Using technology in business to expand is the most sustainable approach to growth

All large, medium and small enterprises understand that achieving long term sustainability goals mandate a systemic approach that requires transformation – A complete turnaround and change in perspective of the challenges. But this requires a fundamental shift in the foundation of things- to integrate technology and data at the beginning.

The part technology plays is much more deep-seated than just “Green IT”. As we move towards an era of technological transformation, companies thinking about sustainability should start implementing game-changing tech and digital thinking.

THE TECHNOLOGY ADVANTAGE TO ACHIEVING GROWTH

For all organizations that can take the initiative to advance sustainable growth, technology can act as a significant accelerant. In addition, process optimisation, circular products and services, carbon data transparency, data ecosystems and ventures can also contribute to substantial expenditure savings.

An added advantage to implementing advanced tech is that companies can set a roadmap for a new system that will speed the journey to sustainable growth by helping them achieve tasks much more efficiently at a considerably faster rate. As per a media report, businesses realize the need to improve their online assets. Around 50% of small businesses don’t have websites and lack an online presence.

The key to implementation is changing the way we approach traditional technology—Specifically digitized operations; digital product and service design; cloud computing, IoT, and blockchain; applying AI and advanced analytics; and data sharing and ecosystem building and management. Companies need technological transformation to sustain themselves in a competitive market.

Digitised Operations 

Digitised operations can also improve business resilience. The greater the impact technology creates through faster efficiency and smooth operations; the more customers financially reward it and the faster its business expands. In 2016, almost 70-80% of potential customers searched for small businesses online before reaching out or ordering from them. So this made having a website practically essential for all SMBs.

Digital Products and Services

Companies can implement new distribution channels to break economic constraints, which expand reach, scale, and access at affordable costs. One example is apps that digitize and facilitate access to essential goods and services. These apps offer solutions that reimagine how products and services are delivered while reducing emissions, transforming the customer experience, and delivering sustainable growth and profit. Around 40% of SMBs focus on improving customer experience through data analytics and connect these efforts directly to the revenue increase.

Cloud, IoT, and Blockchain

Advanced digital technologies and tools—such as connected IoT sensors and monitors, blockchain-enabled tracking systems, and cloud-based data platforms—unlock new capabilities for measuring and tracking overall growth impact across value chains. Companies, in turn, can make better decisions making and enhance performance.

AI and Advanced Analytics

These technologies generate data and insights on the overall growth, sales and impact of a product, service, or process. In addition, all digital platforms can share data and create transparency, leading to accountability amongst partners. Frontrunners leverage these capabilities to develop and finetune offerings, engage customers, and improve performance over time; IoT- and AI-based solutions also optimize energy efficiency, reducing emissions and saving money.

Data Sharing and Ecosystems.

Data sharing enables new collaboration models within or across industries or sectors to develop novel solutions to manage operations and collate and analyze information. As a result, companies can more easily pool resources, fill capability gaps, access new markets, and expand reach.

Some of these technological tools are

• Artificial Intelligence
• Cloud Computing
• Consumer Analytics
• Digital Communication
• Intelligent Systems
• Risk Assessment

In Conclusion

The current paradigm of the existing market and the linear approach of a large section of companies towards technology remains. But as frontrunners lead the way, the prospects of how businesses evolve with technological advantages will be unparalleled. As these rethink strategies and business behaviour, they need to assess the impact to align with sustainability goals which promote industrial innovation, maintain well-being, protect the planet, and create business value. A strong commitment and the means to implement it are required to achieve these results. Moreover, such changes in technology pave the way for businesses to expand easily while reducing costs. According to a media report, 30 % of experts say that keeping up with technological advances is a major concern of small business owners.

Article By By Mr. Vidhu Co-founder and Chief Revenue Officer, CloudConnect