By Maggie Bloom,
The integration of technology into the business world is rapidly becoming a significant factor in the success of both small and established businesses. Modern technological advancements include Machine Learning, 5G Internet, Edge Computing, Virtual Reality, Artificial Intelligence, Robotic Process Automation, the Internet of Things, and geo-targeting. Business operations have eased due to the application of all these technological advancements.
As a business owner or executive, you need to understand the benefits of integrating technology in trade and industry. The following are the benefits accrued through the integration of the latest technology in business:
• Increased Business Productivity
The latest technology has boosted manufacturing and operational processes. Operational processes have been automated hence saving time and increasing production. For instance, the latest software allows businesses to automate office functions, like payroll, record keeping, and accounting.
Furthermore, employers are using software to appraise employees. Employee-performance appraisal software ensures employees remain committed and focused on the roles they play in the business. Therefore, with the availability of performance appraisal software, companies will keep on recording higher production output.
As new technology comes in place, businesses are left with only the option of integrating the new functionality into their already existing systems to increase productivity. For an efficient integration of all the business applications and platforms, business owners should look into using the best application modernization services
available. The application modernization ensures operational simplicity while fixing bugs and security patches in business operations.
• Enhanced Security in Business Transactions
With the latest technology advancements, business transactions have become simple and more secure. Businesses are now capable of avoiding the bureaucratic processes that delay transactions and at the same time secure the transactions from criminals. For instance, blockchain technologies are used by businesses to complete transactions. Blockchains have found favor among many business people as they are more secure and acceptable everywhere.
• New Sales Avenues
Businesses are nowadays adopting new technologies
that are helping to market their products to a larger niche. For instance, the internet has become a primary avenue for advertising business’ products. In expanding the market base, online search engines have enabled potential clients to get more information on business’ products. Therefore, social media platforms and Google can effectively target potential clients and relay essential information about products.
Businesses are also able to sell their products online through e-commerce apps. E-commerce is preferred as it is not geographically limited and is operational 24/7. Customers can book products online and have them delivered at their doorpost. Through the E-commerce apps, the customers can interact with the business employees.
• Transparency Enhancement
The integration of software in business operations has led to increased transparency in business operations. Activities related to processing, accounting, and transaction have been automated, resulting in non-interfered records. Therefore, business executives are capable of remotely retrieving the sales, marketing, and accounting records automatically. Business owners are therefore able to detect business fraud.
• Efficient and Effective Communication
How can business operations be without proper communication channels? Both local and international businesses require to keep in touch with their clients, investors, suppliers, and employees. Reliable communication in the business world is achievable through live chats, emails, VoIP, and social media platforms. The 5G internet connection allows instant transmission of documents, voice records, texts, and live coverage over distant locations.
Currently, almost every business has invested in websites and mobile applications. The websites contain vital information for potential customers. Customers are also able to relay their feedbacks through the company websites and mobile apps. With the available channels of communication, the cost of transmitting vital documents and messages has therefore reduced drastically.
Lastly, with the latest technology, there is reliable inter-office communication. The majority of the businesses are installing social intranet software where staff can communicate and get vital information concerning the business operations. For instance, staff coordination and collaboration are made possible through the adoption of VOIP systems, Telepresence software, and conference calls.
• Increased Profit Margin
Whether the business is involved in the provision of services or manufacture of commodities, the business’ success is determined by the profit accrued in a specific financial year. With the advancing technology, both small and large enterprises are adopting software to ease business’ management and operations. The impact is evident as businesses are reducing the cost of operations and, at the same time, being time conscious.
Unlike in the past when employees feared job loss due to the application of technology in business processes, today, both the employees and business owners have acknowledged the positive implication of technology. However, technology comes with numerous challenges, especially security concerns. Despite evident challenges, more advancements are coming out daily as a remedy to the challenges.