I may not be across every technology opportunity in the industry, but I do see the impact it can have on a business.
More specifically, I see the impact technology changes can have on its bottom-line profitability.
If you can juggle the changes required to introduce new technology, the rewards can be huge. Get it wrong though and it will often do more harm than good. Here are the top five different ways I have seen technology impact an agency’s bottom line.
1. Lead generation
The real estate industry loves lead generation technology. Everyone is looking for the app that will make it easier to get the next listing or a new property to manage.
There are plenty of tools out there that have the ability to mine the data you already have in your business.
Find ways to automate lead generation and this can present a great technology-driven cost saving.
2. Customer service
It is easy to focus on new leads without paying enough attention to retaining your existing clients.
It is already widely accepted that customer experience and user experience are the main reasons an industry disrupter succeeds.
If you can use technology to streamline your customer service processes and improve the experience, you will stop clients walking out the back door while you’re bringing others in the front.
Stability of profits is just as important as growth.
3. Single point of truth
Don’t underestimate the impact of having a single point of truth with your data on your profitability.
If you have one place where you know the data is right and link it via technology to other systems, it can significantly improve the efficiency of your processes.
It also provides clarity for business owners when they are making management decisions without having to second guess the data they are relying on.
It will give you the confidence that you are making decisions based on real data.
This is critical for management and directly impacts profitability when you get it right and wrong
4. Wasted subscriptions
One of the simplest things you can do in your business now and then is to review the subscriptions you pay.
Often I see monthly subscriptions, paid by direct debit, go unused or not used to their full potential.
Review your monthly subscriptions and challenge whether you need them or if they are not delivering value.
I have heard of one approach where you turn all subscriptions off and only turn them back on when someone asks about them.
You might be surprised how much you could save in a year.
5. Mobility of the workforce
Cloud technology has made the mobility of your workforce a reality.
Whether it be through offshore resources or through having more flexibility with your local workforce, the flow-on effect can have a real impact on your bottom line.
Experienced team members who now have mobility of data can work from home or work reduced hours.
This reduces wage costs, increases your retention of experienced team members and ultimately increases your profitability.
It is easy to be distracted by the latest and greatest new app promising to change the way you do business.
Get it wrong, or implement it poorly, and it can cost you dearly.
Get it right and it can have a real impact on the profitability of your business.