The Impact of Technology in Business Development
Starting and running a business has many challenges. Among other attributes, it involves determination, discipline and investments. In order to complete all the necessary business functions, you need to hire people with different professional backgrounds. The advent of technology automated many business functions which are constantly helping people to accomplish their business goals. Thus, all businesses, including Small and Medium Enterprises, are integrating technology in order to boost productivity, redefine business landscape, and follow new trends. Thus, there are many impacts of technology on business growth and developments.
Everything is “mobile”
Many business functions and operations are implemented through the usage of digital applications and programs. This enables many employees inside companies to perform their duties even if they are not in the office. According to ComScore’s report, “4 out of 5 consumers in the world shop through smartphones”. In order to follow trends, businesses have to continue to develop their business landscape.
Through cloud possibilities it is always easier to transfer and exchange data and information. In addition, Cloud technologies provide more security in terms of accessing information. Based on Microsoft, small and medium sizes enterprises are able to reduce about 42 % of their IT related task by using cloud technologies.
Business is about money. Integration of technology is enabling businesses to boost their cash flows by reducing expenditures. Business operation become more easer and productivity and efficiency increases. For instance, through software it is easier to perform accounting activities without hiring accountants.
Business training and learning is redefined by technology. By using technology, learning becomes more interactive and fun in different levels of management. Nowadays, more and more companies are using webinars and other virtual learning platforms to develop human capabilities inside their businesses.
Technology has revolutionized the way companies organize and perform marketing activities. Digital marketing strategies are flourishing each day due to the development of technology. Among many strategies, the most used are social media, website, SEO, email marketing etc. Thus, technology enabled businesses to organize marketing and outreach better by reducing cost and increasing efficiency. Furthermore, technology advanced communication with different stakeholders of businesses.
Improved customer relationship management CRM
Development of technologies highly contributes to the development of customer relationship management. Through digital platforms, companies improve customer services, gather costumer insights and assist on sales performance.
Higher efficiency and productivity
One of the main challenges of management workload inside businesses is increasing productivity and efficiency. This challenge can be easily addressed if companies invest in technology to automate operations. Embracing technology, facilitate business processes and time management as well as increase motivation among employees. It is also one of the factors why workers are less motivated to work. Thus, it is important that companies now embrace technology.