The COVID-19 pandemic has forced the world to shift, which has created and demanded technological advances. Technology has been integrated in most sectors and in business activities, and this is why the US tech market is so large. The US tech market has fared well despite the pandemic, where it remains the largest tech market in the world and represents 32% of the total market. This amounts to it being valued at approximately $1.7 trillion for 2020.
Technology has advanced and become an essential part in business activities. This is evident as soon as a business is started, where business formation services have incorporated technology to create a better customer experience. An example of this is how these services use AI-powered business name generators to generate a business name which is able to be reserved. Technology has resulted in time being saved when doing an availability search and brainstorming ideas for names. Incorporation Rocket is able to offer insight to business professionals about business name reservation and business formation. The role of technology in business activities will continue to grow and advance into the future to meet the needs of businesses and consumers. This article will explore why the integration of technology into business activities has been important.
Communication improvement
The integration of technology has enabled a faster, wider and more efficient means of communication for businesses. Communications such as email, Skype, instant messaging, business phones and video conferencing technology, especially during the pandemic, has become a necessity for most businesses. Businesses are also able to flood the economic market with their message by using several types of information technology communication methods.
Technology has also been able to improve business processes by improving interoffice communications. An example of this would be social intranet software. This software offers a centralized portal for employees to access and update internal documents. They would also be able to relay data and information to other employees and departments swiftly. But the integration of technology in communication has caused an increase in fragility of the communication. Communication breakdowns may lead to disasters for the business.
Employee productivity
At this point, employees expect their employers to provide them with updated technology. This technology will assist them in producing optimal results and help them to be successful in fulfilling their job responsibilities. Examples of this would be computer programs and business software which would assist the employees to process more information than manual methods would. This technology will also serve to reduce human labor in business functions and, in turn, would prevent small businesses from having to pay labor costs along with employee benefits. Artificial intelligence has also proven to increase productivity. For example, by using chatbots as customer representatives to deal with customer queries, the employees would have more time to complete more pressing tasks.
Increased security
Security is required for all businesses, seeing that cyber-crime and data breaches happen more commonly than business owners think. Because of this, businesses need to ensure that their assets, and their customers’ assets, are protected. To do so, they can store all business assets in a cloud and/or endpoint. The types of business technology and software programs required for this are user-friendly and assists all business owners, even those with little experience in the field.
Technology allows expansion
The integration of technology allows businesses to reach new economic markets. e-Commerce allows small businesses to break out of the local market and reach regional, national and international markets. Businesses are also able to launch their own website. This would be a low-cost option for the business, and it would provide consumers 24/7 access to their goods or services. To further their reach, business owners can use internet advertising to reach new markets and customers through carefully placed web banners or ads. Another way to expand reach is by using a variety of technology mediums to communicate with clients, potential clients and industry experts. Forms of these technologies are hosting webinars, e-newsletters and blogging.
Business owners need to note that automation and artificial intelligence is vital for expansion. Automation and artificial intelligence is known to be one of the more expensive technological forms, it will definitely pay off. Using automation and artificial intelligence, as well as the latest technology, provides a competitive edge to the business and puts the business above its competitors. This, in turn, improves the business’ reputation and improves its perceptions by customers, which facilitates expansion.
The Takeaway
The main role of technology in business activity is to facilitate growth and improve current operations. For businesses to make optimal use of the benefits of technology, they would need to have an in-depth understanding of technological tools.
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_Assigned to Michael van Niekerk_
