Whether it is R&D, payroll management, human resource management, accounts, or finance, technology has considerable benefits for your organization. Whether you run a small, mid-size, or big business, technology is your leading source of knowledge that offers both intangible and tangible advantages to make money and meet customer needs.
Today’s society is already experiencing a total integration of the internet, mobile devices, smart appliances, etc. The current business world is not the same as the last 100 years (that didn’t change much despite the industrial revolution). Now the rate at which technology is adapting, expanding, developing, and mutating, every business will face its effects, whether it's ready for it or not.
The advantages of technology in business are infinite. Its role in organizations is already spreading its wings and will continue to grow in the future. Apart from the operations and employees, companies owe their success to how they utilize modern-day technology.
“Think of digital transformation less as a technology project to be finished than as a state of perpetual agility, always ready to evolve for whatever customers want next, and you’ll be pointed down the right path.”
Amit Zavery, VP and Head of Platform, Google Cloud
The use of technology in business can no longer be devalued as it's the need of the hour. Just like the last couple of decades, technology for business in 2022 will keep enabling businesses to work more effectively, accurately, and productively in many ways. Whether contacting their customers to review the services or conducting meetings with remote employees, technology will continue providing the best solutions to overcome challenges and meet goals. For this reason, businesses should not just utilize technology to automate processes. Instead, they should view technology as a tool that uncovers new ways of running a business.
But what technologies are we talking about? And, how can organizations benefit from them?
Keep reading to explore!
Effective Use of Technology in Business for Growth
Around a decade ago, businesses had the following challenges (and they were severe!):
No availability of voice searches or Internet of Things (IoT)
No centralized work communications
No new marketing platforms (like social media)
No availability of high-speed internet
Situations are (fortunately) different today. The use of technology in business has transformed operations; the pace of this transformation has been excellent.
The following uses of technology in business
can change how your organization operates and ultimately result in more efficiency, profits, and growth.
Use of Artificial Intelligence (AI)
Apart from being a mainstream thing of our day-to-day life, AI is reshaping the landscape of the consumer market and businesses of all sizes. From security, CRM, finances, and accounting to buyers tracking, inventory management, and predictive analysis, AI can handle everything and eventually offer a competitive edge to your business.
Many businesses around the world have already implemented AI into their operations
. It is pushing those companies in the correct direction while offering their customers the best user experience. For example, Spotify uses AI to recommend music to its users. Uber uses it for route optimization, fraud detection, pairing riders and drivers, risk evaluations, and several other parts of its app.
Use of Robotic Process Automation (RPA)
RPA is being increasingly utilized to carry out time-taking tasks. It can replace employees in manual and repetitive tasks and is thus perfect for industries where such actions are identifiable.
For example, many retail businesses use RPA software for customer support management, business & sales analytics, product categorization, store planning, payment processing, and more. Companies that deal in construction use it for estimate generation, contract generation, resource allocation between construction sites, construction site cost monitoring, etc. Even telecom companies use RPA to simplify customers’ document verification, increase First Call Resolution (FCR) rate, optimize customer onboarding, and boost SIM card allotment processes.
Use of Technology for More Knowledge
In 2022, technology will continue serving as a right hand and source of knowledge for businesses. Technology and knowledge are directly proportional to each other as technology allows producing better decisions, making accurate predictions, and innovating based on the knowledge it generates.
Knowledge, undoubtedly, is one of the biggest benefits of information technology in business. With the right blend of technology and knowledge, companies can effectively make the most of databases, querying & reporting, search engines, CRM, and whatnot.
“CIOs and CISOs have such a unique opportunity right now in driving the enterprise forward. Be that through shaping corporate culture or guiding the company through their digital journey, technology leaders have a strong upper hand . . . it’s a great time for the enterprise but it’s also a great time for technology leaders to position themselves for space in the boardroom. This is a career-defining moment.”
Hunter Muller, President & CEO, HMG Strategy
Frequently Asked Questions
How does technology help businesses?
The use of technology in business can offer many advantages. Here are the top five of them:
Improved data security and customer experience
Better communication means
Time and cost-efficiency
Enhanced business agility
Increased streams of revenue
What technologies will dominate the future?
As a business, you need to keep your finger on the pulse of emerging technologies because the use of technology in business is your ultimate way to achieve the desired growth, efficiency, and profits.
The following are the technologies that will dominate in 2022 and beyond:
Internet of Things (IoT)
Artificial Intelligence (AI)
Customized & Intelligent Management Systems
Why should SMBs (small & medium size businesses) use technology?
Technology has the power to transform all SMB operations. In any industry, technological advancement can impact aspects of small businesses such as internet capabilities, computers, web-based applications, online storage, etc.
With the right adoption of technology into the environment, entrepreneurs and SMB employees can enjoy the following benefits:
Improved collaboration and data sharing
Instant connection with consumers
Efficient employee training
Flexible work environments
Improved online visibility