In today’s business landscape, it is important to know the ROI of every dollar your business spends, and prioritize investments based on the impact they will have on your bottom line. All too often, however, investments in technology aren’t tied to the impact on revenue they will have, which means that businesses put off necessary technology upgrades and important projects until it’s too late.
Ever since the invention of the steam engine, technology has been the great enabler of the working world. According to the U.S. Bureau of Labor Statistics, workers in the United States have become over ten percent more productive since the mid-1900s. Particularly in the 1990s, as businesses moved to adopt digital solutions, strong productivity growth was the result of technological investments, not innovations in management or organization.
Indeed, the technology upgrades now available to your business will allow you to get more out of the workforce you already have and will support your employees in doing their best work. Here are six reasons why your bottom line will be impacted by upgrading the technology you use.
Reason #1: You’ll Work More Efficiently
There are many solutions now available that can support your employees in becoming more efficient. Programs like Microsoft Teams, Monday, and Slack can make many time-consuming tasks effortless, such as file sharing, collaborative project management, and scheduling. In particular, giving your employees tools to hold remote meetings can save both time and travel expenses. Investing in a more efficient workforce means investing in a more productive workforce, which is something that can be measured by your revenue per employee.
Reason #2: You’ll Attract Top Talent
It is estimated that over ten thousand baby boomers are retiring every day. These workers, many of whom are the most experienced and senior employees at their companies, are being replaced by Millennials and Gen Z’s who grew up with the internet and are used to working online. If you recruit a high potential from these generations and drop them into an office that is still living in the 1990s in terms of technology, it is very likely they will eventually leave your company for an organization that embraces more modern ways of doing business. Investing in cutting-edge technology upgrades that give employees new ways of working helps retain your best talent by giving them options for how they complete tasks. This saves you thousands of dollars per employee that stays with your organization, and demonstrates you are committed to providing the best working environment possible for your team members.
Reason #3: You’ll Get More Value-for-Dollar
Although it is possible to own, run, and maintain your own technological infrastructure, having on-premise servers requires an expanded IT staff, a budget for replacing parts, and physical security measures. Additionally, as your company scales, you will likely have to replace or expand your infrastructure at great cost to you. With cloud-based technology upgrades, however, you pay only for what you use and can add capacity with the click of a button – making this a more scalable option as well as a cheaper one. We have worked with many clients as they make the shift to cloud computing and can support you as you do the same.
Reason #4: Cost Savings on Service Agreements
When you own your infrastructure, the hardware comes with service agreements that must be continually renewed. In some cases, these agreements can cost tens of thousands – even hundreds of thousands – of dollars. As your hardware ages and needs replacement, this can add additional costs to your IT budget. Working with a trusted IT service provider like Kalmer Solutions can give you the edge when negotiating the terms of these agreements with your vendors and help you save money.
Reason #5: Time Savings and Reduced Expenses
In the aftermath of the COVID-19 pandemic, it has become clear that employees are capable of working remotely, and that meetings conducted over programs like Microsoft Teams are just as effective as meetings held in-person. For professionals who don’t have a lot of spare time in their day, such as lawyers, salespeople, healthcare workers, or senior leadership, less time spent commuting means more billable hours and higher company revenue. Additionally, technology upgrades like Dynamics 365 and Salesforce can automate many monotonous tasks and save time for sales and marketing staff. This allows them to stay client-facing, and therefore revenue-generating, as much as possible.
Reason #6: Increased Client Engagement
Sometimes, relatively small investments in technology upgrades can lead to big impacts on revenue. Consider, for example, the presence of a live chat feature on a website – this is one of the preferred methods of communication between customers and solution providers, and can boost online conversion rates by almost 4%! This small feature offers potential and current clients the opportunity to ask questions, troubleshoot problems, and interact with salespeople in a low-pressure way. It also costs much less than traditional phone support. Beyond simple investments like a live chat option on your website, comprehensive solutions such as CRMs and marketing automation tools give your client-facing staff the ability to develop tailored customer experiences at a lower cost. This increases engagement throughout the sales funnel and directly impacts your bottom line.
Working with Kalmer Solutions
Kalmer Solutions provides managed IT services for the modern workforce. Based in Jonesboro, Arkansas, we support our clients with technology upgrades, cloud-based computing, IT support, cybersecurity, the fulfillment of compliance requirements, and more. Our goal is to become your trusted IT partner and add long-term strategic value. Contact us today to learn more about how working with us can transform your business.
