Published on August 13th, 2015 | by Guest0
Why Is Technology Crucial In Business?
Technology helps business in a numberof ways that usually centers on doing things faster, better or bigger than one could without advanced technology. Different companies and industries rely on technology in various ways, but extensive uses include financial record keeping, inventory management, optimized production, and business communication.
Today, many companies have responded to advance technologies by automating their business processes and using it to their benefit. Technology has also forced companies to remain supple, adapting their operations to better and newer technological advances. If you haven’t adopted new technology in your business, then this article is just for you. Here in this article we shed light on the benefits of technology in business. Have a look!
Better reporting functions
There are many companies, who have branches all over the world, if your company has branches globally or nationally you can with the help of technology implement better software modules and communication services via the Internet. This will help companies penetrate new economic markets without sacrificing financial or communication needs and operational reporting. Furthermore, with the advancement in technology companies can improve their MIS (management information system) to capture information when making important business decisions.
Technology advancement also improves financial reporting and minimizes the expenses related to external audits. Companies rather than sending external auditors to different locations, they create a centralized accounting office from where they report and record financial transactions.
Increased employee productivity
Advancement in technology has exponentially improved employees’ productivity by providing data entry functions or review automated reports. Companies now have automated various traditional manufacturing processes; instead of using manpower to create and assemble the goods, they have now installed robots or machines to complete different tasks. While this increases capital expenditure and lessen labor expenses. Companies now don’t need too many employees to monitor the machines. Fewer employees are needed who ensure that the machines are working properly.
Other areas such as administrative support, accounting and customer support, have also seen increased employees’ production. Employees can from anywhere and anytime review and report electronically collected data to make sure they are timely and accurate.
Enhanced business mobility
Another benefit of technology advancement is that it improved sales and service department of the company by allowing employees to use computers to create sales receipts and transmit orders and client information to the home office. These technological devices not only shorten the time companies spend on receiving and delivering goods and services, but also create an instant competitive advantage in the particular industry in which you are working. Companies within minutes send their sales representatives to various markets at the same time letting them to enter multiple markets with less overhead costs. You can any time also work from home using your company’s Internet connection, reducing the fixed operating expenses for a large corporate office.
No matter what your business, industry size or primary activities technology allows companies to optimize production beyond what you could produce without it. With the help of high-tech tools and equipment, small companies can now easily compete with larger companies in operational efficiency. Manufactures continuously look to improve tools and equipment to compete with Industry leaders.
Chris has written many articles for this blog. Every article is best from the previous. He is working as a freelance content writer for click 2 dissertation. He has great passion for writing on education, technology and business niche.