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How the right technology can win you work
When deciding how to budget capital, a major concern for any business is Return on Investment (ROI).
When deciding how to budget capital, a major concern for any business is Return on Investment (ROI). Ensuring that investments deliver sufficient returns is no easy task, and success often rides on making the right choices early on.
This is particularly true in today’s rapidly moving technological climate, where the market is oversaturated with potential investment options—not all of them good ones. As such, it has become incredibly important to discern what technologies will generate the highest return.
Whilst managers will often look to the direct impacts of an investment when making these decisions, they often neglect one important question: how will this technological investment help win me work?
In the modern marketplace, technology is one of the most important investment classes for any business. The ever-increasing rate of technological development we are seeing makes it essential for good managers to employ services that are innovative in the industry.
In terms of ROI, investment in the right technology has always been known to improve service delivery and drive productivity. This is the first priority when determining what to invest in, as it is a major driver of technological return. However, in a competitive environment this is often not enough—businesses need technology that not only makes you faster but makes you better looking too.
In fact, smart investment in technology is fast becoming one of the most effective ways to differentiate your offer and beat the competition. This goes beyond simply saving waste, and instead creates additional return by impressing clients and winning work. This type of return is indeed harder to quantify, but must be an essential consideration for any firm seeking to maximise their overall ROI.
Cutting-edge technology is an incredibly powerful way to stand out from the crowd. Given the modern, tech-savvy business environments we operate across today, this point cannot be stressed enough.
In all contemporary professional dealing, both existing and prospective clients will expect a baseline of efficient, functional technology that gets the job done. And, for the most part, firms can deliver on this expectation. There are plenty of serviceable options out there that get the job done satisfactorily, without too much difficulty—but if you want to stand out this simply not enough.
When it comes to differentiating your firm from others, you need tech that impresses clients. The key here is to find technology that works better, has more features, and is easier to use. Not only will this further enhance your own productivity, but clients will see the difference and be immediately impressed. All it takes is one smart investment to help beat the competition.
Russell Kennedy Lawyers (Russell Kennedy) is a leading Australian corporate law firm and a member of the international Ally Law alliance. They needed to find a better way to run M&A deals across their firm, with a focus on client engagement—and so they chose to invest in thedocyard.
More than just your basic deal room technology, thedocyard is a full end-to-end deal management platform that offers an immense range of user-friendly features. Exactly as discussed above, by investing in thedocyard Russell Kennedy was able to greatly enhance productivity and differentiate their services from competitors.
In their own words:
“We have used data rooms before but nothing offers a full transaction management solution like thedocyard.”
By investing in a market-beating technology such as thedocyard, Russell Kennedy was able to generate ROI that would not otherwise have been possible.
Not only did this technology significantly increase the efficiency of the firm’s deals, but Russell Kennedy also found that their clients were impressed with the quality, usability, and output of thedocyard’s services. This just all goes to show that choosing the right tech will result in higher ROI, and win you more work.
Winning More Work
When you equip your business with cutting-edge technology that enhances your efficiency and decreases risk, you’re positioned at the forefront of your industry. This competitive edge is attractive and impressive to clients which in turn, will gain attraction for your business. Impressing your clients is the best way to win work and customer loyalty, and in doing so you will ensure that they keep coming back for more.
For this reason, do not allow yourself to be content with a service that is merely ‘good enough’. Be discerning, and make sure you choose the best technology possible. Whilst not always easy to measure, the results in practice are abundantly clear and represent a powerful driver of ROI. The lesson here is simple—choose the best tech possible, and you will reap the rewards.
We hope you enjoyed reading! If you found this article interesting and want to read more on how to better leverage advanced technology, please subscribe by entering your email in the box to your right. In the meantime, thedocyard is currently offering a free 30-day trial of their services which you can access via this link.
If you really want to boost productivity and impress your clients, see for yourself how cutting-edge tech such as thedocyard can deliver the wow-factor your business needs to stand out from competitors.