Technology and internet both are acting
like a catalyst in both growth and success of the business. Large scale
businesses are enjoying the benefits of technology, while some small businesses
are non- technological. They have to adopt latest technology in order to
decrease their production cost and increase profit margin.
An effective technology
strategy is needed for a business to compete in market. Lack of resources and
unavailability of technology related knowledge are the key factors which are
creating hindrance for the small businesses to adopt advanced technologies. Poor
technology strategy can be prove as a great loss for a business and forces it
to quit.
Technology strategy for a business includes
planning for technology that deals with government laws and legislation. For
example, hotel business must adopt a technology by which business is capable of
keeping the records of sales tax paid to the government.
Next step in technology strategy is
adopting technology which helps a
business to provide maximum benefits to the customers. Because your customers
are totally responsible for your sales and growth of your business.
At this
stage business may not hesitate to invest. For example, for hotel business,
advanced technology setup is necessary which keeps the record of total number
of customers present in their hotel, number of vacant rooms available, online
booking facility for the customers and many more. If hotel has no facility of
online booking than it will loss most of its customers in this digital world.
Advanced technology strategy is needed for
a business to use the effective tools of marketing in order to attract its
customers. Successful marketing leads a
business towards prosperity and responsible for creating good reputation among
the customers.
Today, most of the people in the world are online and purchase
most of the products and services they needed through internet. So, digital
marketing strategy is very important for a business. Cash must be generated by
a business for its effective digital marketing strategy in order to represent
itself and its products and services to the whole world.
