Technology is a vital part of any business. All the areas of a business, from management to production, distribution, and all the other areas are run by technology. The purpose of technology is to assist the business in its operations, for it to function in the most cost-effective and efficient manner. However, technology can impact the business both ways, negatively and positively. Here are some ways how technology impacts the business in a positive way by increasing efficiency:
Manual work is time consuming. Imagine if you are in a retail business, it would take ages to count all the products that come in and out of the stocks by hand. However, by using computers and calculators, this is performed at lightning speed, even less than a second. In a data entry business, imagine the number of documents and files that come in to be written by hand without computers. Making copies of documents will be as long as the time you took to write the first one. Whereas, in the age of computers, it is as simple as tapping a couple of keys to copy and paste the whole document in a new file.
Business transactions are way easier. Due to the advent of credit card terminals in shops, consumers need not be bringing cash in their purses, or lining up in front of a bank to withdraw money. Every purchase is just a swipe away. Communication is revitalized and reinvented, with people opting for instant messaging, video conferences, online meetings, and even online presentations. IT support services are just a click away; no need to call a tech guy, wait for them to pick up, and then wait for them to eventually show up to fix whatever is wrong. In this modern age, IT guys are just one chat away, and waiting times are minimal. Remote repairs are possible, resulting to minimum business downtime when there are technical difficulties.
Technology also enables employees to keep up to date with news and other business advancements that can be utilized in the business. Reports can be researched in minutes just by searching the Internet, instead of logging man-hours roaming the shelves of the nearest library or the stacks of newspapers on the newsstands. Managers and employers will be able to know the location of their products, their stocks, and even their people, just by checking the latest mobile technologies. Computers are now more energy efficient than ever before, too.
For example, in a trucking business, it is very useful to put a tracking device on their trucks to enable them to know exactly where a particular delivery is at a specific point in time. These kinds of advances in technology were unheard of a decade ago, when trucking and deliveries can be as unreliable as the repair guy scheduled to visit your refrigerator on a hot summer day.
The less time spent in repairs or doing work that can be best done with a modern technology, the more work can be done and more time can be freed for other endeavors. The more work done per person allows employers to cut down their staff to save costs, including employment costs, utility bills, and office space rentals. A more efficient business is also a business susceptible to growing into a larger one, opening up more employment opportunities and providing more services.