6 Business Tech Investments to Budget for 2023

During times in business when you need to stretch your budget, productivity, competitiveness, speed, and growth must continue and remain at the forefront. Technology is one of the driving forces behind each of those targets. That’s why, according to a recent Bain & Company report, 77% of companies either expect to maintain or increase their technology budget next year.

For example, budgeting for eSignature services from companies like Jsign provides greater efficiency to key departments, such as accounting, human resources, and sales. In fact, with this solution in place, employees can be more productive, as client contracts and other important documentation are now able to be signed digitally.

Key Business Tech Investments

E-signature services are just one example of a beneficial tech investment, but make sure to consider these other six technology platforms as well:

  1. Accounting enterprise resource planning (ERP) tools
  2. Cloud-based accounting technology
  3. HR talent acquisition systems
  4. HR video interview software
  5. Sales prospecting tools    
  6. Customer relationship management (CRM) software

Let’s look at each in more detail.

Your Accounting Department Will Be More Accurate and Productive

Yes, supporting the accounting department with technological software and services can help with reporting accuracy and enhanced overall efficiency to help your bottom line. Let’s look at some investments you can make.

1. ERP Tools

This integrated accounting platform performs just about any accounting function, including inventory management, financial management, and reporting. Additionally, it enhances efficiency and accuracy within the accounting department because users only have to input data once, making information instantly available to other stakeholders. Check out Coupa to Simplify ERP Integration for your business.

2. Cloud-Based Accounting Technology

Cloud-based technology allows for collaborative functions from user to user, even if they work in different offices or remotely. For example, spreadsheets can be shared and checked for errors instantaneously. Plus, bookkeeping functions, automated billing, payment processing, and invoice scheduling can all be done securely with this technology.

HR Will be Able to Quickly Hire Better Qualified Applicants

When job applicants are scarce for the positions you need to fill soon, consider investing in HR tech solutions. Here’s a look at a couple of platforms available to support the effectiveness of human resources departments.

3. Talent Acquisition Systems

Suppose you have positions to fill immediately. In these cases, talent acquisition platforms are worth the investment, allowing HR personnel to enter job duties and view potential candidates who best fit those requirements in a timely, efficient manner. Additionally, such a platform would help with scheduling interviews and eliminating manual tasks.

4. Video Interview Software

In this day and age, HR will most likely need to interview candidates who aren’t local. But instead of purchasing plane tickets for a face-to-face interview, your personnel can instead use teleconferencing software to determine job fit. Likewise, this software is also helpful in interviewing potential candidates who want to relocate.

The Sales Department Will Be More Competitive

Whether you head up a small business or a major global brand, the need to stay competitive is at the forefront of any operation. That’s why it’s essential to provide the sales department with all the support they need to keep your business competitive.

5. Prospecting Solutions

This platform helps with reaching potential new customers or clients by assisting the sales team in conducting more efficient research. It also manages an outreach process for the sales team to engage with these prospects in the hopes of converting them into customers or clients.

6. CRM Tools

These platforms help make the best use of time for sales teams by organizing contacts and prioritizing leads based on customer potential. Once a lead or contact converts to a customer, your CRM interface stores their personal information, buying history, needs, and feedback for better customer service.

All Departments Will Benefit from a Tech Investment Budget in 2023

For your business to stay competitive and flourish, maintaining or growing your budget with various business tech investments in 2023 will no doubt play an integral role. With money and resources dedicated to these key areas, your profitability and fortunes are bound to increase next year and beyond.