Karen McLellan from Haines Watts tells us that technology can be used to provide management information that will help a business to grow
Can technology & management information stimulate business growth
Technology is becoming ever present in our everyday lives and becoming increasingly important in generating management information to stimulate business growth.
Most businesses nowadays use technology to streamline processes and procedures which not only reduces man hours but also frees up that time to take more of an investment or a strategic planning view of their business. It also gives the capability of providing much more detailed management information in a much shorter period of time. In addition to that, looking at various cloud solutions compared to say manual filing cabinets, frees up not only space in business premises, but also can reduce storage costs whilst also giving a more secure level of storage.
Technology primarily from a business point of view is looking at data management and communication. Having a lot more detailed management information from the use of technology not only means we get more detailed information, we can get it much more in real time. So from a practical perspective a business owner can have for example, a summary of a trend so we can make decisions quicker, we can react to market conditions better, which also will then have a knock-on effect to hopefully make the business more profitable.
By having that information available it also can increase the level of communication, not only internally with team members, which can improve on things like work flows, look at potential areas of risk or problem, but can also have a better external communication, with things like suppliers, and perhaps more importantly our customers. Everything can be used to really benefit and enhance that customer experience.
So when we’re looking at an all-around approach, but internally through process management, having much more detailed information available, we should be able to make better business decisions which also looks at increasing profitability on a longer term basis.
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