Neglecting to value technology is proven to be a detrimental disservice a company can inflict upon itself. Tech enablement is a vital lifeblood of an organization, its initiatives streamline internal operations with digital technology and solutions. In today's rapidly evolving business landscape, the integration and utilization of technology are paramount for long-term success and competitive advantage. Going digital should be in the framework of all organizations, leveraging digital solutions is how companies remain competitive and boost efforts to reach business objectives.
Your employees' ability to learn and grow is your company's biggest competitive advantage. - Jay Samit
Technology plays a crucial role in the operations and functioning of businesses. Without it, companies can’t effectively reach their target markets or secure valuable market shares. Technology integration has completely shifted how businesses operate, many companies wouldn’t exist without it. Tech enablement is the process in which employees, companies, and industries integrate and utilize technological solutions. Tech enablement isn’t industry or sector-specific, it has a significant impact on all, from healthcare and manufacturing to commercial banking. Oracle found nearly 80% of companies are using at least one emerging technology for finance and operations.
Tech enablement isn't just about incorporating new technologies and digital solutions into operations; it's about dedicating a mission to embracing technological advancements and leveraging them strategically for business growth and success. When we talk about tech enablement, it stretches across a range of innovations.
These technologies completely transform how a company operates. Incorporating tech empowers employees, enhances capabilities, streamlines efficiency, and ensures strategic business objectives are met. The benefits are fruitful and expansive. Companies that enable technology are synonymous with innovative companies. Tech enablement leads to significantly more competitive companies that thrive in a rapidly evolving digital landscape. Companies that have employed emerging innovations reported an uptick in annual net revenue of 80% compared to competitors that haven't. Companies that harness the power of technology solve complex business problems, make data-driven decisions, and architect more thoughtful service offerings. Tech enablement directly catalyzes growth, transformation, and success in today’s digital era.
Tech enablement and digital transformation are closely associated, but it is important to distinguish their roles. While intertwined, they follow a specific sequence. Tech enablement serves as a precursor to digital transformation, providing the necessary foundation and capabilities for a company to embark on a successful transformation. Tech enablement involves equipping the organization with the essential technological infrastructure, tools, and processes to enable future digital initiatives.
Digital transformation, on the other hand, goes beyond tech enablement. It encompasses a strategic and holistic approach to implementing those tactics throughout the entire company. It's utilizing technology to drive meaningful change across various aspects of the organization, such as operations, customer experiences, business models, and company culture. Digital transformation aims to harness the full potential of technology to unlock new opportunities, enhance agility, and rebuild the business model to incorporate innovative practices.
Tech has the power to completely change the established methodology. Tech enablement profoundly impacts companies' CRM and sales enablement, drives enhanced productivity, efficiency, and data-driven decision-making. It fosters exceptional customer experiences and enables advanced levels of personalization.
Customer Relationship Management (CRM) is a vital system or tool companies use to manage the interactions between their customers. The primary objective of implementing a CRM system is to enhance customer satisfaction, foster customer loyalty, and ultimately improve overall business performance. Tech enablement and CRM work in tandem to ensure that companies effectively manage customer relationships and interactions. Integrating technology into CRM enhances a company's capabilities and competitive edge. Using technological advancements and innovative practices companies can understand, reach and sell to clients better. Integrated AI, cloud computing and data analytics improve modern CRM platforms. Companies that foster tech enablement in CRM produce a more proficient way of collecting, organizing, and analyzing customer data.
Aside from using tech enablement to improve a company’s CRM, leveraging tech into customer experience(CX) unlocks the potential to completely transform a CX. Tech-enabled companies utilize technologies that facilitate multichannel customer engagement. These channels are seamlessly integrated into current CRM systems and increase customer interaction through email campaigns, social media presence, and live chat features on websites. It completely shifts the traditional CX into a more dynamic and interactive experience.
Tech-enabled companies use innovative technologies to ensure their customers can take a more active role in the experience, providing feedback and revealing insights into customer preferences or needs. As a result, it dramatically improves customer satisfaction and opens up new avenues for businesses to understand and cater to their customers, providing a more personalized experience. Technologies have the power to analyze customer data, track preferences, and provide a more tailored recommendation. An increase in personalization or improved CX through tech enablement results in enhanced customer satisfaction, loyalty, and retention.
Tech enablement directly impacts the level of productivity and efficiency a company maintains. Companies that leverage technology to automate routine tasks, streamline processes, and enhance communication are better positioned to achieve higher levels of productivity and efficiency. A recent study revealed companies that use AI in a financial capacity found a 33% increase in productivity and a 37% decrease in errors. The same study found companies with emerging technologies are 9.5x more likely to have a market-leading accuracy in financial or operational metrics than counterparts who aren’t using technology.
Automation is a transformative technology that companies should embrace, as it can convert mundane and time-consuming tasks into efficient processes, eliminating the potential for human errors. It allows employees to dedicate time and focus on more strategic initiatives, boosting productivity.
Tech enablement facilitates the optimization and streamlining of core business processes. Advanced software and platforms identify potential bottlenecks or inefficiencies in workflows, correcting them to decrease the risk of delay or poor resource allocation, guaranteeing optimal operations.
As technological advancements evolve to offer more acuity, so do decision-making and management strategies. Tech enablement revolutionizes the decision-making process for companies, empowering them to gather an unprecedented volume of data. This abundance of data is a safeguard, providing companies with the comprehensive information necessary to make well-informed decisions. Tech-enabled companies leverage advanced analytics tools and algorithms to gain valuable insights into customer behavior, market trends, and operational performance. Tech enablement ensures companies accurately identify opportunities, mitigate risks and properly allocate resources most efficiently and effectively as possible. The latest data indicates businesses are 19x more likely to see a higher ROI by fostering a data-driven process. Armed with data companies make more informed decisions that directly impact their sustainability and success.
Embracing tech enablement is a vital survival tactic for companies. The rapid pace of technological advancements requires companies to stay ahead of the curve to remain competitive and relevant in today's business environment. However, navigating this landscape is not always straightforward. With each passing year, companies witness the implementation of numerous technological advancements, presenting both opportunities and challenges.
JPMorgan Chase annually invests $12 billion in emerging technological advancements. But the average company dedicates 3-6% of its budget to technology. With how rapidly new digital solutions are developing, companies must fork over a pretty penny to remain competitive. Implementation of technology brings a hefty price tag and many companies struggle with allocating an increased budget for tech enablement initiatives. Not only is implementation expensive but companies must budget for employee training in new technologies as well as tech maintenance and upgrades to digital infrastructures.
A foundation of tech enablement is empowering companies to use digital solutions to improve processes and operations. However, introducing new technologies can result in resistance to change from employees. Its important tech enablement addresses this problem and offers change management strategies and training to ease employees through the transition.
Website Setup reports 90,000 websites were hacked daily in 2021. Companies serve as reservoirs of sensitive information, encompassing customer and employee data, alongside valuable intellectual property. With the introduction of technology comes concerns regarding data and privacy concerns. Under the umbrella of tech enablement is the dedication to establishing cybersecurity and proactive risk management strategies to counter these stressors.
While the benefits of new technologies are undeniable, the process of seamlessly integrating them into existing legacy systems can be challenging and complex. Data migration and determining compatibility is a hurdle companies face with tech enablement. As well as down the line, if new technologies and legacy system integration aren’t done properly, it can hinder the effectiveness of the newer technologies.
When it comes to the adoption of new technologies it leads to three main bottlenecks: talent shortage, user adoption, and divides in digital literacy. Companies must be actively upskilling and seeking out employees who have the experience and expertise to manage new technologies. User adoption training is deeply required for companies enabling technology. Employees need comprehensive training, user-friendly interfaces, and long-term support to capture the full potential of new technologies. Correcting differences in digital literacy in employees goes hand and hand with user adoption. Ensuring inclusivity and accessibility by addressing these disparities is essential in effective tech enablement.
A critical aspect of digital solutions like digital products or tools is the heavy reliance on continuous improvement. Digital solutions are meant to grow with the company and should be scalable and adaptable to evolving needs. Tech-enabled solutions should be equipped to handle additional users, changing functionality requirements and capabilities to integrate.
In today's dynamic business landscape, the constant buzz around terms like digital transformation and digital solutions makes it challenging to determine the most effective route and strategic roadmap for achieving optimal results. WynHouse: An Innovation Firm actively engages in collaboration with its clients throughout the entirety of their tech enablement journey. WynHouse strategically ensures clients through ideation, development, implementation, adoption, and long-term support, countering the common challenges facing companies. Connect with WynHouse, to tap into our extensive expertise and guidance on navigating your tech enablement journey effectively.
The relentless evolution of the business world demands that companies adapt and leverage technology to remain competitive, drive efficiency, and meet evolving customer expectations. Tech enablement is no longer merely a convenient initiative for companies; it has become a necessity for survival. Organizations without integrated technology face significant challenges in their respective industries. Companies that dedicate resources to enable technology to create new business models and drive innovation. Tech enablement is one of the most beneficial tools a company can enact.
