3 Tools to Help Business Owners Create an Innovative Workspace
Regardless of industry,
small and medium-sized businesses face cutthroat competition. Along with
fending off challenges from major corporations, they need to compete with
numerous smaller players on the lines of market share, revenue, and
positioning. In such a competitive setting, innovation plays a key role in
setting yourself apart and securing the long-term success of the organization.
Leveraging technology and new processes is one of the best ways to create a
culture of innovation and this article by Glamour Moments will explore three tools every entrepreneur should
consider using for their business.
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Cloud Computing
● Cloud
Storage: This includes tools
such as Google Drive, and Dropbox using which business data can be stored in a
centralized location on the cloud, ready to be accessed anytime, anywhere.
● Cloud
Backup: As reported by CIO, periodic data backup of business data
acts as a safeguard against
data theft and unforeseen circumstances. Additionally, it makes it easier to
migrate data onto new systems or servers.
● Cloud
Hosting: Instead of creating and
maintaining physical servers in an office, businesses can opt to host their website
and mobile application on the cloud.
The benefits of using
cloud-based services are as follows:
● Ease of
Access: Given that data is
stored in a centralized location, all employees can access the data
simultaneously. This improves cross-team collaboration and reduces the chances
of data loss and delays in decision-making.
● Cost-Effective:
Creating a dedicated server room
for your business can prove to be a costly affair, as
it’ll require hiring professionals and conducting periodic maintenance. In
comparison, cloud-based hosting and storage can be purchased for as low as $25/month.
● Automatic
Backup: As per business needs,
you can schedule an automatic backup time on a daily, weekly, or monthly basis
and protect yourself from the risk of data loss.
Business Process Management Software
A business process
management software, commonly known as BPM, helps
businesses automate repetitive tasks, remove operational inefficiencies, and
increase employee productivity. Here are the key steps the software takes to
improve your business:
- It Creates Models of Current
Processes: The BPM software
creates a map of your current business processes with insights into the
time and cost incurred to complete each task.
- It Undertakes Repetitive
Tasks: Rather than
committing manpower for daily repetitive tasks, they can be delegated to
the tool and feel up resources for projects of higher importance.
- It Provides Insights on
Optimization: Reviewing the
models and reports created by the software will provide a clear idea of
operational inefficiencies and bottlenecks, which can then be overcome by
taking appropriate steps.
Compared to other
software solutions that often work in isolation, BPM software creates synergy
between all applications used by the business and provides the following
benefits:
● A reduction in cost due to the removal of inefficiencies
● Greater transparency regarding team and employee
performance
● Accurate tracking of business goals
● Assistance in compliance with legal and
regulatory requirements
Big Data Analytics Tools
One of the best ways to
gain a competitive advantage in your industry is to leverage big data.
Analyzing big data will provide deep insights into customer behavior, market
conditions, competitor performance, future technology trends, and much more.
This analysis can then be used to make sound business decisions, helping you
achieve short and long-term goals. For business owners looking for the best
data analytic tools on the market, here’s a comprehensive list.
Once you’ve started
using a tool that meets your business needs, here are a string of improvements
to expect:
● Higher
Sales and Revenue: Analysis of
customer data will allow your sales and marketing teams to create effective
campaigns, resulting in higher revenue. This can include running digital ads,
cold-calling, and traditional forms of advertisement.
● Better
Price Points: As reported by
Chron, setting the correct price point plays a major role in creating a customer base,
meeting sales targets, and outperforming competitors. Leveraging the power of
big data will allow you to correctly price your products and make the most of
all sales opportunities.
While implementing these tools and BPM will
come at a cost, in return, you’ll develop a workplace that is efficient,
profitable, and nurtures innovative thinking.
Brittany Fisher has spent more than 20 years as a CPA. She runs her own site, Financiallywell.info
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