Now is the time to invest in new technology if your business is going to grow

Is your business growing? Here’s why you should consider investing in new technology

Figure 1 Source: Unsplash (@xps)

The coronavirus pandemic has exposed holes in businesses, particularly when it comes to technology and keeping up with demand. For many business owners, the thought of investing in new technology is not only dreaded because of the cost, but also the because of the huge transition and adjustment period.

However, these unprecedented times are actually an opportunity for businesses to assess old systems and decide what is and isn’t working. New technologies can unlock a whole new set of opportunities for your business, such as; streamlining processes, creating efficiencies and increasing staff engagement. We spoke with Dean Houden, Chief Marketing Officer at TASK, and son of Jenny Houden, TASK’s Founder and member of Dell’s Women Entrepreneur Network (DWEN), who shares why investing in new technology is important for businesses.

Embrace rapid automation

How often do you find yourself doing a monthly report, or updating your CRM database, and think to yourself: if only this could just do itself? Well, it probably can, and it probably should be set up to do so.

“Businesses more than ever need to cut administration costs, remove manual and dated processes by automating interaction between systems,” advises Dean.

Removing repetitive tasks by automating them will provide significant benefits to your organisation, the most notable being repurposing your time and energy into more valuable tasks that cannot be automated and instead require more critical thinking.

If you want to start automating systems and processes, the best way to start is to think about how you can reduce manual effort, such as back office functions. Additionally, ensuring you have consistent data available throughout the business so that all relevant departments have access to the right insights for decision making is a must.

Dean has also seen the success of this at TASK: “The functionally mature TASK Web API is at the forefront of software interaction and automation, saving large enterprise customers enormous amounts of labour and inefficiency by automating processes.”

By following these initial steps, you’ll also be on your way to reducing costs whilst still delivering processes efficiently and effectively.

“Invariably, technology implementations that hit the mark introduce cost reduction and revenue uplift by automation and innovation,” shares Dean.

Figure 2 Source: Unsplash (@xps)

Future-proofing with agile operating models

Put simply, if your operating model doesn’t accommodate for changes in products, services, channels and locations, then it is not one that will enable a sustainable, future-proof business.

The coronavirus pandemic has proven that anything can happen, including rapid changes to products, services and operation scenarios. To ensure your business is future-proof, your operating model must be agile and able to be tested with multiple varying scenarios.

The team at TASK have reaped the rewards of having an agile operating system, which is able to turn on out-of-the-box solutions that are integrated into the ecosystem of the transaction management platform.

“Through our vast experience, we can deliver in a short and urgent time frame, adding functionality throughout the entire guest experience covering in-venue and in-store operational and technical requirements, from POS through to kitchen management, enterprise management, loyalty, self-service and more,” explains Dean.

When considering your operating model, ensuring it is agile and customisable will be the key to a future-proof business that is sustainable and in-demand.

Keep up with trends and demands so that your business model becomes the first choice.

Figure 3 Source: Unsplash (@airfocus)

Above all, keeping your business model and technology up to date with the latest trends and consumer demands is key to sustaining a growing business. It’s important to consider the competitor landscape, especially in the post-COVID world, as well as the impact it will have on customer behaviours and expectations.

Dean is especially passionate about this, as well as keeping a laser focus on the customers’ needs, accounting for TASK’s competitive positioning given the state of the world amid the coronavirus pandemic.

“We began receiving an influx of requests for BYOD (Bring Your Own Device) digital ordering, delivery, take out, in-seat ordering, at table ordering and at machine ordering,” explains Dean. “As our customers looked to provide digital, contactless ordering for their customers, they turned to us to provide these solutions which are by nature fully integrated into the enterprise software as opposed to the bespoke, stand alone and unintegrated solutions that proliferate the marketplace today.”

TASK has ensured their business model and technology is keeping up with trends and customer demands, specifically with contactless and digital trading.

“We allow our clients to own every customer transaction and touchpoint, delivering an integrated, single view of today’s multi-channel customer”, explains Dean of the TASK business model evolution during the pandemic.

When thinking about the business lessons that can be learnt from the coronavirus pandemic outbreak, Dean’s approach is simple: “Always consider new ways to engage and be relevant. Think outside the box, be creative and entrepreneurial, and most importantly, in times of hardship, we should be in a charitable sense to support our customers as we all work through these challenging times.”

Through the Dell Women’s Entrepreneur Network, Dell is connecting female entrepreneurs across the globe with networks, sources of capital, knowledge and technology, giving them the power to do more. Dell and 10 play are proud to bring you inspiring stories and key insights from incredible business leaders across Australia, showcasing the clever and inventive ways in which businesses have had to adapt during the pandemic.