Revenue Generation and the IT Department
Traditionally, the IT department has not been viewed as a revenue center. The projects that they work on consume part of the budget, but the department has not traditionally been expected to generate money for the company. As the sales and marketing processes increasingly rely on technology, that reality is starting to shift.
More businesses are expecting their IT department to add to the company’s bottom line, which is shifting the focus of the role for many chief information officers. Let’s look at some of the increasingly common ways that IT departments are starting to produce revenue for their companies.
Revenue-Producing IT Projects
IT departments across the U.S. and globally are becoming larger. When they bring on new people, they tend to benefit from more creative ideas. These IT departments are taking on an increasing amount of projects in addition to internal business infrastructure. It also becomes easier for decision makers to approve this expansion when the IT department becomes a source of revenue.
Below are some of the types of projects that have transitioned IT departments into the profit game.
Chat-Bots – Artificial intelligence chat bots can enhance customer service and have the potential to close more sales. These tools have the power to make the customer experience more seamless every day. IT departments are a crucial part of implementation and support.
eCommerce Websites – The IT department has the ability to capitalize on the technology necessary to capture more leads. They can put a stronger infrastructure in place for a higher level of sales.
Mobile Apps – Mobile apps can deepen a customer’s relationship with a company. The customer is making the commitment to reserve sacred home screen smart phone space. Every interaction holds the potential for revenue generation.
Data Collection Tools – The IT department can take up the task of data collection in order to streamline services. They can develop the necessary reports that will impact the decision-making process.
Monitor Internal and External Technology Use
In the process of developing revenue-producing IT projects, it’s important to monitor and understand how technology is being used both internally by employees, and externally, by customers. Technology helps to create a more efficient work environment. It can help younger employees feel involved in company culture, and a part of the decision-making process.
It can also help you to engage with customers more frequently, and meaningfully. Technology such as mobile apps can be used to strengthen customer relationships and increase interactions. The bottom line is that the right technology can strengthen your company’s image on more than one front.
Has Your Company Made the Transition?
It may be time to reconsider how your IT department is viewed within the company. With these strategies in mind, IT can become part of the revenue generation cycle, or to provide a foundation of revenue support for other departments.
IT departments can grow and prosper as they learn how to add more value for the company and its customers. When these departments are viewed as revenue generation centers, they can more justifiably expand, and draw higher salaries for their contribution.
When Your Company Needs a Digital Transformation
Digital transformation as we’re referring to it, is simply the integration of technology into all aspects of a business. It’s a term that can be overgeneralized, but some specific actions can have a fundamental impact on your company culture and transform how you operate. Digital transformation impacts a business’s culture, the operational process, and the customer experience.
Your business may still find itself in a situation where you’re looking to rethink outdated operating models, or to become more agile in the way you address the customer experience. You may be looking to better match the productivity of competitors, or generally looking to experiment with technology more.
This is when a strategic digital transformation can be highly beneficial.
Guidelines for a Successful Digital Transformation
Whatever your purpose, a successful digital transformation requires a process and a plan. Below are some guidelines for getting started:
- Communicate the Vision – Employees may become anxious when change is in the air. Be as specific as you can regarding the changes, and make sure to communicate expectations. Reinforcing your company’s mission and how this new technology can help will work wonders when it comes to putting everyone at ease.
- Foster Learning – Make sure that your employees feel comfortable learning the new technology. Make it easy for them to understand how it works, and how it helps productivity. Employees may be more receptive when they understand how it fits in with the larger picture.
- Listen – Make sure that you listen to your employees, find out what they are working on, and any opinions they may have regarding the new technology. They may have some valuable input on how to implement upcoming changes.
- Take Your Time – You can test technology changes on small jobs, before going all in. See what a new process does to company culture. See how it improves productivity. Make sure that you’re not needlessly overcomplicating your employee’s lives.
The Benefits of Digital Transformation Speak for Themselves
When digital transformations are successfully implemented, the benefits are astounding. Below are just a few:
- Increased Profits – When you find creative ways to use data and implement new technology, it can have a tremendous positive impact on the bottom line.
- Engaged Employees – When employees have more direct ways to communicate, and they are provided with current business data, they are more inclined to participate.
- Set the Industry Pace – Many businesses are obsessed with keeping up. When you are on the edge of digital technology, you can set the pace instead of worrying about what the other guy is doing.
- Improve Customer Experience – Improved access to data and the most efficient digital technology can improve the customer experience.
The Time to Start Is Now
Whether your company is highly successful or struggling to keep up with the competition, the time to undergo your digital transformation is now. A successful digital transformation will allow you to remain productive, and utilize technology for optimum results. It can help you make better use of the resources that you have now.
These are things that should appeal to any business no matter what stage you are in. It pays to be making the most of your technology.
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