Business operations had stayed stagnant for almost a decade, but now due to technology, things have changed for both small businesses and even the bigger firms. We can say this will be a great era for those already in business and those starting new ones
The following are some of the areas that have been largely impacted.
We had been warned that people might lose their jobs due to technology, which is true because technology is way cheaper than manual labor. Technology enables faster operations that are smoother and need less control. Companies can now automate bookkeeping such that there are no mistakes or embezzlement of funds.
The foundation of a good business is great customer interaction and satisfaction. For the two things to happen, secure and efficient communication methods are essential. Today there are emails, texting, apps, and websites that ensure customers are heard and they can shop globally. Communication has also been enhanced in companies where information can be passed efficiently across departments.
When everything is computerized, employees get to get more work done than doing it manually. The equipment can also produce products 24/7, unlike human labor, where people cannot work for long hours.
The computerized systems can also set employee goals and assess their productivity levels.
- Remote work
Technology has provided the right technological infrastructure that supports remote logins such that employees can work from home and still be as productive, if not more. In this case, productivity is not measured by hours spent in the office but by the quality of work done by a given employee. Remote work also helps the companies cut costs used to accommodate employees in the office.
In the past, businesses could only collaborate with companies close to them, but now with technology, businesses can go global. They can also outsource labor and raw materials that may be cheaper. The digital business card has largely helped businesses interact and collaborate globally. Unlike a physical business card that can be misplaced, the digital business card can be accessed online.
Technology helps businesses keep financial and confidential data away from their competition. Computer passcodes, facial recognition, and fingerprints scanners are very effective in ensuring Discretion on searches.
Businesses are exposed to top-tier information that keeps them ahead of their competition.
They also get to know how their competition ranks, thus, staying ahead. They also conquer a new market that would have otherwise been inaccessible.
We’ve all heard that Bitcoin was birthed by technology. There are other types of cryptocurrencies but Bitcoin is the most popular one.
The advantage of using cryptocurrency is that it’s highly encrypted and thus difficult to tamper with. There are also digital ledgers whose transactions remain public, and no one can alter them. They are called Blockchain. When used, the company is assured of secure payments.
Technology has come a long way to help businesses advance in all areas be it production, supply, collaboration, advertising and even information retention.
Technology has also enabled consistent growth in the business world where things were a bit slow and sometimes stagnant.