Calling all business owners!
You have just two options when is comes to technology: use it (technology) or lose it (business). Not much of a choice - we think you’ll agree – but a very real dilemma to find yourself in in our increasingly digital world.
We found the following figure quite alarming but, today, only 25% of businesses believe they are taking full advantage of all the technology benefits available to them (Deloitte Insights, Industry 4.0: are you ready? January 2018).
So why is the investment in technology so low? We believe it’s because SMEs see technology as a hurdle, when they should be seeing the huge benefits it delivers. Quite simply, as a business owner, by not adapting to changing technology, your business will start to lag behind and you’ll see more tech-savvy companies (those that embrace change) overtake you in the marketplace.
Granted, that’s a harsh scenario to face, but it doesn’t have to be that way. Embrace change! Invest in technology!
Here are our top three reasons to convince you why you should.
#1: Talent magnet
Technology is a fantastic talent magnet for business. Smart employees know that digital skills will broaden their career horizons so, by definition, if your business is technologically immature, there’s a real danger of losing talent to more digitally orientated competitors.
In fact, employees are 15 times more inclined to jump ship within a year if they feel they don’t have sufficient opportunity to develop digital skills than employees who have satisfying digital challenges. (Deloitte Insights, Achieving Digital Maturity: adapting your company to a changing world).
Digital is the future, and employees know it.
#2: Skilled workforce
Training, training, training! Once you’ve made that investment and got your hands on the latest state-of-the-art technology, you need to train your staff how to use it. Not only is the technology worthless if your employees don’t understand it or can’t use it effectively, it can be demoralising and frustrating for those who want to do a good job for you.
Purchasing the technology alone won’t expand your business and achieve your productivity targets. If you invest in your business you must invest in your people. By providing employees with training on the latest kit you’ll develop a skilled workforce, increase company loyalty and continue to attract that new talent that will let you achieve your growth targets.
Business success = people + technology.
It’s a well-known fact that upgrading to cutting-edge technologies can significantly improve business productivity: you get more output for same input. Our research shows that by investing in digitalisation, manufacturers could increase their total annual revenue by 6.3% and 9.8% by 2025, an exciting opportunity that we’ve coined the Digitalization Productivity Bonus.
Just imagine how much money could be saved if sensors could detect defects in a production batch before they actually happen! You’ve got a win-win situation: the prevention of an entire batch of products being discarded (predictive quality) and reduction in machine down-time (predictive maintenance).
Technology is clever stuff – you get higher levels of productivity, lower production costs, and it makes your business more competitive so attracts more customers.
Organisations that expand their use of Industry 4.0 technologies to include suppliers, customers, workers, partners, and others in their ecosystem, can enjoy even more transformative benefits. For example, cloud-based systems allow manufacturers to connect to customers and suppliers in order to understand their supply and demands. They can then tailor production processes to the requirements of the entire supply-chain and reduce inventory holding, eliminate waste and bring in opportunity for mass customisation.
Why wait any longer?
We hope you’ll agree these three reasons are compelling enough for you to embrace change and invest in technology.
Industry 4.0 technologies present us all with opportunity we shouldn’t miss out on. If you want to be a successful employer of choice who’s a big magnet for the brightest and the best of today’s workforce, then technology is your key.
Sally-Anne Whybrow, Healthcare Sales Manager
An Industry expert in leasing with Healthcare and the Public Sector, I have a wealth of experience that adds real value to businesses and their customers. My approachable nature, expertise in finance and adaptable style allow for a smooth transaction which delivers results.
Outside work, I am a busy mum to two boys and annually take part in charity walks - this year being a marathon on the Thames path!