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Abandon the abacus
Technology could be the answer to that which ails your business.
UPGRADING
technology
can be
critical to
success.
Facebook/VendingMarket @VendingMagazine http://linkd.in/VendingMarketWatch
hether your operation is growing,
struggling or somewhere in-
between, adding some form of tech-
nology could provide benefts. Consider
how technology can solve common busi-
ness problems. It can make management
more effective and employees more pro-
ductive. It can identify proftable products
and the effectiveness of marketing. It can
make a business bigger, without adding a
single employee.
Reinvestment hard
to quantify
I've heard operators
ask, "How much
of my company's
revenue should I
reinvest by add-
ing technology?"
That's universally
diffcult to deter-
mine. It varies not
only by the location
and company size,
but is also based
on the structure of
the organization
and how it utilizes
technology. Regard-
less, in today's business environment new
technology is increasingly important.
The National Small Business Asso-
ciation (NSBA) did a 2013 survey on
how business has changed from 2010 in
regards to technology. A key fnding was
that in 2013, 70 percent of business own-
ers said technology, and keeping up with
new technology, was very important to
the success of their company. That was up
5 percent from three years before, when it
was still a majority. While NSBA covers
different industries, I see this happening
in the vending area. When a company is
large enough and invests in technology
like telemetry, vending management sys-
tems and pick-to-light systems, it allows
them to harness more than companies not
utilizing as much technology.
When a small business stalls
What about increasing customers? Surely
technology can't do that. Wrong. Many
businesses today make purchases online.
In the NSBA survey, 85 percent pur-
chased supplies online. That means your
customers are comfortable buying via
the Internet or email marketing. Make
sure you are giving them the opportunity
with a well-designed and working Web
presence. That is the frst place today's
consumer goes to research a new com-
pany or business partner.
If your Website allows purchasing
online, don't forget payment security.
It's a must in this world of data breaches
and identity theft. Most small businesses
contract that out in order to ensure their
customers' data is well protected.
Technology does come with a cost, in
both dollars and time. Researching, imple-
menting and learning how to use new
technology can't be overlooked. However,
on the end of the learning curve, tech-
nology offers huge potential. Computers
allow instant research to be done on any
topic. Email and chats offer dialogue
within seconds rather than 3 to 5 busi-
ness days. Communication platforms
allow meetings from different locations.
Smartphones allow all these capabilities
wherever the user goes. Taking these into
your business and using them to be more
effective is worth the resources.
W
6 Automatic Merchandiser VendingMarketWatch.com March 2015
E D I T O R ' S N O T E B Y E M I L Y R E F E R M A T