If there is anything the last three years have taught us, it’s the critical importance of technology. Systems that enabled us to think and act differently, so that life went on. Systems that at the same time facilitated agility and efficiency. And now these technologies are firmly entrenched in the core of business; a central table-stake upon which it relies. Disruptive technology was already gaining speed prior to the pandemic.
Asset Finance with GRENKE
We Finance more than you think

Looking for a way to help your customers afford the latest technology without breaking the bank? With GRENKE Asset Finance, you can help your customers manage their cash flow while still enable them to get the equipment they need.

 

From IT hardware, and smart technology to office furniture, air compressors, and forklifts – and more. We offer flexible finance options tailored to meet your specific needs, so you can find the right solution for your business and your customers.

 

So why wait? Contact us today to learn more about how we can help you and your customers succeed with asset finance.

But just how should businesses approach technology and the challenge of keeping up to date with something that is constantly evolving?

 

“Change is the law of life and those who look only to the past or present are certain to miss the future.”

President John F Kennedy.

Don’t rest on your laurels

One thing for sure is that no one can afford to stand still. Keep your eye on the technology horizon and continue to review your existing infrastructure with possible change in mind. Ask yourself where the opportunities are to improve efficiency. As McKinsey reports in their article ‘CEO lessons from digital transformation’, “a digital transformation demands fundamental change across every part of the company.”

Some businesses find themselves with legacy technology which they have acquired at varying times in their history. But if you can’t afford to completely overhaul your tech as regularly as you’d like to, it’s not the end of the road. Smaller evolutionary changes can have an enormous impact on your business’s performance and in turn on your bottom line.

The cloud as a service

Cloud technology is one of the most useful tools we have for keeping businesses cost effective, as well as fulfilling sustainability goals. The latter is a definite bonus.

Why pay for something you don’t use? Cloud software providers are increasingly offering a greater range of products as a service. As your usage fluctuates – may be your business experiences higher demand at certain times during a year – your cloud provider will increase their service level. And, as and when your business scales and diversifies, cloud services can facilitate this, enabling you to do it more quickly. So, if you are considering changing your IT architecture, it will doubtless pay on numerous levels to assess your needs and how cloud tools can address them.

The human touch

Just as technology is critical, so are your people. The constant pace of change means that you will need to commit to training your staff and ensuring that their skills are kept up to date. Advice that is reiterated by the Boston Consulting Group. You can’t afford to rely on hiring people who already have all the skills and experience you might you think you ever need!

Technology is moving too quickly, and the workplace needs to be a place of learning where everyone from the top of the organisation to the bottom embraces personal development. Businesses which don’t recognise this, will ultimately find it harder to achieve their goals whether it’s improving profitability or their ability to attract, recruit and retain the best staff.

“A company’s ability to respond to an unplanned event, good or bad, is a prime indicator of its ability to compete.”

Bill Gates

New risks

Emerging technologies and an entire shift in the digital landscape can be regarded as the saviour that saved the day during the pandemic. Businesses have continued to change their infrastructures and their business models, from how they operate to how they engage with their customers. But like all things, there are some negative aspects that come with it.

At the top of the list, is the constant risk of a cyber-attack. The risks should not be overlooked, and data security needs to be addressed in parallel with your technology investment. It’s most definitely not a topic that should be pushed on to the back burner, especially as cyber-crimes are becoming both more frequent and sophisticated.

So come up with a robust plan and train the team who would be involved should there be a crisis. Also, communicate with all your staff and remind them of the dangers and of the warning signs to look out for.

What about the future?

Keep an open mind. Embrace change and satiate the desire to learn. What tech is out there? How can it help my business? Advice that all businesses, no matter what size, need to remember. Involve staff across your organisation and from the top to the bottom. Encourage feedback, so that you can build the full picture. Ask them for their suggestions and to share their ideas. You’ll avoid a siloed approach to technology, increase staff engagement, and reap the benefits of overall greater efficiencies and a better product or service. What’s not to like?

Asset Finance with GRENKE
We Finance more than you think

Looking for a way to help your customers afford the latest technology without breaking the bank? With GRENKE Asset Finance, you can help your customers manage their cash flow while still enable them to get the equipment they need.

 

From IT hardware, and smart technology to office furniture, air compressors, and forklifts – and more. We offer flexible finance options tailored to meet your specific needs, so you can find the right solution for your business and your customers.

 

So why wait? Contact us today to learn more about how we can help you and your customers succeed with asset finance.

Cloud technology is one of the most useful tools we have for achieving our sustainability goals. Of course, cloud-based data centres still need energy to keep them going and they may not always use renewable energy, but they are in a general a better and greener option than having a local data centre. Global names such as Amazon, Google and Meta are particularly focussed on them and are constantly investing in greener options. They appreciate that the cloud is a major way in which they can uphold the commitments they have made to being more environmentally friendly businesses. But there are even more benefits. That’s because by using the increasingly extensive range of services offered by cloud software providers, businesses don’t need to purchase physical hardware in the same way as they used to. This takes away another major issue because at some point they will need to dispose of obsolete and old hardware, responsibly of course. Furthermore, this approach offers cost efficiencies as businesses only need to pay for what they use. And, as and when your business scales and diversifies, cloud services can facilitate this enabling you to do it more quickly. So, if you are considering changing your IT architecture, it will doubtless pay on numerous levels to assess your needs and how cloud tools can address them.

Many businesses find themselves with legacy technology acquired at varying times in their history, but which may not integrate into more modern systems. They may have been implemented to fulfil a need at a time when it was not part of a broader technology suite, causing integration challenges. It’s therefore important to continually review your existing technology infrastructure and find opportunities to improve efficiency. If you can’t afford to completely overhaul your tech, smaller evolutionary changes can have an enormous impact on your business’s performance and in turn on your bottom line.

The circular economy is here to stay

Cloud technology has presented us with a range of more sustainable options. They are particularly attractive for those of us with the strong desire to drive environmental, social and governance (ESG) issues and principles forward. Regardless of motivation, since the pandemic and the increasingly apparent and detrimental effects of our lifestyle on our environment, ESG is being pushed to the forefront of the agenda by more and more governments. In turn, it is being discussed in boardrooms large and small. This is particularly because more leaders acknowledge not just the necessity of changing how they do business, but because there will be benefits too. The EU’s Circular Economy Action Plan which encourages and promotes the production of sustainable products as the new EU norm, will surely encourage consumers and businesses to engage in a full-cycle approach. One where all parties consider the greater impact of how they do business.

Technology touches every part of your business

Whether we like it or not, the customer experiences are just as important whether you are a small company or a large corporate. 

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