How Technology Has Improved Business: The application of technology have sped up and increased the output of a variety of business activities, including accounting, sales, marketing, and promotions. Numerous aspects of the modern business require the use of technology, from internal operations to the activities’ external output, from minute processes to major activities.
According to market research, these aren’t just tech companies that have seen significant efficiency gains from business technology. After digital renovation, 52% of businesses worldwide report an increase in worker productivity, 49% better performance, and 46% improved customer experience.
Businesses can support efforts to provide external customer service as well as assist employees within the organization thanks to technology. There are also hundreds of platforms that not only make the work process easier but also make the workflow more efficient. Technology has evolved from an option to a necessity for businesses over the past decade. In order to meet the challenges that lie ahead, businesses have been forced to modify their procedures and upgrade their work equipment.
In spite of the work in question, the mechanical variation of organizations is fundamental today. Technology offers numerous advantages that have the potential to positively affect an organization’s income, regardless of its size or the activities it conducts. Although the short-term economic benefits may not always be apparent, it is undeniable that utilizing the appropriate tools results in long term benefits that help with competitiveness and differentiation.
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Top 9 Ways Technology Has Improved Businesses
1. Internal communication: Technology improves internal company communication and keeps employees connected. An internal chat, such as Slack, allows workers to communicate, send files and even automate certain tasks.
Even when they’re not at the office. This implies an increase in efficiency, productivity and improves the work environment.
2. More optimal processes: Technology in companies is a fundamental resource for those SMEs that are in the process of growth, it is a tool with which optimization and improvement of organization, dispatch, sales and collection, training, and other aspects of production can be achieved. That will allow them to establish competitive advantages with which they will be able to position themselves in the market, get more clients and, of course, reach higher levels of productivity and even expansion.
Innovation in organizations is a crucial asset for those SMEs that are currently in development. It is a device with which streamlining and improvement of creation processes, association, dispatch, deals and assortment, preparing, and so on can be carried out.
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3. Market competitiveness: Investing in technology in companies allows them to be much more competitive, be at the level of their competitors and even surpass them.
Technology in companies allows executives to take advantage of and be aware of opportunities in the national and international markets, which are increasingly challenging, which entails the possibilities of expansion and opening of new business opportunities. Investment in technology infrastructure also contributes to improving the way the company is perceived both by customers and by other SMEs in the industry.
4. Improvements in forecasting and decision making: This is the benefits of the union between technology and sales. Now that we’ve established how sales technology can help you drive quality data, it’s time to put it to the test. And it is that in your work as a sales director, data analysis will be vital for your sales forecasting exercises as well as for subsequent decision-making. But why is sales analysis and forecasting so important? Although we have already talked at length about the importance of making accurate sales forecasts, it never hurts to remember it: the sales forecast is what feeds almost every aspect of the business.
From the size of the team to stock control, through the operations team or the marketing budget. In addition to all this, you have to add the emotional impact it has on your sales team. And it is that the objectives of the sales area that you establish will be directly affected by your sales forecast and your team will not be very happy if they leave their skin on poorly planned objectives. The whole process is based on the use of accurate data: every quantitative sales forecast needs it to obtain useful and relevant information. If you do not have precise data, the only thing you are going to achieve is to have a case of what the English call Garbage In, Garbage out. Feed your sales forecast inaccurate data and it will produce equally inaccurate forecasts. This is also valid for sales reports. Keep in mind that the information you receive weekly from your CRM guides your decisions regarding the strategy and the areas on which to focus; and it’s better that all this be done based on accurate data, don’t you think? What if the data is not of quality? The decisions you make at the end of the day will not be the right ones either, because, as you may have seen, I personally think that there is nothing that highlights the importance and role of new technologies in sales management more than its ability to maximize the accuracy of the data collected by salespeople.
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5. Mobile technology: Mobile technology has gained momentum due to its convenience, efficiency, and speed. The use of mobile technology has rapidly gained ground as information technology has grown in popularity.
Due to increased employee contentment, the Bring Your Own Device (BYOD) trend is on the rise. Business communication takes a whole new level thanks to mobile technology.
A mobile team can greatly improve workplace productivity. Mobile technology can be incorporated into the workplace in a variety of ways. In fact, it’s likely already being used by your coworkers and collaborators.
6. Options for self-service: Choice is also related to the significance of technology in customer service. Clients need to have the choice to pick how they interface with organizations. As a result, technology enables businesses to provide customers with a variety of self-service and interaction options.
Self-checkout lanes, for instance, are available to customers in grocery stores. Customers frequently receive instructions from software and hardware companies on how to resolve straightforward issues. A simple way for many businesses to give customers a choice is to provide an FAQ section on their website. They can decide whether they want to continue working with the company by reading the responses to your questions.
7. Machine Learning: The use of Machine Learning tools helps discover behaviour and purchase patterns to anticipate customer needs.
For example, by applying this technology it is possible to gain in-depth knowledge of customer profiles and predict the income that a customer may bring in the future, which allows you to take the necessary actions to optimize your customer service processes and your marketing strategies.
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8. Chatbots: Chatbots are Artificial Intelligence applications capable of performing tasks autonomously, giving personalized responses immediately, collecting useful information about the customer experience, and providing 24-hour customer service.
They specialize in helping human teams to focus on the deepest needs of customers.
9. Scalability: Internet and new technologies allow companies to grow and even expand their borders to new markets.
Now anyone can do business all over the world and get their products or services wherever they want. In short, new technologies offer great opportunities for companies. You just have to introduce them little by little to start checking their benefits.
Choose the best technology to improve your customer service. For many small businesses, the implementation of new technologies can be an unprecedented expense. While it’s tempting to use many different technologies to improve customer service, it’s important to make sure the technology you use aligns with your customer service strategy. It is important that you do not allow yourself to be pressured to use technology for technology’s sake. Technology should be an accelerator of business and not something you throw in when you start business. Instead, select the technological tools that help you promote the main objective of your company and with it, guarantee the obtaining of the results that you seek.
Edeh Samuel Chukwuemeka ACMC, is a Law Student and a Certified Mediator/Conciliator in Nigeria. He is also a Developer with knowledge in HTML, CSS, JS, PHP and React Native. Samuel is bent on changing the legal profession by building Web and Mobile Apps that will make legal research a lot easier.