Technology is a significant part of our lives, and its impact will only increase as time goes on. Its rapid advancement and increasing dependence mean it has also changed how we conduct business and has influenced how we buy and sell products and services. This article will discuss how technology is positioning enterprises to succeed.
What is Business Technology?
Business technology is the way businesses use technology to streamline activities and make them effective. The use of technology has helped reduce time, cut costs, remove physical barriers and improve customer relationships, and technology has revolutionized the way we do business.
How Business Technology Helps Businesses Succeed
The modern-day business is one with an online presence, a diverse customer base around the world, and a remote workforce. This section will dive into how different technology has led companies to run more streamlined and effective businesses.
Cloud Technology Created New Niche and Redefined Business Models
Cloud computing has become a norm for many businesses. The reason is simple; it’s far more effective. Cloud technology allows you to store and retrieve information on remote servers which serve as data centers. For individuals, it means that instead of storing data on your phone, laptop, or pads, you can store and retrieve this information on a data server. These concepts lead the way in how we use the internet today.
Cloud computing companies like Amazon Web Services (AWS), IBM Cloud, and Microsoft Azure sprung up to become a new business line around 20 years back. A cloud computing service is when a company provides computing services like servers, databases, networking, intelligence, and analytics to their customers for a fee.
Cloud technology has also introduced us to cloud hosting, a significantly faster version of web hosting. It’s how you can read articles, watch videos and interact online. When you type a URL address, it communicates with a data center close to you and retrieves the website information from the data center. Today, we also have CDN (Content Delivery Network) to improve the speed of traditional hosting. Netflix is a perfect example of a company that uses cloud technology and helps pioneer its use in the streaming industry. Before streaming videos online, we only had the option to either rent a physical copy out or download and watch after. Today, we can watch it online.
Netflix, YouTube, and Spotify are businesses taking advantage of this trend, which means they can focus more on their primary activities.
The Rise of Productivity and Communication Tools
Introducing computers in the workplace helped improve the productivity of many companies. The computers did things faster and better, and productivity applications helped streamline activities. Some examples of these productive tools include Microsoft Office, Zoho, Google Apps for Business, etc.
The improvements mean employees got things done faster. Like Engagedly, tools that also help track employee performance and goal progress are becoming popular. This application helps reduce absenteeism, presenteeism, and general lack of engagement, which improves the company’s bottom line.
Introducing communicative software such as Slack and Zoom also meant that employees talk to each other in real-time, deciding faster and more effectively in the workplace. Unlike a phone where you need a signal and call credit, all you need for Slack or Zoom are the installed applications on your laptop or mobile device. This means distance isn’t a barrier, and communication is more fluid and responsive.
During the pandemic, video call applications like Zoom and Skype were at an all-time high since no one could physically meet. Using these pieces of technology allowed businesses to continue their operation during the pandemic.
Increase Efficiency in Repetitive Activities
Robots and AI are increasingly replacing repetitive tasks. Repetitive activities are simple to perform, require little to no thinking, and, over time, rely on muscle memory to become effective. They rarely add to the company’s bottom line but are effective in the larger process. An example is a car assembling plant; each task is relevant as part of a whole, but individual activities may not hold much value.
Machines are more effective and reliable because they don’t get tired or make mistakes or errors. The same is happening in the modern-day office. A lot of activities that are repetitive by nature can now be programmed. There are software applications that can automate your processes in the office, ranging from collecting information to arranging and working on them. This improves employee efficiency in handling tasks.
The Development of Integrated Systems
An integrated software performs many tasks but as a single entity. The software applications we create today can work with other applications, allowing for a more streamlined and effective process. Software applications that perform many tasks can handle a process from start to finish. While software applications that perform only one task ensure it can integrate with other software applications to appeal to their clients.
Take accounting software where you can enter data into different journals, prepare an income and expenditure statement, Balance sheet, metrics to measure, etc. The software integrates various functions.
The Change in How we Recruit
Technology has changed the way we recruit. In the past, companies would place ads in newspapers, and those with the financial muscle would go on television or radio. Today, we have software applications that can help us streamline candidates according to location, qualification, skills, and years of experience. Yes, we still post on online job board sites, but the best recruiters know candidates need not only to come to them but need to go to these prospects.
They can create a talent pipeline and profiles on these prospects. Recruiting tool that does this well is SignalHire, and it’s a perfect example of technology that can make your processes smoother. It has an extensive database with millions of contacts from different industries that you can find right now. You can also test other tools for finding prospects and see how much automation accelerates hiring.
Technology changed the way we conduct tests and interviews. Before the improvement in communication applications, remote work was not prominent. But today, the physical location ceases to be a boundary, as recruiters have a larger talent pool to work with. The development of recruiting systems like gamification shows new ways companies test candidates. AI-based tech like the ATS (Applicant Tracking System) also means that hiring managers can scan through more CVs at a faster pace.
How we Interact With Clients and the Public
Technology has also changed how we interact with our clients and the public. The rise of social media means customers and the public will always watch the company, ready to jump at them if dissatisfied with their service or a public stance. Companies have lost millions financially because of terrible publicity or public backlash.
Today, companies have teams that ensure these situations don’t occur. They use the social media space to build the company brand and reputation in the eyes of their various stakeholders. A good reputation can attract more investors and customers, which leads to the company making more money. Social media platforms were tools not available to companies in the past.
Why do Businesses Still Fail Even with Technology
The low barrier to entry in the internet age means a lot of entrepreneurs don’t think things through before making the leap of faith. This section will briefly highlight some of them.
Ignorant of these Applications
Many times some businesses aren’t aware of the existence of these applications. So, they use old and ineffective methods while their competitors upgrade.
Adopting Wrong Fit Applications
The type of application you adopt can make a vast difference. Unfortunately, with the multitude of options, it’s challenging to pick one that works well with your company structure. And with little to no solid advice, using the wrong software can mean not keeping up with competitors.
Sometimes these applications aren’t properly used because the employees aren’t taught how to use them. Management can implement software change without proper transition into the use of the new application. Rushing a change when transiting from one tech to another can cause more damage than benefit to the company.
Technology in modern business today is vital to its success, and it’s virtually impossible to manage one today successfully without one. Technology will continue to improve, and organizations that can take advantage of this will be ahead of their competition.