Article | August 11, 2020
The revolution of the public cloud has irrevocably changed the role of the CISO in the modern enterprise. The cloud is the biggest enabler in a generation and is a massive opportunity for enterprises to start innovating at speed and scale. But only if they bring their security with them on the journey! But the pace of change in the new world can feel unsettling, so it is not uncommon for CISOs and security teams to want to stick to older models and to double down on familiar ways of working.
Article | August 11, 2020
Staying relevant and cutting edge in the business world is a struggle for businesses in any industry. Technology, including intelligent automation, is continually evolving. Businesses must change with it in order to be competitive and successful in our current macroeconomic world. The use of intelligent automation tools can help grow your business and improve how your business operates, reducing your operating costs while improving your production time.
Reducing Human Error
One of the most important benefits that intelligent automation brings to any business is the reduction of human error in the work place. People are naturally affected by their daily lives and outside influences. If a worker, for example, came into work tired or unwell, his or her job performance will likely suffer, the risk of human error becoming greater. Automation software cannot be affected by time of day, mood, lack of sleep, etc., allowing it to be completely consistent in performing the task it was programmed to do.
Additionally, humans need to be taught new tasks and require practice in order to master them, robotic process automation can be updated and perform the tasks instantly.
Max Yankelevich, founder & CEO of WorkFusion, says it best “Robots need only eight to 12 weeks to take over a back office function that humans take years to learn.”
In terms of business benefits, utilizing intelligent automation tools ensures performance consistency that will ultimately improve the overall quality of work, also allowing human workers to focus on higher priority and more important issues that require critical thinking.
Keeping Jobs Local
Employers have often ventured overseas to hire workers in other countries who can then perform basic tasks at a reduced wage, when compared to local employees. The bottom line can be better for these employers in the short-term, though working with outsourced employees means sending money overseas and trying to manage workers on another continent. Typically, over the long-term businesses that outsource overseas can experience unforeseen issues and costs due to the complications with depending on a foreign workforce.
With outsourced jobs being performed by intelligent automation tools businesses can focus on hiring skilled workers from the local market for the upper levels of the workforce.
Return on Investment
Perhaps the most intimidating factor in implementing intelligent automation within your business is the upfront cost. Putting money into something new is not a leap everyone wants to make. Intelligent automation, however, is not a gamble. Research shows that companies who use are able to automate around half of their tasks, increasing process time by fifty percent. Completing tasks more quickly means companies can take on more tasks without spending additional time on them. Depending on the industry, having jobs done quickly can mean increased revenue.
If performing redundant tasks quickly and accurately will not improve your company’s revenue, just simply utilizing intelligent automation tools certainly will. Such tools do not need pay, employee benefits, and can work overtime, the return of investment becomes apparent when considering all the expenses intelligent automation does not require.
Intelligent automation tools offer businesses unparalleled levels of productivity, efficiency, and value. Companies will want to avoid the risk of falling behind by adapting with the modern technology, the advantages of utilizing intelligent automation tools can lead companies to developing new business strategies they could have never even possibly conceived of previously.
Article | August 11, 2020
A significant number of workers across the globe have been forced to work from home due to the COVID-19 pandemic. Enterprises saw a temporary dip in workforce productivity; however, with time, employee productivity has surged. A survey with 42 Indian CXOs by Deloitte says that 60% of the companies have reported an increase in individual employee productivity. Many organizations who were earlier not in favor of remote working, have been forced to try it and have realized that with certain policy changes, a remote working model can be beneficial for their organizations.
Article | August 11, 2020
Technology has penetrated businesses through every nook and corner. It would not be wrong to say that businesses that do not implement technology will see a dead end sooner or later. Technology is drastically changing business. The direction in which it has revolutionized businesses is impeccable.
The impact of technology on business varies widely. For example, a local grocery store need not know about AI or its implementations. Instead, he needs essential technology tools like online payment, placing online orders, delivery tracking, and inventory list. Thus the technology needs vary from business to business.
There is digitalization in every aspect of the business. For example, if you have replaced calculators with excel sheets, that is digitalization. Thus be it big, medium, or large scale businesses, technology has impacted everyone.
Let us dive into the depths of how technology is changing business and evolving with it.
Ways in Which Technology Is Changing Business
Automation plays a significant role in managing businesses. From basic processing to workflow tasks, automation manages everything. This has reduced manual labor and increased error-free processes.
Automation software is implemented in almost every sector. It performs the tasks diligently and works round the clock. This software is a proven methodology to save time and money while improving the client experience. As a result, your business works seamlessly even in your absence. And you have an entire report at the tip of your fingertips.
Automation has increased productivity and helped humans to reduce unnecessary tasks. This, in turn, helps businesses to utilize their workforce in the right place.
Improved Communication Process
Communication processes between clients, employees, and departments have been seamless despite the world working remotely in the pandemic. The organizations that were reluctant to remote working have easily made the transition. And all this is made possible through internet communication.
The communication technology for video calls, voice calls, text, meetings, etc., keeps global communication ongoing. As a result, businesses can communicate with their employees or other businesses anywhere and anytime.
The integrated software for communication has made hybrid meetings possible. Despite being in different geographical locations, technology enables all teammates to be present in one board room during a meeting.
The pandemic is a catalyst in promoting hybrid working. If it had not been for the pandemic, the transition to remote working would have taken many more years. But this transition was smoothened by technology.
The innovations and implementations of technology have made hybrid working a success. Employers can give the option to the employees to work in the surroundings of their convenience. This has helped organizations to grow globally.
With the right technology and infrastructure, businesses have cut down costs in remote working. These resources are utilized in expanding the company and increasing ROI. In addition, technology has proved that hybrid working helps in making the business more agile and scalable.
Technology is changing business through digital transformations. As a result, this is used to expedite processes, increase productivity, and enrich user experience.
In 2019, US$1.3 trillion was spent by companies on digital transformation. And a significant percentage of these organizations were immensely successful.
Integrating digital technology in the crucial aspect of the business saves a lot of time, money, and workforce. The ROI is excellent. A business that embraces digital transformation proves that it is open to change and innovations. With the update in technology, the digitally transformed business will have to make minimum changes with time to stay ahead in the race.
Incredible Customer service
Technology has genuinely proved that ‘customer is the king.’ Most of the focus of innovation and technology is on customer experience. Customer experience is enhanced by targeting their behavior and providing them with the same service that they are looking for.
Technology is changing business by providing personalized customer service. The company may provide the same service to many people, but every individual will feel special.
Customers can approach the service center 24 hours and have various modes of contact. Incredible customer service ensures an increase in brand value.
Artificial Intelligence has emerged with a bang. It has changed the business scenario forever. From drones managing traffic and deliveries to robots giving the best user experience, AI has transformed businesses for good.
AI uses predictive technology to study a buyer’s journey and then personalizes their experience. They study the user’s behavior through various algorithms to provide a personalized approach.
AI has introduced many opportunities and advantages for businesses to explore. Along with AI, VR, MR, and AR are there, which are combined to enhance a buyer’s journey.
Robotic technology is playing a significant role in the health industry, wherein error has no place. But, of course, it won’t replace human doctors but will eliminate human errors by scheduling tasks, providing information, and taking care of patients whenever required!
Security is challenged with the evolution in technology. Moreover, hackers are trying to come up with new ideas to break the security systems. Hence it is essential to have robust cybersecurity.
Cybersecurity demands have given rise to cybersecurity jobs. Every organization wants the best security to avoid breaches of data. Thus, Big Data, cloud technologies, and blockchain technology are the new names in good storage of data with ultimate security.
Mobile Friendly Business
More than 70% of users connect to businesses through mobile devices. Hence having a mobile-friendly business is the need of the hour. Moreover, cell phones have become an irreplaceable part of the human body. Thus, it will be best if you have your business functions be mobile-friendly to attract customers.
The paradigm shift of desktops to mobile technology was a game-changer for businesses. Customers browse on mobiles anytime and anywhere. This increases the scope of businesses beyond geographies and time zones. In addition, developing apps and target advertising has helped businesses to spend less time analyzing and more time enriching customer experience.
Benefits of Implementing Technology in Businesses
Technology is changing business by expanding room for improvisations and innovations. As a result, businesses can streamline processes, develop competitive advantage, and plan prospects effectively.
Here are some of the benefits of implementing the right technology in businesses.
Innovation and growth
The alignment of services in a business has made innovation and growth an easy thing. Business, technology, innovations go hand in hand. Technology is changing business and has made managing things an effortless task.
Incorporating the right tools ensures that maximum time is spent in innovation rather than doing laborious tasks. Technology is changing business by managing tasks in a zero error way to deliver maximum results.
Reduced human effort
Technology is changing business has provided valuable tools to reduce human effort. For example, employees can concentrate on the job that they are hired for, rather than updating or managing stuff. In addition, computing and technology ensure goal-oriented activities.
For example, when software manages the salaries and attendance, the HR department can concentrate on improvising the ways of the organization and building a better culture.
Best productivity at lower costs
Technology is changing business by delivering incredible ROI. The investment in technology is much less compared to the results it delivers.
Reading about technology and implementing it in business are two different things. You know your business the best, so implement the technology that suits it. Do not integrate technologies just because they are trending.
Ensure that the technologies that you invest in guarantee the best returns.
Frequently Asked Questions
How does technological change affect business?
Technological change opens new doors of business opportunities. It brings in new ideas, services, products and eases out processes. As a result, it helps to reduce costs and increase productivity.
What are the negative effects of technology on business?
The biggest threat of advanced technology in business is security. The more data is exposed, the more vulnerable it gets. Also, the dependency on machines increases, and downtime disrupts major workflow processes. Glitches, power failures, virus attacks, bugs, etc., prove very expensive to the business.
What are the positive impacts of technology on business?
Technology has helped businesses to be customer-centric. The predictive technology makes it easy for a business to target an interested audience. This saves a lot of time and money. Also, technology increases productivity, makes regular processes error-free, assists employees in day-to-day activities, etc. Technology also helps businesses expand globally with minimum investments.
"name": "How does technological change affect business?",
"text": "Technological change opens new doors of business opportunities. It brings in new ideas, services, products and eases out processes. As a result, it helps to reduce costs and increase productivity."
"name": "What are the negative effects of technology on business?",
"text": "The biggest threat of advanced technology in business is security. The more data is exposed, the more vulnerable it gets. Also, the dependency on machines increases, and downtime disrupts major workflow processes. Glitches, power failures, virus attacks, bugs, etc., prove very expensive to the business."
"name": "What are the positive impacts of technology on business?",
"text": "Technology has helped businesses to be customer-centric. The predictive technology makes it easy for a business to target an interested audience. This saves a lot of time and money. Also, technology increases productivity, makes regular processes error-free, assists employees in day-to-day activities, etc. Technology also helps businesses expand globally with minimum investments."