Technology is a driver for small businesses growth.
It can be used to streamline your business processes through automation.
Infact, according to Statista, the majority of the surveyed business executives reported that technology had affected their enterprises positively in 2023. Your competitors may outcompete you if you do not integrate the latest technology into your enterprise.
These software have various benefits.
Project management tools, such as trello and asana, can help your team communicate effectively and collaborate effectively on projects.
Moreover, you could use analytics to help you to make informed decisions on matters concerning your enterprise.
CRM systems can also help you to improve customer satisfaction.
In this article, we are going to look at the five innovative tech tools revolutionizing small businesses in 2024. I hope to enlighten you on some of the ways these tools can be transformational to your enterprise.
Let’s get started.
Cloud-based Accounting Software
Struggling with financial management?
Adopt cloud based accounting software.
To access these systems all you need is an internet connection. This flexibility aids in facilitating remote working.
Interestingly, according to Buffer, 98% of respondents reported that they would like to work remotely. Incorporating cloud based accounting systems could make your firm appealing to top talent.
Another merit of this business operations tool is that it updates financial information real time. This helps you to make prompt financial decisions.
Moreover, most cloud accounting software can automate some repetitive duties. This helps to improve accuracy. Some of the activities that could be automated include invoicing and bank reconciliation.
Some options you could consider include Xero, QuickBooks Online, FreshBooks, Zoho Books and Wave.
It is advisable to properly plan how to integrate these software into your business operations.
In order to pick the right software for your business, it is wise to first identify the requirements for your business. Search the market for the software that matches your business needs.
I would advise you to properly communicate to your team about this transition so that they could be able to plan ahead.
Ryedale group, a Yorkshire based plastic printing company, was having challenges with its accounting system. It was cumbersome.
By incorporating Aqilla, Ryedale group was able to enhance productivity. The software helped in automation of the creation of quotes and activation of live jobs. The staff were thus freed to perform more productive duties.
Inventory Management Systems
Effective inventory management is crucial for business success.
Inventory Management Systems can automate tasks. This helps to reduce delays and improve customer satisfaction.
In fact, according to Capgemini, 74% of businesses have experienced delays in shipments. Leveraging inventory management systems could help you outperform your rivals.
These software could also be used to lower the holding cost. They are able to achieve this by helping you to achieve the optimum stock levels. You are therefore able to reduce overstocking. This reduces storage costs and losses that might be potentially incurred from perishable goods.
The inventory management systems also reduce stockouts. By optimizing stock levels, the software helps to ensure that critical items are always in stock. Consequently, customer satisfaction is enhanced.
This makes adopting inventory management systems a great idea for a warehouse business you could implement.
These systems are able to optimize your stock levels by tracking real time information on stock levels and by forecasting demands.
Additionally, automation can enable your enterprise to scale seamlessly. Usually when businesses grow manual inventory management tends to be more tedious and complex. However, by utilizing the software, you could be able to handle more inventories effortlessly.
Boheco, an Indian hemp company, was growing fast. They needed to change to an inventory system that could handle the large numbers.
By leveraging Zoho Inventory, Boheco was able to manage their inventory efficiently. They were able to efficiently track their products. Additionally, they were able to handle both retail and wholesale orders simultaneously.
Project Management Platforms
Collaboration is key for business success.
It helps to improve productivity by reducing the duplication of work.
Interestingly, Asana’s Anatomy of Work Index reported that employees waste 10% of their time performing tasks that have already been done. Because of this, clients’ work may be delayed.
Additionally, collaboration can help to improve creativity in your business.
In a collaborative environment, the team members are not afraid to contribute their unique ideas. They know that their opinions will be considered and if it is the best alternative it will be implemented.
Collaboration also promotes the morale of the team. It fosters a sense of belonging.
Trello is a popular project management platform. Trello facilitates easy project tracking with cards, boards and lists. I would recommend it for small teams.
Asana is another well known project management software. It supports features such as commenting and file sharing. Asana supports task dependencies. I would recommend it for groups that are handling many projects concurrently.
Monday.com is another common platform. It is integrated with Slack and Zoom. The software facilitates customizable workflows. It is especially useful if you would like to tailor workflows for different teams.
Macro Proyectos SAS, a Colombian tech company, was having issues with collaboration.
After adopting Easy Redmine, the team was able to collaborate efficiently. Macro Proyectos SAS was now able to collaborate effectively on big government projects that required over 100 people to work together.
Digital Marketing Suites
Digital marketing is critical for success.
Many businesses are investing heavily into digital marketing.
According to Statista, businesses will spend a whopping 870.85 billion dollars on digital marketing by 2027. You may be left behind if you do not follow this trend.
Digital marketing has global reach. I find this to be a great merit of this business operations tool. You could potentially reach customers beyond your borders by leveraging tools such as social media and search engine optimization.
Another merit of digital marketing is that you could utilize it to perform targeted marketing to enhance efficiency and ensure high returns on investment.
Moreover, you can be able to easily track the performance of your campaigns on most digital marketing tools. You can therefore be able to know the areas that are working and the ones that need improvement.
Saas marketing agencies have emerged to help companies maximize their digital strategies. They are skilled in offering customized strategies that improves the brand visibility, enhances sales and improves the customer retention.
These companies are specialists in using SEO, social media and content marketing to attract new customers. They achieve this by posting high quality informative content.
Our Momento, a Singaporean photography company, was facing stiff competition from more established companies.
After working with Equinet Academy, Our Momento was able to record a 522% increase in traffic after 6 months of SEO implementation. They were therefore able to get more clients.
Business Intelligence and Analytics Tools
Data analytics is integral to business success.
You might want to get ahead of your competitors by analyzing and predicting consumer behavior.
Interestingly, as per Mckinsey, data driven businesses are 23 times more likely to outperform their competitors. Therefore, data driven decision making is key to business success.
By using data, you are likely to make better decisions. This is because your choices are based on facts rather than assumptions.
Moreover, by analyzing information, you are more likely to have more satisfied customers. This is because you will be able to tailor your services to the tastes and preferences of the customers.
In addition, you could use data analytics to determine business operations that need improvement.
Some useful tools you could utilize include Tableau, Power BI, Qlik Sense and Google Data Studio.
To get high quality results, I would recommend that you make sure that the data you collect is accurate and up to date. I would also suggest that you utilize predictive analytics to predict the customer behaviors, potential risks and market changes.
This helps you to always be ahead of your competition.
Additionally, you may consider giving the leaders of each department in your enterprise access to these insights so that they can act swiftly in case there is an issue.
Alta Resources, a global customer service outsourcing company, did not have any credible reports on their 3000 employees.
ScienceSoft was able to design a BI solution for them. This solution was able to speed up reporting by 90%. They were therefore able to get credible insights on the performance of the staff.
Conclusion
Want to enhance productivity?
You may realize that your colleagues spend the day doing repetitive tasks that can be automated.
According to Gallup, low productivity cost employers $1.9 trillion in the USA in 2023. Low productivity could be lowering your profit margins.
You could adopt the tools listed above to transform your enterprise.
They could make your team more productive through the automation of recurring duties. Moreover, they could make the team members more collaborative. They would ensure that the team works together effortlessly.
These tech tools could help you reduce your operational costs.
As technology is rapidly advancing it is advisable to continuously adapt to it. Failure to incorporate the latest technological advancements into your enterprise may give your competitors an edge over you.
It may be difficult to recover from this.
I hope this article on business operation tools has opened your eyes to the incredible ways these tools can transform your enterprise.