3 Tools to Help Business Owners Create an Innovative Workspace

 

Regardless of industry, small and medium-sized businesses face cutthroat competition. Along with fending off challenges from major corporations, they need to compete with numerous smaller players on the lines of market share, revenue, and positioning. In such a competitive setting, innovation plays a key role in setting yourself apart and securing the long-term success of the organization. Leveraging technology and new processes is one of the best ways to create a culture of innovation and this article by Glamour Moments will explore three tools every entrepreneur should consider using for their business.

 

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Cloud Computing

 Cloud computing is a broad term used to define various cloud-based services an organization uses, which can include:

 

●     Cloud Storage: This includes tools such as Google Drive, and Dropbox using which business data can be stored in a centralized location on the cloud, ready to be accessed anytime, anywhere.

 

●     Cloud Backup:  As reported by CIO, periodic data backup of business data acts as a safeguard against data theft and unforeseen circumstances. Additionally, it makes it easier to migrate data onto new systems or servers.

 

●     Cloud Hosting: Instead of creating and maintaining physical servers in an office, businesses can opt to host their website and mobile application on the cloud.

 

The benefits of using cloud-based services are as follows:

 

●     Ease of Access: Given that data is stored in a centralized location, all employees can access the data simultaneously. This improves cross-team collaboration and reduces the chances of data loss and delays in decision-making.

 

●     Cost-Effective: Creating a dedicated server room for your business can prove to be a costly affair, as it’ll require hiring professionals and conducting periodic maintenance. In comparison, cloud-based hosting and storage can be purchased for as low as $25/month.

 

●     Automatic Backup: As per business needs, you can schedule an automatic backup time on a daily, weekly, or monthly basis and protect yourself from the risk of data loss.

 

Business Process Management Software

 

A business process management software, commonly known as BPM, helps businesses automate repetitive tasks, remove operational inefficiencies, and increase employee productivity. Here are the key steps the software takes to improve your business:

 

1. It Creates Models of Current Processes: The BPM software creates a map of your current business processes with insights into the time and cost incurred to complete each task.

 

2. It Undertakes Repetitive Tasks: Rather than committing manpower for daily repetitive tasks, they can be delegated to the tool and feel up resources for projects of higher importance.

 

3. It Provides Insights on Optimization: Reviewing the models and reports created by the software will provide a clear idea of operational inefficiencies and bottlenecks, which can then be overcome by taking appropriate steps.

 

Compared to other software solutions that often work in isolation, BPM software creates synergy between all applications used by the business and provides the following benefits:

 

●     A reduction in cost due to the removal of inefficiencies

●     Greater transparency regarding team and employee performance

●     Accurate tracking of business goals

●     Assistance in compliance with legal and regulatory requirements

 

Big Data Analytics Tools

 

One of the best ways to gain a competitive advantage in your industry is to leverage big data. Analyzing big data will provide deep insights into customer behavior, market conditions, competitor performance, future technology trends, and much more. This analysis can then be used to make sound business decisions, helping you achieve short and long-term goals. For business owners looking for the best data analytic tools on the market, here’s a comprehensive list.

 

Once you’ve started using a tool that meets your business needs, here are a string of improvements to expect:

 

●     Higher Sales and Revenue: Analysis of customer data will allow your sales and marketing teams to create effective campaigns, resulting in higher revenue. This can include running digital ads, cold-calling, and traditional forms of advertisement.

 

●     Better Price Points: As reported by Chron, setting the correct price point plays a major role in creating a customer base, meeting sales targets, and outperforming competitors. Leveraging the power of big data will allow you to correctly price your products and make the most of all sales opportunities.

 

While implementing these tools and BPM will come at a cost, in return, you’ll develop a workplace that is efficient, profitable, and nurtures innovative thinking.

Brittany Fisher has spent more than 20 years as a CPA. She runs her own site, Financiallywell.info where she shares her knowledge about taxes, personal finance and general financial literacy hoping to help anyone who may benefit from it.