How Important is Modern Technology for Your Business?
Technology is an ever-evolving phenomenon promising to better its former self with each passing moment. Its dynamic nature offers lots of benefits in every aspect of the business world, more so, for companies that have built an empire around it. Major business moguls rely on the latest cutting edge technology to remain top of the game. Here’s why:
1. Better communication – improved information sharing
Efficient communication is important for any flourishing business. This measure is accomplished with better communication systems put in place. For the longest time, companies relied on the use of emails, video conferencing and business text messaging as ways to convey messages within the organisation. Well, things have changed with the emergence of social media networks as communication platforms. More enterprises are taking Twitter seriously considering its profound influence on the society. Businesses are also blogging more about their products and services as a marketing strategy. As a result, their market reach is growing since they can share information faster and reach thousands all at the click of a button.
2. Allows for quality work
Better technology allows for better work, it’s as simple as that. If you’re using a computer that’s ten years old, you’re limited to far less features than that of a modern one. The same goes for all of the technology you’re using in your office. For example, if photocopiers and printers haven’t been updated since you first set up, it means it’s time to invest in something new and efficient like Olivetti printers which are multi-functional, meaning you could complete multiple tasks on one device, rather than switching between several.
3. Accelerated transaction – more efficient and faster
Modern technology has enabled start-ups to digitise certain business functions that historically relied on human aid. With automated systems in place, companies can optimise production for quick delivery. Successful companies compliment paperwork systems with digital transaction management solutions that hasten the work process and eliminate errors that plague paperwork systems. For instance, software applications such as QuickBooks and Quicken can now handle bookkeeping rather than employing a secretary. In the long run, businesses can produce more at a low cost and maximise profit.
4. Better research, better decision-making
Every SME has to conduct extensive research for better decision making. Thanks to modern technology, online surveys, discussion groups, forums, and social media platforms are now used to conduct market research. Search engine optimisation tools such as Google Analytics provide great ways to gather ample information about an audience and the success of marketing, thus impacting the decision-making process. Utilising these tools helps businesses to form accurate reports as human error is significantly minimised. You can also get real-time responses, so you don’t have to wait until the end of the week to collect data.
5. Better storage systems
Technology has eliminated the need for a double entry system and large storage for paperwork. Modern technology has revolutionised this aspect by bringing about data warehouses that are accessed instantly. This storage efficiency cuts down storage costs associated with manual systems. Furthermore, rather than saving files locally in a computer, Cloud technology such as Google Drive and Dropbox, amongst other cloud storage platforms, means that businesses can store their vital information virtually and access them remotely on any device platform. Besides, remote storage minimises the need for more server upkeep. Modern technology has also enabled better safer backup methods for business files.
6. Enhanced security
As technology advances, security threats evolve. Modern technology can be used to shield financial data, confidential management decisions and other exclusive information that if leaked, can affect a business’s competitive advantage. Technology helps companies keep their ideas such as trade secrets away from their competitors, along with customer details away from hackers. By having a password system in place, a business can ensure the competition will copy none of its upcoming projects. Furthermore, the use of access control systems, CCTVs, alarming systems can help prevent bugler breaking into the company’s premises.
To conclude, technology is getting better each day; what we consider today as innovative technology might be obsolete tomorrow. It’s, therefore, important to review a business’s technology regularly. This enables the business to appeal to a larger customer base which impacts its profitability positively.