In the 21st century, when we look around us, there are several examples of the use of technology. Technology has overhauled the way things were done. Its use in every sector is significant.
Whether it’s for business or social purposes, we no longer rely on traditional methods and means. Businesses have also adopted technology for their benefit. This is one of the reasons why tech companies like Apple, Microsoft, Samsung, etc. have become dominant drivers of economic growth. Interestingly, these companies also rely on technology to stay ahead.
In recent years, there have been new inventions and developments in the field of technology. Modern tools like Artificial Intelligence, the Internet of Things, Big Data, and Cloud Computing are some examples. These developments have transformed the traditional ways of doing things. Nowadays, everything is being brought to digital platforms. E-commerce, E-learning, Remote Working, and Online Banking, almost everything now requires some sort of technology.
So, in this blog, we will try to cover the use of modern technologies like AI, Cloud Computing, and ML by big companies. In the blog, we will be discussing the benefit of using technology. Also, we will discuss some examples to make things clearer.
Why is technology so important in business?
Years back, when there was very little use of technology by businesses, the IT department was not a must in a company structure. However, Today, the IT department in every business, big or small is indispensable. IT experts are largely attributed to the changing dynamics at the organizational level.
Every company now requires its staff to be tech-savvy as keeping the workforce up to date with the emerging trends, it not only boosts productivity but also has an immense bearing on the bottom-line.
As technology evolves, companies have an ultimate need to encompass technology. This is because technology has transformed several elements for the better. So, we will have a look at some of them in brief:
- Improved Communication- IT is fundamental for effective internal and external communication. In house, technology streamlines the types of data relay that occur between sections or departments. While, for external communication, it has several options like email marketing and social media marketing. Technology has made communication easy and ubiquitous.
- Streamlined Decision Making- Decision making is a crucial part of any business. With the introduction of technologies like big data, AI, and ML, companies are able to gather crucial market and customer data. It is a technology that captures critical data and helps a business to see its weak areas and ways of how to strategize accordingly. The insights drawn from the finance, marketing, and customer engagement departments helps a lot in making accurate decisions.
- Propels Marketing and Business Growth- After getting crucial insights and strategy making, it requires an efficient approach to get favorable results. Technology helps in this as well. Businesses use modern technology to advertise and break into the markets. Forward-thinking enterprises advertise digitally intending to drive traffic.
- Enhances customer relationship- It is the customers who turn a product into a brand. Any company in the world craves to build a concrete customer base. Reputable CRM management systems let businesses discover what their customer base wants. Big Data Analytics helps companies analyze tons of customer data and Cloud Computing helps with storage. Companies modify their approach analyzing the available data and hence are able to give their users an enhanced personalized experience which ultimately leads to a healthy relationship.
- Boosts competitive edge- Nowadays, the competition in the market is fierce and businesses in the same niche are spending more to market and advertise. Technology helps you stay at the top. It offers companies better insights into the market that is further utilized to drive traffic.
So, these were some of the roles of technology in business. Now, we will look at the few technologies and how they have changed the face of business forever.