Technology is an indispensable part of any business worldwide. Most companies use different modes of technology to drive growth and innovation.
Nonetheless, advanced technology is also essential for companies to gain a competitive edge via forecasting.
Starting from revenue calculation to GST invoice preparation, the role of technology is all-pervasive.
Several useful tools, like business loan EMI calculator, digital loan tracker, etc., play a crucial role in estimating financing feasibility. Forecasting revenue and net income assessment of a company are also possible through advanced tools.
These forecasting measures helps the company’s progress and position in the long run, and advances the business managers to evaluate their performance, and how much capital or business revenue they can generate within a given time period.
How does technology influence business strategies?
Business organisations, be it start-ups or MNCs, are undergoing a paradigm shift through the latest technology deployment.
In that domain, Cloud computing is an excellent option for any business to forecast and formulate strategies for a levelled-up performance accordingly. A company can boost its business agility by about 40% using Cloud system like SaaS.
In India, tools like business loan EMI calculator are gaining popularity over time. The driving force behind an increasing utility of such tools is the ready availability of business loans at competitive interest rates, whereby such technology aids in ascertaining fixed monthly outgo and total loan liability.
Following are a few aspects in which technology can have a significant impact.
- Revenue and profit
In the business domain, terms like machine learning, automation, and artificial intelligence are quite familiar now.
Equipped with adhering tools and technology, a company can adequately estimate their revenue, profit and several other significant business parameters with ease.
A report suggested that a tech-savvy small and medium business (SMB) has almost twice the prospect of revenue growth compared to an offline SMB.
For example, taking the aid of a GST calculator can help a company to estimate the payable GST at the end of a financial year, and assess the profit thereon.
- Business investments
The primary goal of any company is to ensure business growth. For that, they require to invest smartly for an increase in turnover. They thus need monetary infusion to expand their business arena.
In that scenario, availing a business loan can be a boon for several reasons as they come in varying terms, like short, medium and long-term.
On top of that, such loans are collateral-free and offer up to Rs.30 lakh, which is a considerable amount for business investment.
As for the importance of technology inclusion, reputed financial institutions provide business loan EMI calculator to help businesses make several loan-related estimations.
For example, using this virtual calculator, one can check the total payable interest, total loan liability payment by the tenor’s end and EMI, and decide on the loan amount accordingly. Bajaj Finserv is one such financial institution providing the tool for convenient estimation.
The lender also provides attractive pre-approved offers that make financing hassle-free and within a short time.
They offer this facility on several unsecured financial products like business loans, personal loans, etc. You can check your pre-approved offers instantly by sharing a few essential details online.
Along with the right investment, limiting expenditure is another fruitful measure to improve revenue forecast and generation.
Implementation of suitable tools enables any company to track down spending. For instance, maintaining an excel sheet, one can differentiate between necessary and unnecessary expenditure at a glance. Cutting down on unnecessary expenditure can also resultantly simplify revenue forecast.
Also, previously, a company required ‘knowledge workers’ to calculate the payable taxes like GST manually.
Thanks to emerging technological advances, tools like GST calculator now can do the same job more efficiently, consuming less time. Following this trend, a company can reduce its workforce substantially and utilise the resources to fund other profitable business plans.
Technology is also capable of generating a near-accurate revenue forecast and exclusive business ideas to increase revenue and overall profitability of an organisation.
Thence, with suitable digital engagement, you can find your business niche based on valuable and actionable data.
Just like business loan EMI calculator, big data analytics is a technology which plays a significant role in forecasting and decision-making process.
Business technology is also pivotal in improving communication with customers as well as within the organisation.
Through the deployment of different technological tools and systems, companies can not only fulfil their forecasting requirements but also increase brand visibility and customer base.