Technology is a great concept that refers to breakthroughs in science, which allow for an automated or better solution. Although the major benefit of technology is increased productivity, there are other important benefits. It is true that technology plays a critical role in business. This is because enterprises depend on technology such that if it were to be taken away, every business operation would come to a grinding halt. Nearly all businesses across the world are now using computers to carry out operations starting from basic ones to complex ones. Several benefits can help the bottom line as well. They include ease of sharing information, improved speed, and reduction of human error.
Speed and time
Small business enterprises compete with the large ones by being agile and swift. Moreover, they can respond to change quite faster than the larger businesses. For instance, a century ago, electronic mail was not in existence. During those times, the only means of communication with a person in another geographical location was through postal service. If your supplier or client were located in a far place, communication would even take longer. Fortunately, with the emergence of information technology, it is easy to share information. In this way, businesses will save time and have the ability to make decisions at a fast rate.
The good thing about technology is that it eliminates the need for triple or double entry systems. Moreover, it reduces the need to have a lot of paperwork. This means that customer information and contracts can be stored easily in virtual data warehouses and can easily be accessed. This cuts down on the need to buy or rent storage space.
Sharing of information
Through technology, it becomes very easy to share information, whether broadcast or written. Also, businesses can use fewer resources to disseminate information. It is possible to accomplish marketing through the placement of ads, which reach millions of people on the internet. Moreover, social networking sites make the marketing process quite easy. E-learning and e-tutorials have shaped the average business workforce. This is because employees can listen to the classroom lectures and even share their ideas with the classmates from the comfort of their homes. This will eliminate the need for small business to hire the training staff.
Technology will allow small enterprises to automate certain functions, which historically need employees. For instance, it is possible to have bookkeeping functions done by a software application like Quickbooks and Quicken. Moreover, sales functions can be automated through contact management sites like SalesForce. This offers small business owners ability to focus on their strategies and even reduce labor expenses.
The role which technology plays for the business sector should not be taken for granted. If technology is taken away, trade and commerce will come to a standstill. This will result in the collapse of the global economy. It is quite impossible for a person to do business without the aid of technology. Technology influences nearly all aspects of the business. Technology is quite important such that it is considered to be an industry itself from manufacturing to computer hardware, to robotics, and software design.