How to transform your business with technology today

2 October 2018

Terms like ‘A.I.’, ‘virtual reality’ and ‘the cloud’ can create a cold sweat for many business leaders.

While most understand it’s time to get with the times and adapt to today’s rapidly-changing technology, the challenge is figuring out exactly where to start.

Many business leaders believe the task is ‘too costly’ and ‘too hard’ for their company. So we’ve come up with some simple ways to boost your business with technology, that you can implement right away.

Begin by keeping it simple and taking small steps forward.

1. Re-think your culture.

It starts with you, the business leader, by changing the way you look at and talk about technology. Talk about the evolution towards tech like it's something that’s going to make business more efficient (which it will), rather than being an unnecessary burden.

Educate your staff on the need to move forward and communicate the importance of integrating technology. Provide training for everyone and make it a point to be inclusive, giving special attention to those who may find the transition particularly challenging.

By getting everyone on-board and thinking positively about the tech evolution, your team will be better prepared to adapt to the change.

2. Review your business.

Go through your systems and processes and evaluate the opportunities for introducing tech to your company. Even before you start applying new programs and tools, you can prepare by analysing the potential in your business.

This is actually a crucial step and in the long run will completely change your business for the better. Think greater profit, more free time and countless new opportunities. A tech or business consultant may be able to help you with this process.

3. Ditch the paper files.

Many business have cupboards full of useless paper and outdated files. There is a very simple and tech-friendly solution to this common problem: keep digital copies instead of print-outs.

See if you can scan historical documents and then store them online so that you don’t have stacks of paper taking up space. Change up your practices a little so that files are kept in online storage via programs like Dropbox.

You’ll find it may take some extra time in the beginning to scan in documents, but it’s worth it. You will free up space in your office, save on paper and avoid the hassle of digging through poorly-organised folders to find things.

4. Integrate new software solutions.

There are countless apps, programs and devices out there all designed to streamline your business process.

Try a file hosting service for storing documents online in a secure cloud. Xero will help you keep your accounting books straight. Trello can enhance and tidy up your workflow.

There are so many exciting new toys out there that will help you automate and revolutionise your business world. They might sound confusing, initially, but the good news is that they’re cheap and easy to use.

Bankwest Halo is another good example of a powerful tool that will make payments more convenient than ever before.

Bankwest Managing Director Rowan Munchenberg said the ring had been developed in response to the changing needs of customers.

“Business leaders need to adapt quickly to changing customer needs, embrace new technologies and adapt to new ways of working in today’s digital economy,” said Mr Munchenberg.

He said their customers’ needs were always changing and in today’s digital world they increasingly expect smooth transactions that fit with their lifestyles, whether shopping online or in person.

“Our customers’ lives are so varied and the Bankwest Halo offers them complete freedom to pay wherever and however they want. No more fumbling for your purse or wallet, no need to ensure your phone’s charged in order to pay – it’s a new era in contactless payment,” he said.

It’s time to stop running away from technology and start welcoming it. Hopping aboard the tech train will carry your company farther than you ever thought possible, so don’t shy away from the chance to learn something new!

The information contained in this article is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained in this article without first obtaining specific professional advice. Also to the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL / Australian credit licence 234945, its related bodies corporate, employees and contractors accept no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained in this article.