Technology helps businesses in a number of ways that generally centre on doing things bigger, better or faster than you couldn’t without technology. Different industries and companies rely on technology in different ways, but some benefits of technology in business include improved communication, optimized production, inventory management and financial record-keeping.
Beyond the Obvious need for technology specific to your sector, there is also a fundamental need for the adoption of technology in a more unrecognised capacity.
Technology used for Project Tracking, Management, and general business processes will always be a requirement in small to large organisations. This is due to the fact that regardless of what you do in your business, it becomes clear that your business policies, and procedure directly impact the performance of your business. As such technology and the adoption of digital solutions in business are invaluable when optimising, monitoring, and establishing your better practice principles.
Improved business communication, more efficient production, easier inventory management and easier record-keeping are all signs of the importance of the technological environment in business.
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Improved Business Communication
The importance of technology in society and business can be seen in how technology expands the reach and efficiency of many forms of internal and external communication.
Field sales representatives and technicians, for instance, no longer have to return to an office to receive assignments. Instead, they take calls or mobile messages while in the field, alerting them to the next scheduled appointment. Business representatives traveling for work can stay connected to the office and colleagues, and email enables mass distribution of messages to people across geographical boundaries. Which method and software you apply to manage your communications large and small will determine the efficiency and productivity of yourself and your employees.
Externally, technology enhances opportunities for marketing communication. Social media, email, mobile phones and chat features allow companies swifter and more interactive communication platforms relative to traditional, one-way media options.
However, do note that using technology for communication is not the only solution and can be problematic for a business if a certain type of interaction would be better facilitated face to face. A funeral director would not want to rely on impersonal text messages for example, as the personal touch is critical during this difficult time in their clients' lives. In this regard it becomes a necessity to establish protocols for managing communication, communication types while still maintaining sustainable involvement from employees. It is often the case that either owners or their employees become inundated with meetings, mass emails and so on. Having a solution that can recognise and prioritise your received communication along with knowing which type and when to use specific communication methods allows you more efficiency with the same or better quality.
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Production Benefits of Technology in Business
No matter what your industry, business size or primary activities, technology allows opportunities to optimize production beyond what you could produce without it. Small companies can often compete with larger firms in operational efficiency, thanks to access to high-tech equipment and tools. Manufacturers constantly look to upgrade equipment to compete with industry leaders on production efficiency.
A practical Example
In a retail business, technology makes the process of selling to and servicing customers much more efficient as well. Scanning barcodes at a checkout is faster than finger-punching numbers in a cash register. Also, as items get scanned, companies capture important data for precise marketing and inventory management.
What most retailers struggle with however is the need to dedicate massive amounts of time to stock taking, record keeping and admin. When using a One solution package however it becomes possible to update inventory and back up records in real time. Using the appropriate devices also means that instead of manually checking products, employees can simply scan and run a comparative report.
Bookkeeping for example works best when done immediately, but to have it done like that seems impractical. A digital approach means that records can be updated in real time, copies saved and kept for a period allowing administrators more time for active projects and needing less time to simply check and record figures for audits.
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Facilitated Inventory Management
Raw materials suppliers, manufacturers, wholesalers, retails and B2B providers all have inventory management processes. Technology is used to organize items systematically in a warehouse or storage room. Matching computer information to inventory storage spaces helps associates pull stock as quickly as possible. Companies can quickly compare inventory when it comes in the door to order sizes on the computer screen.
Many inventory processes are automated. Retailers, for instance, often use vendor managed inventory approaches where suppliers automatically send replenishment when alerted that stock is low at a store. Organized, efficient inventory control helps minimize inventory costs while meeting customer demand.
Easier Financial Record-Keeping
Companies small and large use advanced software programs to manage accounting and finance tasks. In fact, companies often use programs that sync accounting with point-of-sale terminals and bookkeeping programs, such that each purchase or sale transaction is automatically captured in an accounting platform. Using technology to manage financial record-keeping minimizes manual processes, reduces costs, and helps protect against human error.
The Bottom line
Digital Adoption in business will be inevitable whether it be now or in the future. We all look for the perfect solution, but it takes time and resources to find it. The software to do the perfect job, include as many features in package as possible yet still be affordable.
In the end we settle for the first find on google and still do not get the things we want.
While technology is now an inherent part of of daily lives it still has not been fully utilised within businesses. Whether the objective is as simple as going paperless or as big as managing your expansion. Technology is fundamental. Adopting new technology is an important part in the growth and sustainability for any business type.
Recommendation
Most businesses find it hard to detail what type of software they want or need. Many times, it is the case that when coming across a solution there isn’t full understanding as to what that solution is or even does. This results in many hours of demos, meeting, SME involvement and so on. When you are not sure it pays off in the long term to consult and have the heavy lifting done for you.
If you need an innovative digital partner who will keep your interests in mind and understand your guiding factors.
Consult with: www.digidmn.com