Technology In this digital era, technology plays a crucial role in the development of business experience. No matter how big or small your business is, technology gives you both tangible and intangible benefits to make money efficiently, and meet your customers’ demand. Having a good technological infrastructure ensures enriching the culture, efficiency, and relationships of the business. In the last two decades, technology has changed the way we interact, shop, see, observe, research, and even the way we do business. Today, everything a business needs has become more accessible because of advancement in technology. One of the most obvious benefits of technology in business is the increased productivity or lower cost structure. Some of the applications of technology in a successful business are:
Speed and Time:
Business is all about competition. One competes with others being agile and swift. A few years back, communication among members of the business or with members and customers was not smooth because of the absence of electronic mail, and the only way possible was through postal services. So the farther the client is, the more difficult it became to communicate. But today, with the advent of technology, one can reach out to anyone around the globe sitting at one place. Technology allows information to be shared, be it one on one or broadcast, more quickly and with fewer resources. Technology even speeds up markets by the publishing of advertisements in social media, which reach out to millions of viewers in a single second. E-learning has also made it easier to train employees, without the need of recruiting trainers.
Storage:
Technology eliminates the hurdle of compiling data and amount of paperwork and processing required. Contracts, customer information, employee data, can be stored and managed in virtual data warehouses which can be accessed in seconds. It also cuts the requirement of space. Cloud computing allows you to create a virtual office which is flexible by nature allowing it to be accessed anywhere anytime. This helps in reducing IT costs, increasing collaboration efficiency, and get access to automated updates. Companies like Coca Cola use Google’s cloud computing for its growing business.
Communication with customers:
It is necessary for employees to interact with clients quickly and clearly. Technology makes it easy. When customers use technology like the internet to access the business, it is beneficial for the business as it creates a public image.
Security
One of the most important applications of technology in a business is Security. With the ever increasing data today, securing and streamlining them is a tough task. Technology can be used to protect financial data, confidential documents, and other proprietary information.
Automation
Technology replaced the hiring of employees for certain works such as housekeeping etc, which can be now easily kept checked and done by software applications like Quicken and QuickBooks. Sales can also be managed by softwares like SalesForce.
Analytics/Data Science
With random data all around the corner for any big organisation, organising and finding trends in data is imperative. Tools like SQL, SAS, Splunk, R, and Python are making it easy for a commercial business to forecast, interpret and analyse data.
Information technology, on the other hand, drives innovation which in turn is the path to a successful business. IT fosters innovation in a business. Through technology incorporated into a business, we can bring the following changes in the business:
Online Marketing/Digital Marketing
Marketing is no more the same. Businesses of today work more on the Digital side of marketing which includes SEO (Search Engine Optimisation), content marketing, social media marketing, email marketing. Internet being a pool of businesses, choosing the right strategies to empower business is essential.
Social networking
With the virtual world ushering in a new era of networking, social networking platforms ease businesses to reach a greater user base, at low advertising costs. Facebook, Instagram, Twitter are some platforms that help businesses to grow online and spread the client base exponentially.
VoIP communication
Voice over Internet Protocol (VoIP), transfer information in the form of packets over internet protocol networks rather than circuit switched networks. Sending voice as well as data over IP networks reduces costs effectively.
Cloud computing
Cloud providers allow data to be stored, sent or deleted at very low costs. Data is transmitted as well as stored over the Internet. It is reliable, speedy as well as productive. IaaS, PaaS, SaaS are some examples.
Accurate business planning
- Software tools like Enloop, Stratpad enable businesses to plan and execute the plans. Not only do the tools provide insights, they also list the effectiveness of the plan.
Real time monitoring
Monitoring technologies allow businesses to have a bird’s view into the activities of the company. It allows administrators to look into and solve any problems in the databases, queues.
Instant customer support
Automated email replying services, AI powered chatbots, ensure that customers always get the support, timely and accurately.
Improved hardware and smart applications make it easier to research, analyze and plan scalability. Good decisions can be taken with proper teamwork and market research. Using technology for Video conferencing, reviewing public sentiment on social media, using online surveys for feedback, can make business easy. It is hard to believe and imagine any business that has not been benefited from the digital revolution. A capable IT team is imperative to the success of any digital strategy. Technology even streamlines the decision making process for a business. With the efficient use of technology, one can keep track of financial resources, market conditions, and customer satisfaction. This makes it easier for the businesses to analyze and take necessary steps for improvement if needed. Technology in a business makes a wider reach to the global market.
One can say that advancement in technology and the inclusion of technology in business leads to a better business experience which in turn gives us more productivity, with much lesser efforts. The role of technology in business is causing a tremendous growth in trade and commerce as it provides faster, more convenient, and more efficient ways of business transactions.
