Flevy Blog is an online business magazine covering Business Strategies, Business Theories, & Business Stories.

Leveraging Technology to Promote Business Growth

Tech has and is continuing to change the way business is done across all industries, but it isn’t enough for businesses to rely on widespread technological utilizations to assist them in their daily tasks. Businesses need to actively search for new technology that improves their KPIs, treating tech as they would any other investment to ensure they are gaining the highest return for their business. Tech has a lot of potential in business, and many leaders leverage technology in the following ways to promote their business growth, but keep in mind that not any old technology will do – you need to look at all new tech with a critical eye and try not to get sold on a new product simply because it is new.

How Can Technology Promote Business Growth?

Technology isn’t just for the essential day-to-day tasks that you need to conduct, and it can be properly leveraged to contribute to the growth of your business – either by cutting costs in areas that allow you to redirect funding towards growth or by facilitating the acquisition of a new business. When you have the right pieces of technology on your side, you can adapt to a changing business landscape, produce better customer service, and cut your variable costs down to the bone. There are several additional benefits:

Increased Agility

Organizational agility is not a common term, but it relates to a business or organization’s ability to respond to both emerging trends and changes in market conditions rapidly. When you can adapt with high agility, you can outperform competition; the logic is identical to Darwin; the strongest do not survive, but those best adapted to their environment. Research from MIT found that agile businesses grow their revenue almost 40% faster than non-agile businesses, generating about 30% more profits than their less agile counterparts.

Higher Productivity Rates

Even office standard equipment can have a big impact on productivity rates. 3 out of 4 employees in America believe that their employers do not give them access to the best technology they need to do their jobs efficiently. This is a fundamental business error, as technology is a driving force of productivity.

The difference between having a quick and responsive all in one pc compared to a slow and faulty laptop could be adding up to hours of lost work per week. One only needs to see how much time the protagonists of Office Space take up trying to understand their printer to be convinced that clunky, hard to use technology can seriously damage productivity.

Maximize Efficacy

Tech is such a driver for business growth for the same reason as it was during the industrial revolution – it allows business owners to maximize the efficiency of their employees. Tech can be used to make business processes simpler and easier to complete; in doing so, it can take the strain off workers in creative ways, like how AI chatbots revolutionized customer service and allowed staff to spend more time on cognitively demanding tasks (which tend to be the ones that lead to business growth).

Improved Decision Making

Another way that tech is invaluable to business is in improved decision making. Decision making a key part of management in any business – data can take some of the risks out of making decisions; it allows you to understand more of everything from market insights to customer behavior. That means that you can make informed decisions with fewer risks, improving the odds of your decisions contributing to your business’s growth.

About Shane Avron

Shane Avron is a freelance writer, specializing in business, general management, enterprise software, and digital technologies. In addition to Flevy, Shane's articles have appeared in Huffington Post, Forbes Magazine, among other business journals.

Complimentary Business Training Guides

Many companies develop robust strategies, but struggle with operationalizing their strategies into implementable steps. This presentation from flevy introduces 12 powerful business frameworks spanning both Strategy Development and Strategy Execution. [Learn more]   This 48-page whitepaper, authored by consultancy Envisioning, provides the frameworks, tools, and insights needed to manage serious Change—under the backdrop of the business lifecycle. These lifecycle stages are each marked by distinct attributes, challenges, and behaviors. [Learn more]
We've developed a very comprehensive collection of Strategy & Transformation PowerPoint templates for you to use in your own business presentations, spanning topics from Growth Strategy to Brand Development to Innovation to Customer Experience to Strategic Management. [Learn more]   We have compiled a collection of 10 Lean Six Sigma templates (Excel) and Operational Excellence guides (PowerPoint) by a multitude of LSS experts. These tools cover topics including 8 Disciplines (8D), 5 Why's, 7 Wastes, Value Stream Mapping (VSM), and DMAIC. [Learn more]
Recent Articles by Corporate Function






The Flevy Business Blog (https://flevy.com/blog) is a leading source of information on business strategies, business theories, and business stories. Most of our articles are authored by management consultants and industry executives with over 20 years of experience.

Flevy (https://flevy.com) is the marketplace for business best practices, such as management frameworks, presentation templates, and financial models. Our best practice documents are of the same caliber as those produced by top-tier consulting firms (like McKinsey, Bain, Accenture, BCG, and Deloitte) and used by Fortune 100 organizations. Learn more about Flevy here.

Connect with Flevy:


About Flevy.com   /   Terms   /   Privacy Policy
© 2022. Flevy LLC. All Rights Reserved.