IT has revolutionized business models, improved business operations, and shaped the ways businesses interact with customers. Think of touch-free payment terminals, omnichannel marketing, cloud-based solutions, and complex accounting/inventory management systems.
Sadly, not so many Small and Medium-sized Enterprises (SMEs) have managed to keep up with the digital change. Upfront costs remain the top reasons why SMEs lag in adopting IT solutions. That’s understandable, given the rate of rejection small businesses face from traditional owners of capital.
Luckily, many fintech lenders have marched into the funding gap to help SMEs improve business core with small business loans.
Core Business Improvements Possibly Made with IT
An IT area is a business process or task that can be automated or improved through IT solutions. That helps increase efficiency, boost productivity, and slash operating costs. Here’s a rundown of core business areas that can be improved with IT.
1- Inventory Management
Inventory management is a core part of product-based businesses that can streamline with an Inventory Management System (IMS). An IMS helps improve inventory visibility, reduce human error, eliminate redundant records, and view stock levels in real-time in each product category.
Thus, you can reduce carrying costs, prevent instances of lost, misplaced, or stolen inventory, and avoid overstocking/stockout situations knowing exactly when to order new items.
2- Sales and Marketing
Modern digital marketing solutions can help SMEs remove the guesswork out of their sales and marketing strategies and market their business better. IT tools can help your business obtain valuable data about your customers, segment your audience, and target each group with the right promotional or informational content.
Tools like HubSpot, Unbounce, and Google Analytics can help small businesses create digital marketing plans and measure the performance of their marketing efforts in real-time. Through websites, mobile apps, and social media channels, SMEs can expand their business operation with fewer overheads, reach more customers, increase conversion rate, and boost sales.
Project and task management tools can help businesses streamline everyday tasks, get more work done, increase efficiency, and achieve better results. They help automate daily repetitive management tasks like project scheduling, task assignment, resource allocation, and monitoring project progress. Then, time tracking software comes in to help map out where time is being wasted and identify areas of improvement.
Once workflows are automated and streamlined, teams can spend most of their time focusing on the real project work and stay on top of their responsibilities, which results in improved productivity and faster delivery of business projects.
Accounting software and financial tools can help SMEs stay on top of their business revenues. A good accounting software integrates online invoicing, budget tracking, and tax filing features to help your business manage payments, reduce accounting costs, budget business revenues, and file taxes hassle-free.
You’ll also be able to share digital files with your accountant, which results in an improved, ongoing bookkeeping process.
5- Online Collaboration
Small businesses should embrace cloud computing tools to keep teams in the loop with business and project goals. Once operations are moved to the cloud, teams can share files and communicate in real-time from different places.
Managers and business owners can use teleconferencing tools like Zoom, Google Meet, team messaging, and webinars to manage, train, and keep every team member on the same page.
6- Customer Service
Savvy entrepreneurs should take advantage of software and IT tools to improve their customer service and relationship. An excellent option is to implement an online help desk or ticket system to address customer concerns. Furthermore, you can use an automated scheduling system that allows clients to schedule appointments online.
Again, you should integrate customer service into your social media accounts and use chatbots to offer 24/7 customer support online, especially for basic customer queries. SMEs should also take advantage of online surveys and questionnaires to get customer feedback and use that information to improve product and service offerings.
Benefits of Implementing IT Services for a Business
There’s no end to the benefits SMEs can reap by integrating IT solutions into their businesses. The top ones include:
- Slash operation costs
- Efficient business processes
- Increased productivity
- Maintain data integrity and security
- Improved communication and team collaboration
- Improved customer service
Improve Your Business Core with Small Business Loans
IT has morphed into every aspect of modern business. To compete with their big-box counterparts, SMEs need to embrace and implement IT solutions into the core of their business operations.
However, it takes money to implement such tech solutions. That’s why it’s vital to partner and work with suitable lenders. Visit the link to learn more about small business loans.