Technology is the great enabler. For nearly every business goal, there’s a tech solution that can help make it achievable. The catch? You can’t do it all — at least not all at once. But you can pick one or two areas to focus on, then execute a strategy that yields results.
Let’s review some of the main areas where having the right tech tools, or improving the ones you already have, can make a big difference for your business. Then we’ll look at the biggest stumbling blocks that tend to get in the way of executing on those fixes.
If you’re still on the fence, remember that when you take action, you do one of two things: grow or learn.
What Are Your Goals?
The real issue is not your intentions, but your specific growth strategy for actualizing them. Here are a few questions to help you figure out where to focus your attention and efforts, and ultimately take action.
- Do you need a systems overhaul? Are you stuck with outdated technology? For instance, could upgrading your point-of-sale (POS) system or business intelligence tools be the low-hanging fruit that transforms your efficiency?
- Do you need better inventory management? Do you know your margins and sell-through rates? Could optimizing purchases help you better manage stock and reduce waste? Is your current technology giving you the information and control you need?
- Could deeper client insights make your marketing more effective? Are you leveraging marketing platforms, loyalty programs or clienteling software to increase basket sizes and share of wallet? It’s not just about attracting more customers — it’s about building stronger relationships.
- Do you need to address loss prevention or improve the customer journey? Is theft eating into your profits? Is it coming from customers, employees or both? Are you tracking where customers spend their time — or don’t — in your store? Could technology like video analytics help you optimize store layouts, streamline throughput and lock down losses?
- Are you getting the most out of your data? This is a big one, and it overlaps with all the items above. Data is your most powerful asset. Whether it’s sales trends, customer preferences or inventory levels, the insights you gain help steer smarter business decisions. But you need tools that make data accessible and actionable. That means platforms and advanced business intelligence tools that offer detailed, customizable reports so you can visualize trends and identify opportunities in real-time. It also means data integration, so that your POS system interfaces seamlessly with ecommerce platforms and loyalty programs, ensuring a unified view of your business.
Of course, identifying your goals and the technology that can help you achieve them is just the beginning. The next step is dealing with some obstacles and attitudes that tend to get in the way.
Where Businesses Stumble
Many businesses talk about upgrading their tech infrastructure, but end up defaulting to free or outdated platforms. Guess what? You get what you pay for. It can be scary to invest time and money into your business operations, but investing in the right tools is about setting yourself up for long-term success. Here are some common reasons businesses delay implementing technology that could help them achieve their goals:
- “My staff isn’t ready, and I don’t have the time to train them.” New systems do require staff training, but modern tools are designed with extreme user-friendliness in mind. The upfront effort required is not as bad as you think, and will quickly pay off in the form of increased efficiency.
- “I can’t afford it.” The real question is: Can you afford not to take advantage of ROI like improved margins, higher sales and better customer retention? By not taking the leap, you’re leaving money on the table. New tech is often pennies on the dollar to what you’re currently spending on an aged tech stack that is not giving your associates or customers the experience they deserve. I can’t tell you how many clients we move into new technology packages every year who discover that the switch saves them money.
- “This stuff is way over my head.” Data migration and system setup can feel overwhelming, but that’s why there are partners. No one can be an expert at all things, so partner with experienced providers to get up, running and humming along without any heartburn.
If you’re still on the fence, remember that when you take action, you do one of two things: grow or learn. Either one of these puts you in a better position a year from now. The economy will do what it does — you can’t control that. But you can control how you respond. The key is to focus on the long-term benefits rather than short-term inconveniences.
When you stop playing defense against economic and external factors, and instead take the reins and make some intentional moves to grow your business, you will discover that action drives results. By getting on the offense and leveraging the right tools, you’ll set yourself up for success, no matter what the market throws your way.
Sean Quinn is the CEO of All Point Retail, a retail technology company that provides managed commerce solutions for businesses. He is a true veteran, both literally and figuratively. Bolstered by years of military experience in a variety of positions and commands, his strategic intelligence background laid the foundation for his passion for business intelligence through technology — especially in the retail arena.
