New technology continues to revolutionize the way we do business, solving problems where human power is limited. For every widely celebrated digital technological breakthrough, there are thousands of everyday business problems that are solved.
Top business experts identify the following as some of the most remarkable ways new technology is transforming business and improving productivity.
1. Faster task completion
Speed is easily the most noticeable and significant impact of new technology in the modern business. Task that typically took days to complete can now be processed in moments, thanks to advanced technology. Take the Microsoft Excel spreadsheet for example, a business manager can practically manage, distribute and assign roles among his team with ease, discover new challenges and brainstorm remotely with staff on solving them and moving on the next level of productivity.
2. Reduced admin costs
While administration is central to the functioning of any business, the cost of running it has been one of the heaviest burdens of any enterprises. Not surprisingly, administration has been a focus area for designers of new digital software; and thankfully the effort has recorded great successes with the result being that admin processes are now a lot simpler, faster and more efficient.
Nearly all transactions, communication and paper works can be done digitally and even automated, including managing invoices, signing contracts and filling expenses.
3. Remote working is easier
Remote working can help make a ton of savings for business owners on cost of admin and a physical office space. With essential digital technology devices such as smartphone apps, speedy Wi-Fi, and cloud computing; people can now transact business on the go and from anywhere in the world and at anytime.
4. Cloud computing
Cloud computing, businesses can transfer their bulk files, data and operation to remote servers which can be accessed with Internet connectivity. This technology has allowed small businesses to become more competitive and productive as they are now able to access resources which cost would have been prohibitive in the past.
5. Improved customer segmentation and buyer psychology
Advances in digital science means businesses now have more and more data available to them to help understand their target market. With several customers analytical tools online, managers can segment their prospects into more defined groups and prospects, analyse them more closely, better design their products or services to suit the target market; and get improved market response.
Even with a simple Google account, you can now gain insight into who your prospects are and their online behaviour to help you offer better value and gain a greater share of the market.
With new digital technology, the possibilities are limitless. It has certainly advanced the business sector with amazing and faster solutions to complex problems and generally made our lives easier. Whatever business processes you may be having a tough time with or that may be time-consuming, chances are that there’s a new digital technology breakthrough that can make it a breeze. You might just need to ask around.