What does ‘technology’ mean to you and your business? For many, it means computers, printers, servers and software. Maybe even a job costing or inventory management system. When asked to name technology companies, Apple, Google and Microsoft often top the list.
At Silver + Goren, we think tech companies include many more than those working directly in the computer field. Any company that utilizes technology to provide a real competitive advantage deserves a tech label. Wal-Mart, McDonald’s and Federal Express are success stories that have built technology into their core competencies, allowing them to stand out from their competitors.
New technologies are not only creating new markets, products and services; they are evolving how business takes place in virtually every industry. Fortune Magazine highlighted the trend: “CEOs such as Procter & Gamble Bob McDonald increasingly view technology as a strategic tool for increasing revenue — not just a way to make workers more efficient.”
New technologies also affect how people interact and how work is performed – on a larger scale than your colleague glued to his BlackBerry. Modern communication technology provides far more flexibility for employees to work in different environments and locations, making it easier for business to acquire the best possible talent.
There is lots of room – and creativity – to use technology for a competitive advantage. Try analyzing your telephone system, point-of-sale equipment, job costing, time and billing, customer relationship management, or enterprise resource planning, for a start.
Social media tools such as Facebook, Twitter and LinkedIn offer wonderful new opportunities to communicate effectively and cheaply with far more people than ever before.
Franchising in retail and service industries offers “technology” to many small businesses. The technology in this case is the training and procedures manuals – the knowledge that if you do it exactly ‘like this’ you will survive and prosper. This technology reduces the cost of making correct management decisions.
Many small businesses are concerned about the cost of acquiring technology. We at Silver + Goren believe costs can only be evaluated in the context of the potential benefits the business may derive from the new technology. We’ll help you push boundaries for industry leadership – and make sure that cost analysis is done right.