A survey by Google and KPMG showed a few interesting statistics – while there was just a 10% growth in profit for SMEs that opted for online marketing, those connected via digital platform recorded growth above 12%.
In the case of personally enabled devices, this growth recorded at 17% while it further went up to 19% in the case of customer engaged devices. This is just one single data which emphasizes on how innovation is influencing business enterprises.
Several types of capital financing options are offered by financial institutions like term loans, which make it financially easier to integrate these technologies. Ease in availing financial aid allows enterprises to opt for upgrades to increase the revenue and profit generated.
Consequently, it is crucial to know the different types of innovations and factors, which can positively influence a business. This helps in understanding the relevance of these technologies and avail a business loan as per requirement.
These different business technologies are discussed underneath –
Increased connectivity with apps
The use of apps has especially established connectivity between different business organisations and their customers. It is crucial for enterprises to have such apps since these allow customers to access all products and services from the comfort of their smartphone.
Additionally, it also offers customers the option to avail of a payment alternative, which is convenient for them.
A vital feature generally offered by firms in their apps, personalisation increases customer interest. This can be integrated into apps and online portals with the help of relevant experts and professionals.
Inventory control system
An inventory control system aids a business to manage purchases, shipping, storage, and every other aspect related to inventory. These systems are also beneficial in tracking the working capital of a firm.
Using the cloud for data storage has numerous benefits. Financial aid with term loans easily allows integration of the cloud system, which offers a huge base to store all relevant data.
Storing data in the cloud allows different departments of the same business to access relevant information seamlessly. Furthermore, this also allows businesses to save time while offering customer support.
Online customer survey
It is important to survey the target group of customers and clients to enhance the offered product or the service. This consists of both client feedbacks as well as a survey of client preferences.
Thanks to several online portals, conducting a survey has become all the easier. Some of these websites are dedicated to specific objectives, like event management, testing, offline, etc.
One of the most influential ways of using technology to increase business efficiency, it is important that every small business especially takes note of customer feedback.
The use of automation and management software can be costly, though in the long run they greatly reduce the running costs of business enterprises.
These can be controlled with fewer personnel, which essentially decreases the working capital needs of a venture. Additionally, this technology offers much-enhanced inventory management. It is crucial for entrepreneurs to learn and better their inventory management techniques to save money.
Acquiring and implementing all the necessary technological upgrades can be costly. Consequently, financial institutions offer different options for term loans, which allow entrepreneurs to implement all necessary upgrades.
Financial institutions like Bajaj Finserv offer such financing to help businesses implement such technologies.
It is imperative for businessmen to plan the finances of their venture properly before applying for a loan. Be it a working capital loan or for a technological upgrade, planning the repayment as well as revenue generation structure is imperative.