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Role of Technology in Business

As we all know, the boom of internet especially in the last two decades has made the world a very small place, by providing connectivity all over the world.  Almost all the sectors, whether it be private or public, has seen large change in their working style.

Today, situation is that from the comfort of a living room, a student can get answers to toughest questions or an aspiring entrepreneur can get ideas like – New Best Small Business Ideas. All this can be done from within the comfort of anyone’s living room.

After the boom of internet, the technology has also seen huge advancements in terms of user experience and efficiency. These technologies were developed in such a way that after proper implementation in various business models, the business owners saw increase in productivity as well as effectiveness in business operations.

Advantages of Technology in Businesses

Improved efficiency and effectiveness

We all know that various business models have various dimensions and departments which coordinate and keep the business running. Earlier, all these departments used to collect and maintain data in physical forms, which was very tricky and difficult to maintain. Nowadays, thanks to technology every business can store million units of data at a single place. Also, they can access these data files anytime, anywhere.

Improved efficiency eventually leads to more work done in much less time, which means increase in profits. The goodwill of the businesses also increases as an after effect.

Employees Connectivity

It is a fact that every business needs to take crucial decisions at regular intervals, this can be done effectively only if a decision is taken after consulting all he required employees. For this to happen more rapidly, there is a requirement of a system which allows employees to be connected 24*7 and pass information rapidly. The technology is able to provide such system.

Many times a situation comes where a business needs to take correct decision quickly, otherwise the opportunity can vanish and would not occur ever again.

Effective feedback and suggestion from customers

No business can survive on long term basis if it’s not willing to be flexible and adapt according to feedback and suggestions from its customers. Customers can also be referred to as the bloodline for any business, they are the ones for whom businesses exist in first place.

All the planning, execution and policies of any organization are built in order to increase profits, which can only be done if customers are happy.

Hence, it all gets down to keeping customers happy and customers can only be happy if their suggestions are acknowledged and grievances are solved. All this can be done if a proper feedback and grievance managing system is brought for customers. Today almost all the companies have adopted these types of systems and all of them have a separate unit for dealing with these kinds of issues.

Innovations and safety

Technology can be a blessing for any business if implemented in a correct manner. All of the organizations are providing their services or products to their customers. The demands of customer’s increases every day, they want much more value in the same price.

This can only be done when constant funds are provided to research and development wing so that they can come up with a product which is much better in quality can satisfy the needs of the customer, that too at the price at which customer wants.

One more factor which makes innovation a crucial part and a necessity for any businesses is the fact of cut throat competition prevalent in market. Competitors always try to bring out something new and more useful to consumers to that they can outshine other companies. This can only be tackled if innovation is given proper importance in any company.

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