Analysing The Importance Of Technology In Business
The importance of technology in business is undeniable and nigh indispensable. Like every other field, technology augments enhance and bolsters all business aspects. Well-planned and strategic implementations can strengthen a business substantially and give it an unmatched competitive edge.
No matter the size of an enterprise, technology offers both tangible and intangible benefits to any business. Tech can boost operational efficiency, aid in better resource planning, help in strategising, enable companies to reach a wider audience and bring in more sales. Technology lies behind the digital marketing methods of e-commerce giants, runs the live chat portals of online academic services that offer instant human-like responses to “write my assignment” requests, and empowers prominent enterprise management platforms.
This article explores the myriad ways through which tech enhances and is indispensable to the business sector today.
Investigating The Importance Of Technology In The Business Field
Investigating the benefits of technology from an applicational perspective is one of the best ways to understand its importance. Therefore, we identify six key benefits of tech implementation that aptly highlight its significance.
Let’s investigate each in precise detail.
- Better Communication & Collaboration
There are a host of powerful enterprise communication platforms today. However, better collaboration is key to a business’s success and the catalyst to take things to the next level. Networking and software technology have made it possible for company-wide communication, a medium enterprise or a global conglomerate.
Enterprise collaboration software platforms streamline team & interdepartmental communication and collaboration. Instant messaging, real-time video feeds, and version management systems are vital features these tech applications provide. As a result, conversations, interaction, and information exchange becomes smooth, thereby elevating productivity & performance and reducing costs.
Here are some of the most prominent enterprise collaboration applications of 2021-2022: Slack, Facebook Workplace, Microsoft Team, Zoom, Cisco Jabber, Google Hangout and Meet, Microsoft OneDrive, Google Drive, Dropbox, Trello, Microsoft Project, Process Street
- Enhanced Resource Planning
Businesses employ enterprise resource planning (ERP) to manage, integrate and upgrade essential aspects of their business. ERP is critical for companies to incorporate vital business strategies such as procurement, supply chain, inventory, marketing, sales, financial management, etc., using powerful technologies. In addition, an ERP system makes a business more agile, scalable, flexible, and resilient.
Powerful enterprise resource planning platforms optimise interdepartmental working by allowing a common platform for interaction. They collect & store information of different divisions and make it readily available & accessible to all authorised parties. ERP systems can integrate various technologies in a business and provide management with a single window for data access & performance monitoring.
- Process Management & Automation
According to acclaimed researching firm Gartner, business process management platforms (BPMs) offer an overarching system for monitoring, managing, and improving all business processes. From coordinating people’s behaviour to operations, supply chain, marketing, after-sales services, etc., BPMs manage them all.
- Better Data Management
Data management platforms are central to the success of any business. These tech marvels act as central hubs that collate, store & analyse company-wide data. Data management platforms (DMPs) are generally powered by big data analytics engines, machine learning & deep learning models. Such potent technologies allow for better understanding & knowledge discovery of data.
DMPs are capable of amalgamating data from varied sources, cleaning & transforming it and interpreting it as required. For example, a typical platform can source data from first-party websites & software, third-party providers, networks, and offline sources.
- Multichannel Marketing Management
Multichannel marketing hubs are technologies that orchestrate and offer a broad overview of a business’s marketing endeavour. These platforms provide the necessary tools to develop & choreograph marketing strategies and campaigns by acquiring & analysing data from all primary and secondary digital & traditional marketing data sources. B2B and B2C companies can even integrate sales & financial systems with robust marketing management platforms.
- Improving Strategic Decision Making
An article on Harvard Business Review takes note of the increasing awareness of the necessity of incorporating & implementing technology in strategy making. The benefits and uses of technology in our society & economy have become so prominent that businesses now NEED tech to remain relevant.
Technology is essential for:
- Maximising short-term profits
- Boosting operational efficiency
- Increasing productivity
- Carry out ground-breaking research & development
- Understanding market trends
- Managing information
- Crafting agile, responsive, flexible, and practical strategies
Technology strategy is now a buzzword in the business sector. It encompasses all the activities and actions that allow for the successful implementation of tech. Things become much more effective when potent business tech supplements sound decision making. The applications mentioned above of technology across various aspects of a business are crucial for strategic decision-making and offer companies a substantial edge over others.
Implementation and integration of technologies accelerate the digital capabilities and drive its growth. Potent technologies such as AI, analytics, cloud computing, process automation, etc., allow for easy solving of both standard and unique problems.
And that brings us to the end of this article. I hope it was an informative read for one and all. If you are working on assignments on business tech, drop “edit my essay” requests at reputed online assignment help services in case of any struggles.
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