Financial managers in companies are people who decide on where to invest money on next. The most usual reflex action that people have is that of financial managers thinking of the next business that the company might get into. While that could also be correct and expected of many to be within the territory of what financial management involves, it is also logical that those who manage a company’s finances also determine the important technical infrastructure investments that a company must make to sustain profitability and build a stable future for itself.
A profit-generating business entity could only heighten its economic value when making the necessary investments in systems that enable the company to achieve its full business potential. This is specially true in a world that has become more and more interconnected and which now requires companies of any size to measure up to the demands of business on an ongoing, real-time and interactive cycle.
Ignore tech infra at your own risk
To ignore technology shifts would be courting untimely business irrelevance and in worst cases, business demise. It is thus seriously necessary for business owners and their financial managers to take a longer harder look at the following tech infra investments they need to take in order to survive, prevail and grow:
- Information tech (IT) infrastructure. It has become thoroughly important for companies to have this as a standard. Not having one right now simply smacks of “dinosaur” company ethic. At a day and age where all paperwork and correspondence is done online via PCs, laptops, mobile phones, smartphones, tablets, and phablets, it would be unthinkable perhaps to put up a business, do retail, and survive without all these in the equation. Information access that a company needs to conduct business on a global scale and the capability to develop its own body of business info to communicate with customers in the retail cycle is a serious necessity. Simply put, you could never expect anyone to take any company seriously if and when it doesn’t even have a website nowadays.
- Online telephone systems. It doesn’t matter of it’s a small company with perhaps a RingCentral IP PBX, or a big corporation with more complex virtual PBX systems with multiple remote location networks. Connectivity is an exigent industrial issue that every company needs to address via the suitable technology that could ensure its relevance to the retail cycle on an ongoing basis. Older technologies may still matter such as analog systems but online phone tech matters more owing to its cost-efficiency and overall reliability as a forward-moving tech that never sleeps, seldom rests, and always changes for the better to make distances and locations immaterial.
- Retail method infrastructure. Although brick-and-mortar store retail continues to exist, there has emerged an entirely new generation of consumers without the luxury of time and the patience to visit shops and stores. Online and virtual store retail has successfully been introduced and companies should therefore consider its suitability to their retail practices. The development of info/purchase apps for mobile and desktop applications need to be considered as investments in retail method infra that could capture previously untapped markets such as work commuters, mobile device users, and web-prone shoppers. Virtual store retail could be explored as alternatives to increasingly exorbitant commercial real estate.
- Social media engagement. Content marketing, brand publishing, and customer relations management via social media engagement is an interactive tech platform that involves little financial investment outlay but is capable of providing companies with huge informational currency from a focused audience. User/consumer responses to various social media calls to action such as Like, Comment, Share, Tweet, Reblog, Pin and the like via sites like Facebook, Instagram, Twitter, Tumblr, Pinterest and many more others — provide marketers with mindshare info and intuitive interaction that make marketing strategy easier to conceive for tactical purposes.
To be in a technically challenged company at a time when tech has become more and more user-friendly doesn’t make good business sense. It is better to invest in the future with technology that’s available here and now.