Benefits of technology in business

From CEOpedia | Management online

Introduction technology into business is considered as one of the most essential factor nowadays. The increase of technology in business makes it possible to "do more with less and provide better results" (Kathleen M. Wilburn, H. Ralph Wilburn, 2018, page 1). It gives a lot of benefits that are essential to obtain maximum effects.

Advantages of introducing technology

Examples of most important benefits of technology in business:

  • Lower costs in the long run

Technologies in business acts on company's cost structure. An implementation of technologies might costs a lot to obtain and set up, but in thanks to that, companies can greatly reduce costs of business expenses, for example: reduce costs of crew maintenance by automation of production machines, or reduce time of production by installing new, more effective software, what follows to overall growth and makes a lower demand for human capital (Kathleen M. Wilburn, H. Ralph Wilburn, 2004, page 2), (Lederer P., Singhal V., 1988, page 2,3).

Supporting software makes a huge difference in receiving information from employees and customers about the services served. Companies are not anymore forced to send hundreds of versions of documents and emails to all of their employees to get feedback. Using new software like Google Documents Businesses allows to make multitasking on the same document simultaneously. Companies might use search engines like Bing and most social media to target different segments of customers. Google enables companies reaching their potential customers by sharing pieces of information about statistical information on the age group of the population. In opposite of TV commercials, these are much more effective in reaching customer needs. Most of the information about the company's goods and/or services are presented on their web sites. For small businesses, webchats make contact with customers more personally and usually helps to deal with inquiries and problems more efficiently. It causes potential clients are more likely to make decisions about buying/using the company's services sooner. Thanks to this solution we are not only saving time, but also improving contacts between employees (Albertin A., Rosa de Moura, 2004, page 3, 4).

Computers and software change the meaning of working itself. Because of implementing specific programs, it makes possible to work at home. Employers might save a lot of their time just by not commuting to work every day. People are no more bounded to one specific place. Businesses are now able to search and employ new people around the world. Project-management software and video conferences help to gather together, even if it is impossible to do in the real world (Castells M., 1999, page 13).


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References

Author: Mateusz Paduch