In an era where technology is not just a convenience, but a necessity, businesses are finding more reasons to lean into digital solutions and technological advancements than avoid them. “Technology is anything that wasn’t around when you were born,” as tech visionary Alan Kay puts it. Reverting back to the pen-and-paper era in today’s fast-paced world could spell doom for businesses.

Here are five reasons why not using technology could potentially put you out of business:

**1. Efficiency and Productivity Losses**

Process automation brought about by technology drastically reduces repetitive tasks, allowing employees to focus on strategic and creative aspects of their roles (McKinsey, 2017). Failure to embrace modern business tools like Customer Relationship Management (CRM) software, Project Management systems, and AI-driven chatbots may lead to inefficiencies and diminished productivity, potentially losing out to competitors who capitalize on these tools.

**2. Inability to Meet Customer Expectations**

In the digital age, customers demand swift, friction-less experiences. Businesses are employing technology to provide seamless customer journeys, from discovery to purchase, to after-sales support. Without technology-aided customer service, such as self-service options and 24/7 support, there’s a risk of falling short of customer expectations (Forrester, 2019).

**3. Limited Insights into Business Performance**

Data is the new oil. With analytical tools aiding in decision-making and providing actionable insights, businesses can establish strategies anchored on reliable data. A lack of digital business intelligence tools restricts businesses from harnessing the wealth of data available, leading to decisions that are based more on instinct than fact (BI-Survey, 2020).

**4. Stalled Growth and Innovation**

Technology plays a pivotal role in business expansion, enabling firms to reach larger audiences, build brand presence online, and innovate faster. Businesses that remain technologically stagnant are more susceptible to stifled growth and reduced competitive advantage (Harvard Business Review, 2016).

**5. Lack of Remote Work Compatibility**

The COVID-19 pandemic teaches us the importance of remote work capability. Technology enables this flexibility, keeping businesses running even amidst disruptions. Without embracing technology, businesses may find it challenging to adapt to sudden changes in the work environment (Gartner, 2020).

In the profound words of Bill Gates, ‘Information technology and business are becoming inextricably interwoven. I don’t think anybody can talk meaningfully about one without the talking about the other.’ The survival and growth of a business are contingent on its ability to adapt and align with digital transformations, and any resistance to it might spell the end of the road.

Is your business future-ready? Reach out to the talented team at Sanguine Strategic Advisors and strategize how to make the digital shift painless and profitable. Let’s make technology work for your business. Today.