The impact of technology on the modern business world

by Precious Cyprain
4 mins read
Technological advancement in business

Technology has made huge impacts on the business world including small upcoming businesses and larger popular organizations. With the diverse technology available in recent times, it is only expected that businesses implement this to their advantage e.g., to increase sales, and brand awareness, and make processes generally easier.  

The improved growth being experienced in business and commerce is due to the tremendous role technology has played in the industry. Technologies like Artificial Intelligence (AI) and Machine Learning are a few of the common types that have revolutionized the business world in every aspect.  

What positive impact has technology made on business? 

Increased productivity of employees  

The use of technology for certain tasks in businesses leads to an increase in the productivity of the employees. Employees will be able to focus on more important tasks that require human attention thereby delivering maximum productivity.

Artificial Intelligence (AI) has particularly helped in this aspect where repetitive and time-wasting tasks are performed without the involvement of humans. Businesses implement the use of automated processes for these tasks. 

Hybrid jobs 

Technology has provided greater flexibility in business. Teams, employees and employers can communicate in real-time from any country in the world, giving room and opportunity for remote work. This eliminates the distance barrier associated with most job opportunities. 

Keeping tabs on employee’s satisfaction levels 

Technology’s impact on business helps organizations measure and monitor the satisfaction levels of employees. Data analytics technology is important in this area to gather feedback from employees and analyze this feedback to help the company recognize the strengths, struggles and dissatisfactions of their staff.  

Once the need of every employee is acknowledged and worked upon, this will lead to increased motivation and productivity among them. 

More efficient business processes 

The time taken to perform internal processes in business has been reduced to fewer minutes due to the integration of technology in these processes. Businesses can now produce, sell and deliver their products and services faster and more easily thereby increasing their customers’ satisfaction. 

Increased revenue streams 

Business executives can generate new sources of revenue for the business utilizing the online space due to the advantages of technological advancements. Both small and established businesses have taken advantage of E-commerce thereby increasing their target audience and customer base. This creates more revenue as buyers now prefer patronizing online merchants in the comfort of their homes. 

Better communication processes 

Different digital platforms are being utilized for more effective communication processes with the help of technology. Platforms like Emails, websites and shopping apps help to improve communication between businesses and their customers. Customers’ feedback on products purchased and services rendered can also be gotten through these platforms thereby helping the business improve in their lacking areas. 

Communication software is also used to facilitate intra-office and remote teams’ communication. This encourages real-time information sharing between employees and ensures distant employees receive important information on time.  

Better visibility and awareness with social media  

Social media is another technology that has positively impacted on the modern business world. Social media platforms such as Instagram, Twitter, LinkedIn, etc offer a wider target audience and customer base for businesses due to the millions of people that are active on them daily.  

Taking advantage of social media for advertisement and growing online communities has helped both small and large businesses in the increment of sales, online visibility and brand awareness. Social media platforms are the secret to the growth of lots of businesses in this modern world.  

Better security solutions  

Sensitive information regarding the business or its customers can be protected with the help of technology. Software programs with encryptions and firewalls are used for data security to secure corporate information.  

Artificial Intelligence (AI) has also shown importance in cybersecurity for businesses, helping them to detect fraudulent and security issues early so they can be corrected before any real damage is done to the organization’s system or network. 

Improved storage solutions 

Cloud storage has helped in the storage of business information due to IT infrastructure modernization. These cloud storage systems restrict information from being accessed by just anyone. It also enables easy access to important information by remote employees thereby saving the cost that would be required to maintain bulky servers.

Read more: The impact of technology on education

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