Introduction
Once upon a time, an individual was valued for being able to know and master a particular trade. With the Industrial Revolution, dreams and hopes were affected badly. Why? People began to see their trade and labor value severely diminish as machines were able to perform routine tasks at a quicker and more efficient pace. This changed the business atmosphere from a trade based to a knowledge based economy. With this new way of doing business, employees were valued for intellect and nothing less. With technology evolving, so too must businesses, to be able to keep a competitive edge.
This has nothing to do with the way humans are valued but technology has changed how a business operate. Electronic devices, and the expanding list of capabilities of these devices, influences the daily operations of businesses. Even the smartphone has impacted every area of life from how we get news to how we keep ourselves entertained. Additionally, these devices play a key for businesses to remain connected and in communication at all times.
Nowadays, a smartphone can now perform the duty of a secretary or administrative assistant whose job is managing the time and schedule of personnel with no hassle. Not only does it help with planning and communication, also a way for companies to stay visible among consumers. For years, many large retailers used websites to keep customers connected to products. But with technological development in business these websites now do more than ever. Mobile responsive websites are increasingly as customers want to access information on the go. With this, the following topics will be considered;
- Why is technology important in small business
- Importance of technology in small business
- The role of technology in small business
- Technological development on business activity
- Conclusion
Why is technology important in small business
Every aspect of the way businesses operate has literally been changed by technology. How can your small business keep up with these changing technology trends? Well, you don’t have to reformulate the foundation of your business. The best thing to do you need is understand how technology affects your organization (for better or worse) and how to take advantages of them.
z-na.amazon-adsystem.com/widgets/onejs?MarketPlace=US&adInstanceId=039b2bd9-583f-4080-be3d-6f0a2fde0affTechnological development in business is very vital. The last decades has witnessed technology provide a new and better approach on how to manage business making the transactions faster, more efficient and more convenient.
Technology has impacted the operations of businesses. The size of your business is small, but the role that technology plays to help you increase revenue and produce the goods your customers demand is very important. Technological development in business is all about driving growth and improving operations. Without it, your small business may certainly fail to accomplish all that it has to do. So, you need a good automated system that make your business to run efficiently with high returns.
Importance of technology in small business
Do you ever imagine the important of technology in small businesses? The answer is pretty simple and easy. It will save tme and effort, and will enhance the security of the busy. Many factors determine the importance of technology in small businesses because it plays a crucial role for the operations to run smoothly and efficiently.
Here are six reasons that illustrate the fact technology is no longer a want but a need:
Improves efficiency
One can’t deny the fact that technology is increasing the efficiency of a small business. The developments in the world of robotics and applied sciences is helping small businesses facilitate their customers. Additionally, the emergence of artificial intelligence has made small businesses to make better use of technology.
For instance, they can make use of chatbots as customer representatives to deal with the queries of customers. With the implementation of technology in business, it saves time and effort involved in employing human labor and increases productivity.
Protection against attacks
Recently, online attacks are at the increase and at an alarming rate. This can prove to be very risky for businesses. With this development, developers are designing cybersecurity defense systems to protect businesses from dangerous threats. Since we are in the era of cloud computing, the threat of cyber attack remains a threat. So, small businesses need to protect their data by improving the security of their online accounts that hold important information and data.
Unlimited supply of knowledge
With the use of technology, there is no limit to what you can achieve and accomplish. There is endless supply of knowledge and valuable insights with technology. Research has been made easier, you can instantly access the internet and search out the things you are looking for. With valuable insights, you are in a better position to handle and deal with your customers. It prepares you enough to meet their demands. Technology equally helps you keep a close eye on your competitors. Fully knowledgeable about their moves and provides the necessary preemptive measures to adopt the latest market trends.
Explore new market for growth
With the use of the latest technology, small businesses can explore new markets to expand their operations and profitability. It can assist in this regard by performing complex calculations and forecasts with authentic results. Authentic results help to give a better picture of management. This enables them to decide whether to speed up with the plan or not. Moreover, technology is developing with new devices being introduced into the market every other day. Small business can take advantage of this progression by using relevant technological devices. These devices can assist in operations, leading to better productivity and growth.
Necessary for expansion
With automation and artificial intelligence, technology is now the most crucial factor behind the success of every company. Even though it’s a big-ticket in terms of money, the value it brings ultimately outweighs the high cost. However, the use of the latest technology gives a business a competitive edge. This makes it a better one than the rest of the competitors in the market. It improves the reputation of the business and enhances its perception among the customers, which is very vital for growth and expansion.
Increases the capacity of the business
Technology will enable a small business reach more customers in less time than usual. It means they will be able to attend and serve more customers than before. Additionally, small businesses will easily coordinate with the suppliers when they need supplies to restore their inventory. The ability to communicate and store information increases with the use of technology. This will be a huge advantage for small businesses if put in place.
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The role of technology in small business
The use of technology in business is a growing necessity. With the years going by, the business world leans more and more towards it. This makes it almost impossible to separate the two from each other. Innovation is breeding business, and since technology is paving the way for it. It is gathered here that business needs technology to be sustained.
Business has always being there since the early times of man. Although it only began with the barter system. Business would not be the same as it is today without the developments in technology. There will be catastrophic collapse in all the major industries, if technology is taken away from business.
For business necessity
There is tremendous growth in trade and commerce because of the role of technology in business. Concepts and models were revolutionized as a result of the introduction of technology in business. Reason being that technology has given a new and better approach on how to go about with business. Providing a faster, more convenient, and more efficient way of doing business transactions.
Some of actions include accounting systems, management information systems, point of sales systems, and other simpler or more complicated tools. Including the calculator, a product of technology. It is indeed unimaginable to take the step of going back to the days where everything was done manually. This basically means starting all over again from scratch.
Security and support
The automated processes that technology provides, productivity reaches a higher level. This is as the result of the minimal resources consumed in processing business activities. Creating room for better products to be produced and faster services delivered to more clients and customers.
With ease and integrity, information is stored. This means that confidential and sensitive information are less prone to attacks. The information can equally be instantly retrieved and examined to monitor trends and make forecasts. It can be crucial in decision-making processes.
A link to the world
Business involves communication, transportation, and more areas. This makes it a complex set of processes. The technologies pertaining to other areas has only pushed business further. Globalization equally has been realized because of the wonders of technology. Anyone can now do business anywhere within the four corners of his room.
Technology has made it possible to have a wider reach in the global market. The classic example is the Internet, which is now a common marketing tool to attract more customers to the products and services offered by various businesses.
Indeed, technology in business has made living worthwhile. Also, it cannot be denied that technological threats to business are growing rampant. This include hacking and other malicious activities, so you have to be responsible enough in utilizing the power of technology. The good that technology brings, equally has some excess baggage in the form of bad things that threaten to shake the business world. At the end, it will still be the responsible use of these that would further allow us to enjoy the benefits that technology brings.
Technological development on business activity
Technology has changed the way companies conduct business. This has enabled small businesses to level the playing ground with larger organizations. Small businesses make use of tech- ranging from servers to mobile devices. It develops competitive advantages in the economic marketplace. Owners of small businesses should consider using technology in their planning process and to make room for future expansion. This allows them to create operations using the most effective technology available.
Impact on operating cost
Owners of small businesses can use technology to reduce business costs. The use of basic software assist a organization to automate office functions, like record keeping, accounting and payroll. Mobile device allows home offices and sales reps to communicate in real time. For instance, sales reps uses the mobile apps to record their daily expenses as they incur them and have them sync automatically with accounting software at the office.
Securing sensitive information
Technology can be used by business owner to create secure environments for maintaining sensitive business or customer information. These business technologies are user-friendly, allowing the owners who has minor backgrounds in information technology to make use of their tools and features.
Improved communication processes
Technology helps small businesses improve their communication processes. From emails, texting, websites and apps, and this facilitate improved communication with customers. The use of information technology communication methods enable organizations to penetrate the marketplace with their message. They may also receive more customers feedback through these electronic communication methods.
It also improves inter-office communication equally. For instance, social intranet software provides employees a centralized portal to access and update internal documents and contracts. And send relevant data to other departments immediately. These methods also help them reach customers through mobile devices in a real-time format.
Increased employee productivity
The use of technology helps small businesses increase their employees’ productivity. Computer packages and business software effectively allows employees to analyze more information than manual methods. Business owners can equally use business technology to reduce the amount of human labor in business functions. This allows them avoid paying labor costs along with employee benefits.
Though fundamental business device can have a major influence on employee performance. For instance, place employee-performance appraisal information in an online framework, supervisors will easily create measurable goals for their employees to reach and sustain the bjectives of the company. Business owners can also choose to expand operations using technology rather than employees if the technology will assist in providing better production output.
Broaden customer bases
It allows small businesses to reach and engage new economic markets. Instead of just selling goods or services in the local market. They can equally reach regional, national and international markets. Currently, retail websites happens to be the most common place, small businesses sell products in several different economic markets.
Websites represent a low-cost option that customers can access 24/7 when needing to buy goods or services. The owners will equally make use of internet advertising to reach new markets and customers through carefully placed web banners or ads.
Collaboration and outsourcing
Technological development in business helps companies to outsource it’s functions to other businesses in the business environment. Outsourcing will help them lower costs and focus on completing the business function they do best. The two common function companies outsource are technical support and customer service.
Owners of small businesses should consider outsourcing some operations if they are not equipped with the proper facilities or available manpower. Outsourcing technology equally allows businesses to outsource function to the least expensive areas possible, including foreign countries.
Conclusion
Not long ago our major medical advancements and greatest business strategies were the outcome of the human knowledge and intelligence. However, technology are becoming more advanced, more intelligent. This shows that complex algorithms are increasingly responsible for a number of advancements. How then does a business organization continue to value its human employees while still making use of the incredible technological developments that are available? Some experts still believe that social skills in employees are becoming increasingly valuable to corporations as technology continues to increase and take over cognitive functions.
Due to the increased demand for technological developments, there is equally a large increase in the amount of data stored and generated by companies. While it is absolutely possible to make use of external hard drives or USB devices to store data. The most reliable and efficient method is through the use of a cloud storage service. Cloud storage allows small business or users to retrieve information from any device or gadget, provided there is internet access. Cloud storage is an amazing technology that is benefiting small and big businesses immensely.
With technological development in business, there is a major role in the success or failure of businesses. It is critically clear that companies should manage their data carefully and strategically. A data loss is big enough to destroy a company. Thus, it is crucial that the proper measures are taken to ensure data is stored securely and safely. Utilizing a cloud storage service like the Ross Backup helps to ensure data are protected. This helps to keep a business running in an ever changing technological climate.
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