IMPORTANCE & ROLE OF TECHNOLOGY IN BUSINESS
IMPORTANCE & ROLE OF TECHNOLOGY IN BUSINESS
Technology has played an pivotal role not in our routine life but also in the business field proving it as an indispensable part of our day to day activities.
The technology is understood with simple connotation that now emerging technologies have made their entrance in our business activities resulting into competitive advantage for sustained growth of any of the area chosen by us. This can be further understood with an example that we cannot run our business without the help of Internet, wi-fi services, video conferencing, project management apps and more. As a matter of fact, Role of Technology in business has necessitated through incorporating the technology into each process.
Following are the important ingredients of technology helping the growth of our business:
- Communication
Technology enables a faster, wider and more efficient means of communication. This includes interactions within our team or with our clients, potential customers, investors or the general public. Video conferencing technologies, like Skype and Zoom, make meetings from across geographical borders convenient. Even within our organization, an app like Slack or Asana or Zoom can help us simplify communication within our whole team. Communication can enlarge our projects, details on tasks, deadlines, etc., regardless of whether they work from under the same roof, or remotely. Email, newsletters, social media, and other platforms are all equally essential resources for communication.
- Security
With the rise in cyber-crime and data breaches, tight security is imperative for all businesses. Today, all business assets are mostly stored in the cloud or on endpoints. This has made it necessary for the companies to adopt strict measures to keep their data as well as that of their customers secure.
- Efficiency
Technology helps increase the efficiency of systems, products and services. It helps track and streamline processes, maintain data flow and manage contacts and employee records. In fact, this increased efficiency in operation helps reduce costs as well as enable the business to grow rapidly.
- Employee assistance
Most employees feel the need to use the latest technologies in performing their tasks with the belief that it will help them deliver the best results. Companies need to consider the cost-output relationship and provide suitable technology to enhance results.
- Time and money
There’s no doubt that technology helps businesses achieve more in less time, with no detriment to the quality of product or service. In fact, technology is now performing repetitive tasks that were earlier performed by people. This helps by saving on employee costs, or having them work in areas where they are really needed.
Businesses need to have an in-depth understanding of technological tools in order to optimally leverage them. Management information systems go a long way in helping companies track their data, sales, productivity levels and expenses. Data can also identify areas of improvement as well as opportunities for growth. Ably handling information systems will help businesses streamline administrative operations, reduce operation costs, innovate, enter new markets, improve customer service and create a competitive advantage for themselves in the market.
(source: https://themyouandme.com/blog/top-5-reasons-why-technology-is-important-in-business)
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