New technology

The relevance of technology in business

Technology has changed the way the world is doing business. Always evolving, it enables us to work more efficiently than we did yesterday – provided we keep up.

Are you staying on top of the latest trends? If not, you should be. From sales and marketing to logistics, accounting, human resources, and more, technology is impacting every aspect of business. As your peers, clients, partners, and suppliers adopt the latest innovations, so too must you if you want to run a sustainable business.

To many, adopting new technologies feels overwhelming but it needn’t be. You don’t have to rebuild your entire company from the foundation up. All you need to do is figure out where and how technology could impact your organization for better.

Say, for example, your business could benefit from a new approach to managing your field operations – an approach that makes data collection faster, more efficient, and more convenient. Begin by exploring and adopting new technology-based data collection methods.

 Why is technology so essential in business?

Because it has a significant impact on operations at all levels. No matter how large or small your business may be, technology will reap you many benefits. It will help you deliver more of the goods and/or services your customers demand. Ultimately, that means growth in business, which leads to an increase in revenue.

Two of the most common types of technology that businesses across multiple industries rely on are customer management relationship software and project management software. These and similar platforms facilitate internal and external communication, which helps optimize production, inventory management, and record-keeping.

 Below, we discuss the role of technology as it pertains to:

  • Business communication
  • Management optimization
  • Efficient field operations
  • Improved security
  • Globalization

Business communication

Do you have employees working in the field? Without the support of technology, once they’ve completed a project they need to return to the office in order to pick up the next. With the right software, however, this isn’t the case. Your workers can access all of their tasks from their mobile devices – while still in the field.

Communication platforms like Slack make it easy for your field and remote workers to stay connected to your office at all times. This level of connection promotes greater efficiency, productivity, and problem-solving.

 Management optimization

No matter what business sector you’re in or what needs your goods or service meet, technology helps you optimize management and production. It also levels the playing field. Thanks to evolving solutions like low-cost SAAS software, for example, small businesses can now compete with large organizations in terms of operational efficiency.

 Efficient field operations

Technology improves efficiency by helping you reduce or eliminate errors, avoid duplication, minimize workflow delays, and speed up processes through the automation of certain tasks. With respect to inventory and reporting, it gives you more control over your data collection methods and management processes.

 Improved security

Cyberattacks are on the rise.  Security isn’t just important; it’s critical. Keep your data safe and your organization will have less exposure to ransomware attacks, supply chain attacks, and phishing attacks, among other threats.

These and other emerging technology-based security solutions hold the key to data loss prevention:

  • Hardware authentication
  • User-behaviour analytics
  • Encryption and tokenization
  • Artificial intelligence
  • The cloud

Globalization

Technology has eliminated the borders and boundaries of yesteryear, enabling businesses to more easily and seamlessly expand their reach into global markets.

Technology-enabled innovation has spurred globalization through the growth of e-commerce. The high speed of communication has enabled real-time collaboration, supporting the growth of  international trade. App stores now make solutions like Coral Collect’s data collection tools readily available worldwide, levelling the business playing field.

The labor market is changing.

At the forefront of that change is technology. While it does pose certain threats, as discussed in the security section above, the benefits far outweigh the risks.How and where could you and your employees better leverage technology to boost productivity and increase your competitive advantage? If data collection and management is one area that could benefit from greater efficiency, learn more about Coral Collect.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *