Running a business in the transportation industry is all about efficiency. Your job is to get people and cargo from point A to point B as quickly as possible, without any unnecessary delays in the process.
Even if it costs a hefty sum to invest in technology, the expenditure will often pay for itself in the form of a more productive business.
It's easy to understand how technology can help with this. If you have the right technology in place for gathering data on where everyone is going and analysing it, you can use your findings to make tactical improvements and ultimately make customers' lives better. Even if it costs a hefty sum to make such an investment, the expenditure will often pay for itself in the form of a more productive business.
New technology can streamline everything
To achieve success in transport finance, you want to be at peak efficiency, and common sense dictates that better technology can help in this regard. For example, according to Prime Mover Magazine, New Zealand Post was able to streamline operations significantly by adopting a new cloud platform.
"New Zealand Post will be able to monitor deliveries in real time, creating a better customer experience via the cloud," said Andrew McAdams, CEO of cloud firm PrimeQ.
Thanks to the new system, the postal organisation will be able to monitor transportation data in real time, meaning they can respond quickly if any problems come up in the midst of a journey.
Making smart investments in your future
While investing in new technology can be a huge help, it's hard to do efficiently. Research from PricewaterhouseCoopers indicates that many companies spend wastefully when they do it - there's a surprisingly low correlation between such investments (like new computers, better software and improved research and development) and productivity.
Installing new technology alone is not a guarantee of success.
The key to overcoming this problem, according to The Conversation, is to have a specific focus with new technology investments. Rather than simply buying new tech for the sake of buying, they should focus on the exact flaws they're trying to fix in the customer experience. If they can do that - and have the right finance solutions available to spend responsibly in the process - they should be on solid ground.
Get the capital you need to upgrade
Investing in the future of your business is a big step, but it's a difficult one to take without first securing the working capital you need to do it. At Earlypay, we can help with that. We have solutions available, such as equipment finance, that make the process easier.
Investing in new technology is not always easy. But if you allow us to help, you can make the move without jeopardising your company's finances. Talk to us today if you'd like to find out how.
If you'd like to learn how Earlypay's Invoice Finance & Equipment Finance can help you boost your working capital to fund growth or keep on top of day-to-day operations of your business, contact Earlypay's helpful team today on 1300 760 205, visit our sign-up form or contact [email protected].