Benefits of technology in business

Benefits of technology in business
See also
Outsourcing of marketing Advantages of online advertising Experimental research Horizontal marketing system Benefits of innovation Market Challenger Conglomerate diversification Marketing information system New technologies in management

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).

• Enterprise software, and its impact on customer needs

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).

• Globalization of companies

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).

References

• Albertin A., Rosa de Moura (2004), The Benefits of Information Technology in Business Performance, "Association for Information Systems"
• Bessen J., (2002), Technology adoption costs and productivity growth: the transition to information technology, "Review of Economic dynamics", Pennsylvania
• Castells M., (1999), Information technology, globalization and social development, Vol. 114, "United Nations Research Institute for Social Development", Geneva
• Dr. Dhunna M., J.B. Dixit (2010), Information technology in business management, "University Science Press", New Delphi
• Kathleen M. Wilburn, H. Ralph Wilburn (2018), The impact of technology on business and society, vol. 12, no. 1, "Global Journal of Business Research", Texas
• Lederer P., Singhal V., (1988), Effect of Cost Structure and Demand Risk in the Justification of New Technologies, "Journal of Manufacturing and Operations Management "

Author: Mateusz Paduch