How Technology Can Make You Rich

Image courtesy: Jeff Bezos,founder of Amazon, richest man in the world.

The rich have become richer while the poor have become poorer. More millionaires and billionaires have emerged, all leveraging on the power of technology in their businesses.

Knowing the “right” technology to deploy in business can make you amass wealth. Fundamentally, technology is a tool that helps you do what you do better, faster, or more efficiently and with the proper technology, these can be achieved.

The key to choosing the right technology for your business is to understand what you’re already doing well, and what you need to do better. You can talk to employees to figure out what activities are eating up the most time in your organization and automate them. With these, you are able to increase efficiency and productivity.

Next, think about what growth looks like for your business and how your technology can support that. Currently, the richest man in the world implemented technology to scale his business: talking about Jeff Bezos of Amazon. Netflix founders (Marc Randolph and Reed Hastings) also did the same. This is possible because of the internet technology.

Finally, to become rich through technology, what is your underlying financial model? How do you plan to make money? Certainly, all businesses want to grow and increase their customer base, as more customers will entail more money. So you need to know what to prioritize in your technology if you want to become rich.