THE ROLE OF TECHNOLOGY IN BUSINESS AND ITS INNOVATION
TECHNOLOGY AS A BUSINESS NECESSITY
The significance of technology in business has resulted in remarkable expansion in trade and commerce. The emergence of technology altered business thoughts and models. This is because technology has provided a new and improved method of conducting business. It made commercial transactions quicker, more convenient, and more efficient.
Accounting systems, management information systems, point-of-sale systems, and other simpler or more elaborate instruments are examples of technological acts in business. Even the calculator is a technological device. It is difficult to imagine going back to a time when everything was done manually, which essentially meant starting from zero.
Much of the world we know is changing as a result of technological advancements. Technology is taking control in fields ranging from medical to industry to the military. Unless anything catastrophic happens, technology appears to be here to stay. It is humanity’s endeavor to make the world run smoothly.
Business is one of the most affected sectors. Today’s corporate world has been nearly entirely altered by technology. Small enterprises, in particular, are benefiting from low-cost technology innovation.
This article explores modern technological innovations changing the landscape of small business operations management.
5 Technological Innovations Changing Small Business Management
Small companies are the engine that drives the Philippine economy. Entrepreneurship is an essential component of the Filipino Dream. The potential to rise from poverty to riches is enticing. Using nothing but your brains, persistence, and hard effort to do something is almost romantic.
Fortunately, technological advancements are making life easier for small enterprises and entrepreneurs. It is assisting them in achieving their version of the Filipino Dream. The trend toward innovation began early, with the general availability of the internet in the early 1990s.
Over the years, technological innovations have come and gone. But, some of them have stuck around. These 5 technological innovations are helping small businesses achieve success:
- Management Reporting Systems
- Virtual Reality
- Virtual Assistants
- 3D Printers
- Remote Collaboration
Let’s discuss these innovations in more detail below.
1. Management Reporting Systems
Management reporting systems have existed since the dawn of computing. However, today’s models are far more sophisticated than their predecessors. Management systems make it easy for managers to delegate tasks to their employees. They also make managing work queues and reports and making corporate choices easier.
For small organizations, many management systems are all-in-one solutions. Others are scalable to your demands as your company’s size and activities expand. Management reporting systems also minimize the quantity of paperwork generated by your company. All of your company’s data and information is easily accessible.
2. Virtual Reality
When you hear the term “Virtual Reality,” what comes to mind? A virtual reality gaming headset? A virtual reality cinematic experience? Both are excellent instances of business VR application.
However, virtual reality has numerous uses in business, particularly in small enterprises. Technology has gotten more accessible and inexpensive throughout time. The business activities of design and engineering stand to profit the most. Why? Virtual reality reduces the need for elaborate physical models. Your designers and engineers, on the other hand, construct virtual models. Customers are more likely to be interested in 3D walkthroughs and models. They are also easier and less expensive to build in VR than in the real world.
3. Virtual Assistants
Virtual voice assistants are becoming increasingly popular. Bixby, Siri, and Google Assistant are among the most popular. Many houses around the country have smart home assistants such as Amazon Alexa.
But did you realize that voice assistants may also be found in many small businesses? In today’s corporate environment, investing in a voice assistant might be a wise decision. Voice assistants are capable of performing computations, scheduling appointments, and even placing orders. There is no end in sight for a small business owner’s workload. As a result, a voice assistant can help lighten the strain by doing tedious, uncomplicated chores.
4. 3D Printers
3D printers have been around long enough for some of the novelty to wear off. They are, nevertheless, one of the most essential innovations of our time.
They are also lot more accessible to businesses now than they were a few years ago. Some innovative 3D printers might be a good investment for small enterprises. Many printers produce stunning 3D prints utilizing polymers or inks. Others 3D print using different materials, such as metals.
You can build practically anything with a 3D printer if you have the correct blueprints and supplies. Small enterprises can utilize them to print everything from souvenirs to repair parts to tools.
5. Remote Collaboration
Physical distances are essentially non-existent in the Digital Age. Technology has shrunk the planet significantly. International markets are available to businesses. This is made feasible by the power of the internet and logistical firms.
Businesses can also access human resources and talents from other countries. They can broaden the scope of their operations. You can efficiently manage your worldwide workforce thanks to remote collaboration tools. Most of the time, you can accomplish things far more efficiently than the old-fashioned manner.
For heterogeneous teams, cloud-based remote collaboration software is the way to go. They decrease the requirement for expenses such as equipment and travel charges. They also make it simpler for enterprises to expand beyond their physical boundaries. Remote software makes physical distances immaterial. You can manage all your business devices, networks, and servers with ease. You can track remote teams as well as offer support to your field operatives. You can collaborate and communicate with employees that are in different physical locations.
Most important of all, you can do all this in the cloud. As technology evolves, we may see even more changes. How many will become common across small businesses? Only time will tell.
Business technology enabled a greater worldwide reach. The Internet, for example, has become a typical marketing tool for attracting more people to advantage of various firms’ products and services.
Indeed, commercial technology eventually made existence worthwhile. However, technical hazards to company, such as hacking and other criminal actions, cannot be ignored, therefore one must be cautious when leveraging the power of technology. The good that technology delivers comes with certain unintended consequences that threaten to upset the economic world. Finally, it is careful use of technologies that will allow us to reap the benefits of technology.
Oklahoma SBDC (2020). The Role of Technology in Business. https://www.oksbdc.org/the-role-of-technology-in-business/
Staff Writer, (October 22, 2022). Business Technology Innovations That Are Changing Management Methods. https://www.smallbusinessrainmaker.com/small-business-marketing-blog/business-technology-innovations-that-are-changing-management-methods.
– AIRA JANE E. ABANGAN