As time goes on, technology is infiltrating more and more aspects of our lives and affecting the way we work, interact and go about our day. Data is everywhere and information is constantly fed to us from hundreds of sources simultaneously. The power of technology seems truly inevitable, and yet many businesses overlook the role of technology and information systems in their operations and how critical it can be to both their survival and success.

Put simply, good technology and information systems are a truly valuable way for a business to invest in itself.  If approached the right way, implementation of good IT can set the business up for growth and open the business up to an endless range of opportunities for the future.

That being said, with technology changing so rapidly, is it really worth continuously investing in new technology?

In this article, we explore the real benefits to businesses of investing in quality technology and information systems, and how failing to do so can more than outweigh the cost of that investment.

Efficiency

All businesses, large and small, require interaction in some way with information systems (an information system is any organised system for the collection, organisation, storage and communication of information). This interaction can be either reliable and efficient, or temperamental and frustrating.

We all know the saying “time is money”, and information systems can present a great opportunity to streamline and enhance your business processes.

Initial outlays are often a barrier for businesses to invest in new information systems.  However, with the right implementation, these new systems can result in significant efficiency gains, meaning cost savings in the long run and potentially greater capacity for the business to grow and generate additional revenue.

Reliability

Whether deciding if a particular product line or service offering is sustainable, or managing interactions with customers, having the wrong data can be absolutely detrimental to a business.

While we hate to admit it, humans are prone to errors.  Over time, these errors can build up and contribute to significant depreciation in the accuracy or data held within information systems.  Relying on this data can therefore have very serious and far reaching consequences.

Modern technology is constantly improving, bringing with it improved ways to record, validate and extract data.  Investing in more secure and up to date information systems can therefore promote data accuracy, resulting in data that is more reliable and therefore much more valuable to your business.

Decision Making

The decision making process is a complex one that requires input and deliberation from multiple perspectives within a business, and there’s no doubt that good decision making is what sets a good business apart from its competition.

Modern technology provides a huge range of powerful tools designed to analyse and manipulate data in order to produce valuable information and aid the decision-making process. These tools range from the basic to the complex and encompass tasks such as financial data analysis (for drilling into performance, cost analysis, profitability analysis and the like), data mining (for learning more about your customers, market or competitors) and many more.  Newer tools are stepping away from the old style of information systems which were dry and very data-based – they are increasingly user-focused and present data in a range of outputs including analytical graphs, tables, dashboards and desktop widgets.

Security

With data on just about everything floating about in cyberspace, security is a key concern for businesses in today’s world.  On a daily basis, businesses retrieve and retain sensitive personal information about their customers, as well as abundant sensitive data of their own.  Cloud computing and web-based customer interaction platforms have become significantly more common in recent years due to their accessibility and ease of use.  While both of these can provide some fabulous solutions for business, data security is becoming more and more important for both businesses and consumers.

It is imperative for businesses to ensure that their chosen information systems, whether externally provided or self-maintained, are up to date and secure in order to maintain adequate protection from virtual or physical theft of data.  Choosing quality technology and information systems that are appropriate for your business reduces the risk associated with the collection and retention of sensitive information.

Customer Satisfaction

Regardless of the business, location or industry, customers demand any interaction with a business to be fast, easy and hassle-free. Something as simple as one frustrating interaction can cause a business to lose an existing customer, discourage a potential customer, or ward off a whole bunch of potential customers who hear about the incident on social media.

The way you present your business to the public through information systems expresses your level of professionalism and attention to client satisfaction. Maintaining up to date information systems and user-friendly interfaces for customer interaction reduces the potential for unpleasant customer experiences and can give your business a head start towards building and maintaining good relationships with your customers.

Ultimately, as those Nutri-Grain ads keep telling us, “you only get out what you put in”.