Businesses, both small and large, are always striving to achieve maximum profitability, and technology is an increasingly important tool in driving business growth and innovation. According to MIT, there’s a significant correlation between a corporate culture of innovation and net profit growth.

Technology drives business growth by streamlining processes, reducing overheads, improving performance, and increasing market share. Technology can greatly enhance an organization’s success and competitiveness if used correctly. Here’s how you can incorporate technology to drive business growth.

Leverage Big Data Analytics

Data helps you gain insights about customer behavior. You understand customers better and implement strategies that promote trust and loyalty. Your growth strategy must be backed by relevant and verifiable data, and that’s where big data analytics comes in.

Big Data analytics is examining big data to uncover business information. It empowers your company to make informed decisions backed by facts rather than intuition. You can identify patterns, trends, and correlations and get deep insights into market trends and consumer behavior.

Adopt a Mobile-First Business Model

59.16% of website traffic comes from mobile devices, so adopting a mobile-first model is a no-brainer. Tailor your business for mobile users and provide a great mobile app (and mobile web) experience instead of the traditional desktop experience. Everyone now uses mobile to surf the web, communicate, make purchases, and organize their lives. Take advantage of this trend and optimize your business processes for the mobile demographic. 

Use Digital Platforms to Access Funding

You need capital to grow your business, and venture capitalists may not be willing to fund your small business. You can try crowdfunding platforms such as Kickstarter and Indiegogo. These give you access to a large pool of potential investors. You can test market demand for your product and get valuable feedback and insights.

Alternatively, you can visit websites that offer title loans online and apply for a short-term loan. It’s a great option if you have equity in your vehicle and doesn’t take as long as crowdfunding. Also, you don’t have to give anyone a stake in your business.

Embrace Cloud Computing

Cloud computing was once a buzzword—not anymore. The industry has a global market value of $371 billion. There are many ways to use cloud computing in your business: to deliver a web-based service, for large-scale data storage, to scale infrastructure, or for disaster recovery.

90% of organizations already use cloud computing, so take your business to the cloud. It’s the catalyst you need to expand your business. Cloud computing increases operational efficiency across the board and enhances cyber security. But choose a cloud provider that can meet your unique business needs.

Use Digital Marketing Tools to Build Your Online Presence

Digital marketing helps businesses to reach more people and build a customer base quickly and cost-effectively. As the world becomes more connected, you can capture the attention of a global audience and turn your business into a global venture. Make the most of social media marketing strategy, email marketing, mobile marketing, video marketing, and search engine optimization.