If you want your business to stay competitive and profitable in a busy marketplace, one thing you will have to invest in is new technology. New tech can protect your company’s assets, create competitive advantages, and allow you to reach a wider audience. However, many companies may be confused regarding what tech to choose with so many options on the market. Below are five options that can help your company run at peak performance.

Business Analytics Software

Today, one of the most common ways large companies form a competitive advantage is by leveraging “big data”, which refers to data produced from all of a company’s products, marketing, and interactions with customers. Having software that can parse out and analyze this much data can allow you to improve products, marketing campaigns, and customer service. There are many online and even free options that look into your numbers and can help you sort out where you aren’t being productive or need improvement.

Threat Detection Software

You can also use technology to increase your company’s security. If you have a lot of valuable information regarding products, customers, intellectual property, and more, you will need to protect that data. Threat detection software like Stealthbits can alert you of attempts at authentication-based attacks, ransomware and malware, and malicious insider identification that work to harm your company and steal your data.

BYOD

Many companies have found that employees are most productive on their own devices. You can take advantage of this by instituting a Bring Your Own Device policy that allows employees to work on their own laptops, smart phones, or tablets while at the office. This, of course, can also save you a lot of money on computers.

Inventory Control Software

Another must have for any moderate or large sized company is inventory control software. If you need to keep a lot of products or parts in stock, get the proper software to track inventory within your warehouses. This can prevent you from purchasing overstock or running out of inventory. It can certainly produce a much more efficient operation.

Cloud Computing

You should also consider implementing cloud computing in your company. It has many great uses that can protect your business and increase efficiency. Software, for example, can be loaded through the cloud so the vendor can handle installing it and fixing bugs. Cloud computing can also ensure your data will always be backed up and will never be destroyed when a server fails.

New tech can help a company create new competitive advantages. Always make sure you are investigating ways technology can increase your company’s profitability.

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