Advances in Technology have impacted the business world immensely. There are those who have always viewed technology as affecting the human part of the business world negatively. Reasons being, there are people who have lost their jobs simply because technology overtook their skills. There are those which who feel technology has led to growth in unemployment as it increased human output in labour. These factors and others depict how non-technological minds have been pushed out of the way in business. It means that, if you want to wake up to your business tomorrow and in a better state, then you have to embrace technology.

Technological advances in the past few decades have greatly increased the competitive nature of the economic business world. Companies have used software, computers and the Internet to transform their businesses from local places of business to national and global market competitors. Many companies have responded to these changes by automating their business processes and capturing industry-related information and using it to their advantage. Technology has also forced businesses to remain flexible, adapting their operations to newer and better technological advances.

This article will discuss only three benefits of technology to business. In case you are still holding on to a contrary mindset, I trust by the time you are reading the last full-stop, you will be ‘converted’.

Better Communication and Reporting Functions

Companies that have multiple locations, whether nationally or globally, have used technology to implement better communication services and software modules that communicate to a home base via the Internet. This allows companies to penetrate new economic markets without sacrificing the needs of communication or financial and operational reporting. Additionally, companies can improve their Management Information System (MIS) to capture information for specific locations when making business decisions.

Financial reporting has also benefited greatly from technology. Rather than sending external auditors to multiple locations, it is possible to create a centralized accounting office to record and report financial transactions. This improves financial reporting and lessens the expense related to external audits.

Increased Employee (Human) Productivity

Computers and business software packages have exponentially increased employees’ productivity by allowing them to provide data entry functions or review automated reports. Companies have automated several traditional manufacturing processes. Instead of using manpower to manually create and assemble goods, machines and/or robots now complete these functions. While these improvements may increase capital expenditures, they lessen the impact of consistent labour expenses related to productions. Fewer employees are needed to monitor the machines and ensure they are working properly.

Other areas, such as customer service, accounting and administrative support, have also seen an increase in employee productivity. Employees now review and report electronically-collected data to ensure they are accurate and timely, rather than manually gathering information.

Improved Business Mobility

Technology has also improved companies’ sales and service departments. It allows employees to use personal electronic devices to create sales displays and transmit orders and customer information to the home office. These electronic devices shorten the lead time companies spend on receiving and delivering goods or services, creating an instant competitive advantage in the industry. Companies can also send sales representatives to multiple markets at the same time, allowing them to penetrate multiple markets with few overhead costs. Companies may allow their internal employees to work from home using a company Internet connection, reducing the fixed overhead expenses from a large corporate office.

Advances in Technology have seen businesses gain up to more than 100% increase in ROI. The good thing is that, even with the seemingly negative effects such as the need to lay off some employees, technology reflects positively weighing its benefits on business. It has given people an opportunity to grow creativity developing a spirit of innovation in the society.