Technology can do a lot for your business. From the tools listed in our article Technology Trends in 2022 & Beyond alone, you could use a data fabric to provide a stalwart architecture for your hybrid multi-cloud systems, a cybersecurity mesh to secure your company’s devices holistically, and generative AI to craft new content. Business technology can also make you more money. Every day, developers release more tools specifically designed to fine-tune how businesses can garner more profit—meaning it’ll be a simple matter to find ones you can use to your company’s advantage.
A great way to start your search is to look at what today’s businesses use to maximize revenue. Here are a few tools that do just that.
Dedicated revenue management software
One of the best ways to maximize revenue streams is to manage them properly. For this reason, you’ll want to consider using dedicated revenue management software that can meet your company’s financial management necessities, like navigating complex billing models and complying with revenue recognition standards as your business expands. The revenue management software from Softrax is an excellent digital tool that can answer these challenges, with its comprehensive breadth of functionality that can handle subscription, consumption, milestone, and renewal billing as well as advanced revenue recognition. Prestigious businesses like wellness software company Mindbody and international conglomerate 3M use Softrax, demonstrating the software’s reliability and excellence. With such a comprehensive tool, your business can thoroughly account for your business’ finances and be better informed when making entrepreneurial decisions to improve your bottom line.
Cloud storage
Cloud storage has become the new norm among companies wishing to maximize their revenue. This is because cloud storage doesn’t require purchasing and maintaining in-house data servers, lowering start-up costs and making it easier for businesses to scale up without needing to buy too much infrastructure. In addition to these benefits, cloud storage can reduce labor force expenditure—many vendors have their own team of IT specialists who can aid you in fixing any infrastructure issues and maintaining your data management.
That means the key to unlocking the revenue-boosting benefits of cloud storage lies in choosing the right provider. You’ll want to choose a reliable brand that can ensure unmatched ease of access and security. The cloud-based file storage and collaboration platform Dropbox promises just that. Not only does it use a rigorous storage system competitive with tech giants like Google and Microsoft—but it also offers a collaborative workspace and a way to present your files. Among the companies that use it are the global professional services company Accenture and the interface design platform Figma. Use cloud storage to organize your business’ files and maximize revenue in the process.
Automated social media marketing
The more customers engage with your business, the more likely they are to purchase your products and spread the word about your brand. In this way, automated social media marketing can help boost your revenue by increasing opportunities to interact with potential and existing customers, elevating your brand presence, and enhancing data collection to streamline your target market’s customer journeys.
Sprout Social can help you accomplish this goal. This digital tool can calculate the best times for you to post on various social media accounts, create automated reply suggestions, and facilitate rapid survey distribution. Using Sprout Social means you get the same robust set of advertising mechanisms as companies like Eventbrite, Squarespace, and Canva, which means you can be assured of superb audience outreach that can grant your business more leads and convert them into paying customers.
Custom applications
The needs of every business are unique, and there usually isn’t one app that will do all you want it to. At the same time, it can be costly for your company to invest in too many systems. Fortunately, today’s technology allows you to build the apps you need. Microsoft’s low-code power platform, Power Apps, enables citizen developers to create intricate applications and websites, with its AI assistants eliminating the need for technical expertise. Among its many uses, you can develop sophisticated online stores, saving you revenue by allowing your customers to pay you directly. You can even generate in-house apps tailored to your company’s workflow, boosting your workforce’s productivity. Zurich Insurance Group even empowered their individual employees to make their own apps, which helped them streamline workflows, drive innovation, and reduce costs. Consider using it to reap these same benefits for your company.
These digital tools have proven themselves effective in maximizing business revenue. Consider leveraging them for your own company’s profit.
