Role Of Technology In Smooth Business Operations
As time goes by, the intervention of technology is continuously marking an uptick in our personal life. Take the example of education. One does not need to travel extensively and waste time or other resources to attend classes. Today, you have the luxury to be schooled in the comfort of your home. Be it shopping, entertainment, or access to information, we look up to technology to meet almost all our everyday needs.
However, technology has not only cracked into personal life. It has equally empowered the business community. That is one reason why companies have started investing heavily in IT departments. According to a well-documented study, 80 percent of businesses prioritize substantial tech-spending despite the financial setbacks suffered by the coronavirus. It shows the faith entrepreneurs put in technology.
Here is what the high-end devices and software bring to the table for a modern-day business:
Technology Ensures Solid Communication
Communication is an integral part of an organization. A few years back, a credible institution conducted extensive research involving 400 companies. The findings revealed that a single organization loses a lucrative 62 million dollars annually due to poor communication. However, the cost could vary depending on the size of the company.
That is where technology rolls into action big time. It virtually covers all the communication loopholes to precision. Phone services, instant messaging apps, video conferencing, and a broad range of options at your disposal. It bears worth mentioning that an abundance of alternatives could prove to be a significant hindrance in selecting the right communication tool. In that case, you should consider the following factors before making the final call:
- Information type: Information takes many forms, such as written texts, photos, videos, illustrations, etc.
- Consider the frequency of communication: If your workforce comprises only freelancers, you might have to use the software regularly to communicate with them. But that might not be the case with an in-house team. Thus, taking the frequency of communication into account will help in cherry-picking the right channel.
- Mobile-responsiveness is critical: There are times when you have to ask your employees to finish off a project at the earliest. Sometimes it could mean forcing the staff to work after business hours. So if the software is mobile responsive, it will come in handy in such situations.
If you are newly into a business, you would be delighted to know that IT experts are peppered across the globe. So, let’s say you live in a remote area in England, and you want to install unified communication software; you can easily find endless IT support in Sheffield in just a matter of a few clicks on the internet.
Eases off The Hiring Process
Recruitment is at the heart of every business. But do you know finding an ideal prospect for a vacant position takes about 42 days and over 4000 dollars? Guess what? Technology can save time and money to a great degree in the entire process.
Social media sites like Twitter, LinkedIn, and Facebook, enable recruiters to target the appropriate candidates. So much so, these platforms even allow you to hire employees from a specific location anywhere around the world. It is a valuable feature if you are looking to build a team of freelancers or remote workers.
Besides, having AI by your side, navigating through CVs does not have to be time-consuming and stressful. You have to insert the required skills, and the software will show profiles that stand in line with your needs.
Leads to Increased Cyber security
Cyberattacks are getting widespread. Stats illustrate that a cyber worm tries to hack a computer system every 39 seconds in America. A data breach accounts for 3.86 million dollars on average. Considering the financial repercussions, a minor security lapse could potentially bring a company to its knees. That is particularly true for small businesses. Again, you can count on technology to keep cyberattacks at a safe distance.
Businessowners are implementing the following technologies to enhance cybersecurity:
- Hardware authentication: Hackers are usually smart enough to tap into the vulnerabilities of username and password. But ever since username and password require hardware authentication, digital infrastructures have become more secure than ever. It makes it mandatory for an individual to validate his/her identification by using a card, token, or a physical device.
- User-behavior analytics: User-Behavior Analytics (UBA) detects a malpractitioner by finding patterns that do not align with standard practices. The defenders get the notifications and subsequently take prompt measures to confront the threat.
- Blockchain: Blockchain has been into the limelight due to bitcoin. But there is more to it. Of late, the technology has popped up as a buzzword from a cybersecurity standpoint because it decentralizes the data. Blockchain-based storage solutions virtually make data breaches next to impossible.
Until recently, only leading companies could afford to capitalize on these technologies due to their hefty expenses. That said, this appears to be changing gradually. As years slip by, the costs are coming down, and more and more small businesses are taking advantage of them.
Transforms Data Collection
In the past, the accumulation of data used to be a tedious task. Despite devoting a substantial amount of capital, businesses lagged behind customer insights. As a result, more often than not, marketing campaigns failed to accomplish their desired results. Fortunately, this not the case anymore. All thanks to the cutting-edge technology that has revolutionized data collection.
Social media is one of the go-to places to keep an eye on products or services people find irresistible. Companies are also tapping into website analysis to come to terms with customers’ purchasing patterns. The information empowers businesses to craft personalized marketing campaigns.
For example, suppose you provide health and fitness services. In that case, some people will approach you to build a muscular body, while others may only demand a diet plan. When you formulate two different marketing strategies for both segments, they will have more chances to succeed.
Outdated technology is a big turn-off for the modern workforce. Many studies have found that workplaces with insufficient technology report high turnover rates, not to mention low productivity levels.
The Takeaway Message
The business world has become more competitive than ever before. So falling slightly short of the right technology means you stand no chance to survive, let alone thrive. The benefits mentioned above should suffice to convince you why technology is indispensable for smooth business operations.