a digital age
- What is a technology strategy?
- Create your technology roadmap
- Align your technology goals with your business goals
- Identify where technology can improve your processes
- How can technology improve the customer experience?
- Tracking your progress: The role of data and analytics
- Make it all work together
- Prioritize your projects
- Build a digital culture
- 4 steps to building a digital culture
- How to overcome resistance to change
Number of Pages:
- 14 pages
Pricing:
- Free
