Digitization
Digitization is the name of the game in today’s fast-paced world of sales. Technology options can seem overwhelming but to be competitive you have to continually up your digital IQ.
Four Recommendations
Here are four recommendations to help you achieve the highest level of tech expertise.
- Don’t be afraid to start. New technology can be overwhelming but you need to dive in. When the company I was with built its first high-pressure cylinder control system (a system for verifying cylinders at customer locations), it failed miserably. Our president complained about the time and energy wasted but I saw it as a valuable learning experience. Thirty years later that company has a cylinder control system faster than most of its competitors and developed for less money.
- Focus on the most needed areas. Your technology IQ focus should be on those areas that promise the greatest return on your investment. Some companies start on the backend — inventory, and accounting — with an ERP system. Others start with their CRM. The distributor I was with started with a CRM 30 years ago because it was available at an affordable cost. The company moved on from the original provider after a few years to a CRM that had a better understanding of its industry.
- Establish your KPIs. You need to identify what kind and level of information drives your business and establish your KPIs accordingly. For some parts of the business, you may need to outsource your data analytics. This can be done without spending large sums. In other cases, you will want the analytics generated in-house. Hire IT techs as needed and check progress against your KPIs.
- Prioritize. In a world full of technology options you need to be able to prioritize. Look for what is most important for your company to digitize. Spend time and set aside a budget for some experimentation so you can find the systems that will transform your business most effectively.
Stay Competitive
Remaining competitive in today’s market requires a high technology IQ. Don’t be afraid to start, focus on technology that promises the greatest ROI, and establish KPIs that address your digital goals.
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