5 Technology Trends Driving Business Growth

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business growth trends

In today’s competitive market, it’s vital to make sure you’re tracking (and implementing) the latest technology to drive growth and move your business forward. Here’s a look at the top five trends you should embrace to boost your bottom line.

#1 Building a Digital Roadmap

The road to success is different for every business. Technology is a key component but should not stand alone. Creating a digital roadmap using data and insights will help you:

  • Maximize your return on investment
  • Amplify efficiency, reducing costs
  • Enrich both customer and employee experiences 
  • Respond authentically (and in real time) to changing customer preferences and the digital landscape

So how do you create your own roadmap? It needs to start with a Digital Solution Assessment (DSA). Our DSA process captures a snapshot of your company’s current technology systems and combines the information with your wish list, end goals and business projections. It helps us assess and apply what is digitally possible; and finally, build an executable roadmap to your unique technology solution.

#2 Data Insights Used the Right Way Streamlines Business Performance

More and more companies are interested in evaluating performance to find out where improvements are needed and to cut waste. By developing key performance indicators (KPIs) up front, businesses can set themselves apart with a single system dashboard that uses metrics to define goals and actions for target audiences. This helps gauge the effectiveness of certain functions and processes, minimize waste and resource deterioration as well as reduce overhead.

#3 Employee Interaction with Data Improves Revenue

Data is at the heart of the disruptions occurring across the economy. The value of this critical asset is tied not only to how it will be used, but by whom. A client who owns five neurorehabilitation centers across Texas and Ohio saw a significant revenue boost across the board by empowering employees through a customized software application. The software made it easier to enter data and onboard new patients and as a result cut the process time from three weeks to a matter of days.

#4 Custom Software Protects Your “Secret Sauce”

Businesses today are striving to increase the value of their products, processes and service resulting in a meaningful differentiation to customers. This usually requires doing things differently, and better, than the competition. Because those techniques are usually custom built and represent the “secret sauce” for that specific business, those systems are often not well-supported by off-the-shelf software.  Custom-built software platforms are designed to conform to your unique business processes and sustain that unique advantage. These custom-built platforms make delivery of your “secret sauce” more efficient and predictable. That, in turn, increases competitive advantage and the value of the business.

Custom software utilizes the latest, up-to-date technology and is developed to satisfy your unique requirements. Because it’s original, it will ultimately fit your business, instead of your business fitting the software.

#5 The Internet of Things is Here for Business

Staying competitive means collecting performance data from a variety of sources to gain real-time insights. Today, there are more Internet of Things connected machines and devices than ever before, and they are quickly becoming a vital part of business. We are a leader in delivering IoT to businesses and have the experience to build a system that uniquely meets your needs whether your industry is transportation, utility, manufacturing, or healthcare. The benefits can lead to smarter, more real-time decision making, streamlined operations, increased profitability and better customer service.

At Blue Ocean Consulting, a division of MarksNelson, our model relies on partnerships and collaborations to help businesses outperform their competitors and maximize their value.

If you’re interested in applying these five technology-driven trends to your business model, please contact us here or at 913- 489-3750.

 

Scott Carson is the president and CEO at Blue Ocean Consulting (BOC), a division of MarksNelson. BOC is a consulting and technology firm helping companies create digital solutions to solve business problems and drive growth. How is technology moving your business forward? Share your thoughts on our Facebook and Twitter pages.

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