Role of Technology in Success of Business

Last Updated by Dev 14-Sep-2020

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We live in the era of scientific advancement and we are surrounded by technology. We depend on technology more than we could even imagine and from day one in our schools, we have heard people debating on one topic over and over again “Is technology a boon or a curse to us?” Well, even great scientists can’t answer that but your school head surely decided who debated better, not to worry we are not here for that today. Instead, we will be discussing technology and business together today.

“Once a new technology rolls over you, if you’re not part of the steamroller, you’re part of the road” – Stewart Brand.

No debate in saying technology is definitely a boon for every business. If you even type how business success on any search engine, a thousand answers will pop up and 999 out of those thousand will suggest being modern and using technology with business.

The use of technology for business is growing at a rapid rate and the business world is wholly leaning on technology now, it is nearly impossible to distinct technology to business. Ask any businessman and he will tell you that keys to business success are technology, marketing and business idea.

The impact of technology on business can be noticed on the internet itself as most of the businesses are only operating on online stores and still making huge progress. It is not false that technology has transformed the industry around us. It is not that businesses didn’t exist without technology in old times but if we talk about today, it is quite impossible for any business success without the use of technology.

Even in the year 2020, when the whole business world was struggling by lockdowns imposed by the government to control the spread of COVID-19, many businesses shifted to use technology and automation of their industries. After this year, in the next few years, 90% of the industries will be focused on taking their businesses online and brining automation as much as possible.

Well, if that doesn’t explain the role of technology in businesses, then nothing will. In fact, many businesses still use automated processes instead of employees as automated systems work more precisely and efficiently. For example, you see the paint on your car look at how flawless it is, it is done by those robot technologies and everything is done so precisely. You can bet it won’t be the same if humans do it bare hand and don’t overlook the health issues. There are many industries that need automation because the risk of human lives is far greater there.

Technology for small business

Thousands of startups are inaugurated on daily basis; competition is sky high for a small business to sustain in any market. If only small business can implement the technology correctly then only they have the chance to grow. If you listen to business success stories, one thing will be common among them that how they were able to overcome their competitors to scale up the processes. The best thing technology can provide any small business is that competitive edge what was due in older times. Any small business will only be able to compete with only small businesses of its potential but things have changed in this internet age, any small business can compete with the biggest of businesses around the world.

For example, Orkut was the go-to social media platform before the introduction of Facebook. Facebook implemented the right ideas and technology which led people to forget Orkut and move to Facebook. Now, Facebook is the biggest social media platform in the world which was only a small community business once.

The use of technology in any big or small business can shape the outcomes of the business. From automation of the industry to the use of the internet to reach a bigger audience, everything serves up pretty good to a business. People today tend to use the internet, smart phones, apps and other technologies that forced businesses to think smart too and stay online to find new customers.

5 Major benefits of technology for business:

1) Security

Technology can provide security to your business; most businesses in this era are subjected to security threats and the biggest ones being the competitors who are always looking to steal your data to outbid you. Technology in the modern world allows you to store everything over the internet completely safe from thieves that is crucial to your business like financial data related to your business, client information, and other confidential data that can harm your business if goes to the wrong hands. In short, technology is helping businesses to keep their secrets away from everybody.

2) Research

The use of computers and the internet enables businesses to understand the demand of their customers and market trends. Years ago, businesses used to hire manpower for surveys and understanding the needs of the market and customers but now with modern technologies, there are many apps and software which can do all this within few minutes and minimal efforts. Even the results will be more clear and trustworthy. The importance of research cannot be overlooked as it is the first thing that allows any business to grow. If your research is right and you understand the needs of your customers, then you are already on your path to growth.

3) Improve Agility and Productivity

With the automation of the industries, the productivity of every business is increased; a machine’s uptime is much more than any human. A human need breaks to work efficiently but machines might not even warm up finishing all the tasks. The innovations in modern technology allow many businesses to grow their production at much higher rates than before. New Artificial Intelligence machines don’t even require programming again and again which was a burden back in the day. So, the agility is also not the issue.

4) Marketing

The internet is the biggest market in our world now, any business can commit to it and achieve success without even bothering to enter the real market. Marketing on the internet is way easy than any other form of marketing. The internet enables you to market your startup business to the whole world. It provides you with unimaginable powers to transform your business. You can read about it in our other blogs on the same.

5) Better Learning Techniques

Technology is providing businesses with new opportunities for growth through better learning techniques. There are new technologies introduced everyday which makes every process related to the industry very easy.  The ease of doing business is increasing with these new technologies and hence, businesses have more opportunities to grow.

“The advance of technology is based on making it fit in so that you don’t really even notice it, so it’s part of everyday life”- Bill Gates.

These are the major benefits of technology in business. Although, there are thousands more to discuss but most of you are already familiar with those. As we have already discussed the importance of technology, we can surely say that it isn’t a curse to any business yet. Businesses have only one goal and that is to thrive, to achieve that without using technology is one thing next to impossible. So, in the end, whether you believe technology is a boon or if you believe that it is a curse to humans, there is no one to judge or argue with you but you need to believe that it is important for your business in today’s world and technology has become a way bigger part of our lives than we care to admit.

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