Keeping pace with new and emerging technology is vital for a company to succeed. Indeed, failure to do so can have a dramatic and even fatal effect on a businesses future - ignoring modern advances has seen some huge retailers forced into bankruptcy.

Does anybody remember Borders?

They were an international book retailer that made a series of ill-judged mistakes that eventually put them out of business:

* They did not have a website until 2008 (years behind their rivals)
* They concentrated on dvd's and cd's, while the world was changing to digital downloads
* The company directors took out expensive long-term retail store rentals, instead of using flexible leases and e-commerce channels.

This combination of errors meant that by 2009, Borders had ceased trading.

In the UK, refusing to adapt to new technology has also hurt the supermarket giant Morrisons. Until their web store was launched in late 2013, it is estimated they were losing £700 million in sales revenue each year. Interestingly, since they went online, and the tie-up with Amazon, their sales growth has been amongst the best in the industry.
So what can companies do to ensure that they stay at the head of the pack? By focusing on 3 main areas, the chances of business success will be much improved:

Internal Communication

Poor internal communication can cause a businesses management to lose touch with their workforce, which creates a leadership 'bubble' that can no longer make informed and accurate decisions.
Using teamwork technology helps to keep communication channels open and improves the speed of decision making. Workplace by Facebook is an affordable app that ensures the workforce stays in touch on desktop or mobile devices. Similarly, Quip allows a team to share folders, spreadsheets and use 1 to 1 or team messaging.
In the modern day world, team communication software is a necessity, not a luxury.
Functional Website and App

Does your website work all the time? Is it slow to load?

Cutting 3 seconds off website load time can increase sales revenue by up to 12%. A one second delay in mobile page load time equals a 7% loss in conversion! Therefore, it is crucial that website and app improvements are at the top of any to-do list.

Here are some website related resources you need to have:

* An on-call experienced web developer
* Reliable, industry leading hosting (Amazon Web Services are great)
* Website monitoring software to alert you to any issues

In addition, regular meetings should be held to discuss ways to improve your website by focusing on customer requests and complaints.

Customer Support

Gone are the days when phoning a company was the only option a customer had. The onus is now on a business to provide their clients with a multitude of contact points.
Chatbots and artificial intelligence are revolutionising the customer service experience, increasing response times, and improving customer satisfaction scores. This technology also works out cheaper than spending hours manually responding to support tickets.
Companies are now also embracing the use of messaging apps.
Not only are they free, but they allow movement of a conversation from a public to a private arena, potentially avoiding any brand-damage. This form of communication gives a personal touch to a previously formal dialogue, while the contact number can also be retained for future personalised marketing messages.
Pall Mall Estates have a wide range of low cost commercial properties across the UK. Take a look at our available spaces here or get in touch with our experienced team here.

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