Use Technology to Improve Productivity

When faced with a tight financial situation, many Entrepreneurs focus on cutting costs. While this is an essential strategy for survival, you might also want to include productivity improvement as a tactic. Doing more with less people also helps your overall goal to increase profitability.

Technology plays a useful role in providing tools to increase productivity. If you have a strong manual process to accomplish tasks, it may be a candidate for using technology to increase productivity.

In last week’s post I had discussed business process reviews for continuous improvement. Technology can not only improve the quality of your process, but also the efficiency and thereby the productivity of the business process.

Incorporating technology wisely and economically can increase productivity and quality of your operations.

Ravi Patel

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Understanding the Business of Technology

Technologically savvy Entrepreneurs start their business as they might have a unique product or application. Their understanding of their technology and their belief in the breadth of its superiority over competitors might make them think that success could be a slam dunk.

Entrepreneurs might start out by thinking that way, but their success really depends upon understanding the “business” of their technology.

No one ever became rich by building a better mouse-trap; rather, it is getting that product to the marketplace at a reasonable cost and convincing customers to buy it that leads to success. A tremendous amount of business thinking, planning and execution goes into making an idea a winner.

Answers to questions such as:

  • can the product be made cost-effectively with consistent quality on a mass scale,
  • can the technology be protected from competitors,
  • can it be delivered to the consumer over a wide territory and on time,
  • can it be marketed and sold effectively

and many more are necessary to make a sustainable business out on an idea.

Have you really thought about how to make a business out of your unique technological idea?

Ravi Patel

www.patelCFOservices.com