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How to Use Technology to Make Informed Business Decisions

Look into the history books, any business that survived the test of time and also thrived maximized the potential of the time or age in which they were operating.

Whether it was the Stone Age or the Industrial Age, these various businesses and their owners, knew how to utilize the times to their advantage, pushing their businesses the upward direction.

The businesses that tried to survive using the skills of one age in another were usually unable to make it through. They lost the battle and most times got acquired by those who had upgraded their skills.

Fast-forward to this present day, and you’ll realize that the name of the game and the way it’s now being played in the business world has completely changed. In this age, the modus operandi for most businesses is almost always either technology-based or technology-related.

Business owners, regardless of the kind of business they own, have since jumped on the tech train and are taking advantage of a period where technology is the new name for speed in business, a period where your choices around technology determine how long your business and its workers will be around.

Technology in the business world can take different forms. It can come in the form of software to make business run smoothly, applications to make business transactions easier, and smart gadgets to help in making quicker, calculated business decisions.

Another way you can integrate technology into your business is to use it for making informed business decisions.

You however need to know which technology is useful for every aspect of your business. Your choice of technology will determine the kind of information you’ll get and how successful your business will be.

This means that you can use technology to make informed business decisions depending, to a large extent, on your sense of technology selection. So, what various technologies are available to be used to make informed business decisions?

1. Business Intelligence Software

When it comes to business, the data involved can sometimes be overwhelming. And with that, it can be hard to keep track or use it to make forecasts or predictions. Business Intelligence Software to the rescue.

This is the tool that allows you to automatically organize and analyze all of the various important data that represents your business and what it is.

With this software, identifying important information that gives you a valuable outlook of your business becomes easy. And with this perspective of your business from a vantage point, making informed and valuable business decisions becomes easy.

2. CRM

What makes a business is its customers. They are one of the most important entities of a business. Without satisfied customers, you’re out of business. And while most businesses would like to manually keep up with every customer, the numbers can be overwhelming.

This is where many business owners integrate Customer Relationship Management (CRM) into their businesses. CRM helps them to meticulously plan out interactions with customers.

With a CRM, you have all of your customers’ contact information in one place, alongside information on the products they have purchased, and their feedbacks. With CRM, offering outstanding customer service becomes easier as each customer can be related with on a personal level.

These 2 tools are just some of the many ways technology can help you make informed business decisions. Endeavour to use them in your business and take your business to a whole new level.

This article is part of the GWB Archives. Original Author: Abdulrahman Bonire

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