Technology is a wide concept that has come to refer to advances in science
that give way to a more profitable solution. The most obvious and well know
benefit of technology in business is increase productivity which is the same as
a lower cost structure. Other benefits include improved speed, ease of sharing
and storing information and minimum human error through the use of automated
Technology has affected business operations in so many ways. Not mind the
size of the business, technology has helped bring but about both tangible and
intangible benefits that will put you on the track of making money and at the
same time satisfying customers need. The culture, efficiency, and relationship
of a business can be affected by technological infrastructure.
BENEFITS OF TECHNOLOGY
Speed and Time
Being swift and agile is the way by which small business compete with large
businesses. Inclusively, it is easier for a small business to adapt and respond
to change faster than a big or larger business. Since the birth of information
technology, sharing information has been easy and done at a very astounding
rate. Thereby saving time and offering the ability to make a quick decision.
Communication with Customers
In a busy business environment as one which we have today, it is a necessity
for employees to interact with clients easily, quickly and clearly. For business
that provides writing service, communicating with your readers, you can provide
them with good writing and essay services.
With the use website, it has become possible for customers to get answers to
their questions almost immediately. With technology and communication with your
client, the businesses now have a stronger public image.
The need for double or triple entry system has eliminated by technology, and
the need for large files and paperwork have been reduced, which at the same
time saves money for the cost of a storage space.
Since the birth of technology, it has been possible for small businesses to
automate certain functions that previously require the hiring of manpower. With
automation like this, a small business can now focus on strategy and cut down
Technology has gone a long way in helping business
understand its cash flow needs, and at the same time conserving resources such
as time and physical space. With technology, meetings can be held by executives
over the internet instead of meeting at co-operating headquarters thereby
saving time and cost.
Business Culture and Class Relations
With technology, it has been made easy for employees at different locations
to have a better interaction which will create a team dynamic within the
business. With a feature like this, social tension can become a nightmare for
business. Technology also at times helps workers put their different background
aside and focus on the task at hand.
Security treat and vandalism is one major problem of businesses of this
modern era. Technology can be used to protect confidential executive decisions,
financial data and other proprietary information that leads to competitive
advantage. By making use of a computer with passwords, a business can be sure
that none of its forthcoming projects can be stolen or copied.
With the available technology, a business can now research new opportunities
that will give them the edge over other. This will keep them a step ahead of
its competition. The cost of executive jets or the risk of building a factory
abroad have been cut down with the use of technology (virtual travel)
Technology as a Business Necessity
Technology has played a big role in the tremendous growth in trade and
commerce. As a result of the birth or introduction of technology, business
models and concept have been revolutionized. This was made possible because
technology gave a better approach on how to go about with business. Technology
provided a fast and more efficient and at the same time convenient way of
performing business transactions.
Technology has taken some actions and played some role in management
information system, the point of sales system, accounting system, and another
simple, or other more complicated tools as far as technology.
A Link to the World
The main aspect of business involves transportation, communication, and more
complex processes. Now it is possible for anybody to do business anywhere
without being constricted to the four corners of his room.
Technology in business made it a dream come true to have a wider reach in
the market i.e global market. The internet with is the most basic and common
example is a well-known marketing tool to attract more consumers.
Increased Employee Productivity
Employee’s productivity has been increased exponentially by the use of
computers and other business software packages. These have been achieved by
allowing employees to provide data entry function and automated reports.
Instead of making use of the well-known manpower to create and assemble goods,
machines can now be used to perform these functions. This method or
technological improvements have increased capital expenditure, but at the same
time reduced or lessen the impact of consistent labor expenses. Now fewer
employees (machine operators) are needed to perform more jobs.