Today, technology has become a crucial component of business success as it has the power to transform entire industries and drive rapid growth.
But with the rapid advancement of technology, businesses must also be aware of the latest changes in technology and how to take maximum benefit of it.
In this article, we’ll talk about the close relationship between business and technology. We will also delve into seven specific ways technology is acting as a driving force for business growth, transforming practices, and opening up opportunities in the near future.
Technology refers to the application of knowledge obtained from scientific research for practical purposes. In other words, it is a tool, method, and process which is used to accomplish goals. Technology covers a wide range across various sectors, such as biotechnology,artificial intelligence, information technology (IT), biotechnology, communication, manufacturing, and others.
With it, you can improve and enhance the processes, create new products and services, and ultimately contribute to the advancement and well-being of society. Moreover, technology can be used to solve problems and make our lives easier.
Benefits of Technology In Business Growth
Technology plays a vital role in business growth and achieving success. Here’s how technology helps businesses:
1. Improved Business Agility
Utilizing a cloud-based platform and collaboration tools, your business can access the data and work seamlessly from anywhere in the world at any time. This helps to improve your skills at work and helps you make quick decisions. Hence, in this dynamic market condition and changing customer demand, you can adapt to this cutthroat competition with advanced technology, which makes a more agile work environment.
Despite geographical locations, you can easily coordinate and enhance your teamwork by using many collaboration tools, project management software, and communications platforms or apps such as KrispCall. Due to its real-time collaborations, you can enhance your creativity, delegate tasks equally, and accelerate the decision-making process, which contributes to the overall efficiency of the workforce.
Utilizing automation software, repetitive tasks can be eliminated or minimized so that agents can focus on important tasks, saving their time and resources. Also, such software reduces errors and streamlines your workflow process.
Moreover, automation software can also help boost your business productivity by optimizing minimum resources and maximizing output. By creating a to-do list, you can speed up your work to achieve your goals, which helps you manage your work systematically as well. Hence, investing in this technology can help to boost your return on investment.
By implementing modern technology, you can store your data and information in a cloud storage or a data management system. Since it is stored in a cloud, it reduces the costs that are needed for physical infrastructures. Data storage in this manner provides businesses with secure and scalable options where they can easily access, share, and obtain information that can be used for efficient decision-making.
Utilizing Customer Relationship Management (CRM) and AI chatbots, you can effectively streamline your communications with customers, which benefits both parties. Also, you can analyze customer issues and understand customers thoroughly, which enables you to provide personalized customer support that boosts customer satisfaction.
Businesses can reach a global audience with the help of digital marketing tools and technologies without breaking the bank. Examples of digital marketing tools and technologies include social media, search engine optimizations (SEO), and online advertising on YouTube and websites. These marketing tools help to widen the market reach and create opportunities for attracting new customers and increasing your market shares and sales.
7 ways technology is aiding business growth
Here are seven ways that explain how technologies aid your business growth.
1. Building Your Digital Dreamhouse with Social Media
Nowadays, social media is a powerful platform for businesses to connect with customers. According to a study by Statista in 2022, an average person spends 151 minutes (2.5 hours) a day scrolling news feeds on social media. Hence, social media platforms can be a digital dreamhouse for businesses to reach out to larger prospects.
Businesses can create an account on emerging social media platforms like Facebook and Instagram and share posts related to their products and services there. However, be sure to compose posts that are both engaging and creative. Also, they can use paid advertisements to pop up their products on YouTube or websites.
2. Communication Revolution
Voice over Internet Protocol (VoIP) is a technology that allows you to make calls using the Internet. It provides enhanced communications features for businesses and allows seamless calls, video conferencing, and instant messaging even when you’re working outside the nation.
For instance, if most of your team members are from the UK, then you can get a UK virtual phone number from a reliable VoIP provider to experience seamless communication at a lower cost than regular landlines. Since calls are made via the Internet, it saves costs by eliminating the need to install traditional phone lines.
3. Optimize Everything for Mobile
Mobile phones have become an integral part of today’s human life. People use it to spend their leisure time, entertain themselves, and connect with their friends and families. Approximately 85.74 percent of the global population owns a smartphone as of 2024, which represents 6.93 billion smartphone users worldwide.
Considering this fact, it is essential to have a website that functions seamlessly on smartphones and tablets in today’s mobile and remote-centric world.
4. Leverage big data analytics for success
Data is the biggest asset for any organization. Big data means big insights, and big insights contribute to big success. Utilizing data analytical tools is essential to harness customer data and gain valuable insights into their choices, preferences, and market trends. At the same time, it allows you to enhance your marketing and personalize offerings according to past purchasing history. Plus, it helps to make data-driven decisions that lead your business to success.
5. Implement Financial Record-Keeping
In the past, keeping financial records used to be a difficult task, but thanks to cloud-based accounting software like Xero, Paychex, etc, it has now become convenient. These tools automate tasks like
- Expense tracking and
- Payroll etc.
These financial record-keeping tools give you real-time access to your financial data and free up your time to focus on growing your business.
6. Inventory Management
With the help of inventory management systems, keeping track of logistical stock levels can be systematic. It helps to track your inventory in real-time and automatically sends reorder alerts.
It also helps you to manage your stock levels and lets you know if there are any stock-outs and overstocking. Hence, it helps to provide a customer with goods and services in real-time, leading to satisfied customers and improved cash flow.
Using project management tools, you can easily break down projects into manageable tasks. It helps you to delegate tasks, roles, and responsibilities equally and track the progress of teams. This enhances the collaborations and boosts efficiency, which keeps your projects on track. Project management tools include:
- Trello, and
- Monday.com etc.
In summary, technology plays a vital role in boosting business growth in a positive way. It helps to improve business agility, improve staff coordination and collaboration, and provide a better customer experience. The advancements in technology have surely affected business in certain ways, so embrace and adapt the technology through which you can aim and make an effective strategy to thrive in a market.
Technology contributes to business growth in many ways. It helps businesses automate repetitive manual tasks, streamline business operations, and provide new ways to reach out to a larger customer base.
The 4 main technologies used to communicate include email, video conferencing, instant messaging, and voice communications.
Modern technologies in businesses are:
- Cloud computing
- Artificial Intelligence (AI) and Machine learning (ML)
- Internet of Things(IoT)
- Collaborations tools
- Customer relationship Management (CRM)