The Contribution of  technology in Business  Growth

Image courtesy: Manduru, L. (2020, April 15). 5 Ways Technology Can Help You Grow Business in 2022. Oceanup.com. https://oceanup.com/35683/ways-technology-can-help-you-grow-business/

Look around you. The world we live in today is not the world we were born into. In these past few years, technology has changed the way we interact, the way we conduct business, the way we shop and the way we live and work. It has become an integral part of our routine and now forms an indispensable part of life.

The importance of technology in business cannot be understated. Companies worldwide are relying on emerging technologies to help improve their competitive advantage and drive strategy and growth. Today, we cannot even consider doing business without the Internet, video conferencing, project management apps and more.

Image courtesy: Impact Of Modern Technology Developments On Business Operations. (2020, May 13). Abbaskets.com. https://www.abbaskets.com/impact-of-modern-technology-developments-on-business-operations/

   Impact of Technology to the Growth of Businesses

Technology applications have enhanced the pace and output of various business activities such as marketing, promotions, sales, and accounting. From internal operations to the external output of the activities, from minute processes to major activities, multiple aspects of the business need the use of technology today. After the birth of the internet and basic software use cases, the evolution of business-oriented technologies has been tremendous. Technology has transformed the world around us, and its impact also touches on how we conduct business in everyday life. Technology has touched every nook and corner of business organizations, whether it’s at the topmost cabin of an organization with the CEO’s seat of power or the grassroots level at the intern’s cubicle.

Here are a few reasons why technology is key for businesses:

1. Communication

Technology enables a faster, wider and more efficient means of communication. This will include interactions within your team or with your clients, potential customers, investors or the general public. Video conferencing technologies, like Skype and Zoom, make meetings from across geographical borders convenient. As for within your organization, an app like Slack or Asana can help you simplify communication within your team. You can use this to track projects, details on tasks, deadlines, etc., regardless of whether they work from under the same roof, or remotely. Email, newsletters, social media, and other platforms are all equally essential resources for communication.

2. Security

With the rise in cyber-crime and data breaches, tight security is imperative for all businesses. Today, all business assets are mostly stored in the cloud or on endpoints. This has made it necessary for companies to adopt strict measures to keep their data as well as that of their customers secure.

3. Efficiency

Technology helps increase the efficiency of systems, products and services. It helps track and streamline processes, maintain data flow and manage contacts and employee records. In fact, this increased efficiency in operation helps reduce costs as well as enable the business to grow rapidly.

4. Employee assistance

Most employees feel the need to use the latest technologies in performing their tasks with the belief that it will help them deliver the best results. Companies need to consider the cost-output relationship and provide suitable technology to enhance results.

Sharma, V. (2018, August 30). 5 Essential Pieces of Technology for Your Business. Kvrsingapore Blog. https://www.kvrsingapore.com/blog/5-essential-pieces-of-technology-for-your-business/

Businesses with websites stand a higher chance of expanding their customer base than a business that only relies on physical locations. If an individual wishes to purchase a certain item or get a particular service, they do search for more information about the item online. It is easier to get information online that walk across the streets looking for that item. Therefore, if a business only relies on a physical location for their business, the management team should think of a website.

Technology makes it easy for people to advertise their businesses. Through online platforms and the media, a business can reach a larger audience than it would have reached using traditional advertising methods. Social media presents one of the most efficient media through which people can advertise their work. A lot of people use social media, and therefore, the chances are high that they will see the advertisement. Such people will likely become customers in the future. An increase in customer base is an effective way of growing one’s business. The advantage of social media advertising is that it is less costly than other forms of advertising, such as through television and banners. These kinds of media might only reach a small number of audiences. However, social media allows the advertiser to reach a huge number of people at a lo cost. All that an individual needs is a large number of followers.

Businesses with websites stand a higher chance of expanding their customer base than a business that only relies on physical locations. If an individual wishes to purchase a certain item or get a particular service, they do search for more information about the item online. It is easier to get information online that walk across the streets looking for that item. Therefore, if a business only relies on a physical location for their business, the management team should think of a website.

Technology makes it easy for people to advertise their businesses. Through online platforms and the media, a business can reach a larger audience than it would have reached using traditional advertising methods. Social media presents one of the most efficient media through which people can advertise their work. A lot of people use social media, and therefore, the chances are high that they will see the advertisement. Such people will likely become customers in the future. An increase in customer base is an effective way of growing one’s business. The advantage of social media advertising is that it is less costly than other forms of advertising, such as through television and banners. These kinds of media might only reach a small number of audiences. However, social media allows the advertiser to reach a huge number of people at a low cost. All that an individual needs is a large number of followers

From how we communicate in the business space or buy things, every sphere is touched by technology. The technology applications are so diverse that tech gadgets and applications have become an integral part of the business landscape. Professionals in every business organization use technical applications to complete their tasks and increase productivity. Below are how technological changes have improved the landscape of business activities.

The Way We Communicate In Business

Communication has constantly been evolving with the help of technology. Why communication has been evolving so fast has a simple answer. Communication is a basic need as well as the capability of people. In the business sector, communication is the key to coordination, and faster communication is the key to making the business run at its maximum potential. The adoption of leading telecommunication and internet technologies creates modern communication trends for business activities that improve coordination and productivity inside a business. Externally also, modern communication technologies help organizations.

Mobile-First Environments For Businesses

The use of mobile phones has gone up in recent times. Moreover, the functionalities of mobile phones have also increased and widened. The use of mobile apps and other features supported by mobile devices has fostered the use of mobile-first environments in businesses. Mobile-first environments coupled with smart devices like smartphones and tablets help professionals take up business activities anywhere and anytime.

From marketing through mobile platforms to promotions through virtual events, multiple business activities can be done through technologically advanced devices. Many activities can go smoothly in mobile-first environments, from handling content marketing to sales through online portals.

Remote Work Environment

Technical advances have also helped shift workplaces from the physical to the digital. Not only processes but workspaces are becoming remote and digitized with the help of technology. The use of technology has profoundly impacted the work culture in business organizations. Most modern businesses are shifting towards remote work culture or hybrid work culture that gives work flexibility to professionals.

People can now work from anywhere and conduct business activities from anywhere. Creating a remote work environment has transformed how business organizations operate and work with their employees. Employees’ productivity is boosted, and business activities are completed smoothly with the help of technical applications. Moreover, companies can plan business activities more affordably because the resources are optimized at a technical scale.

Today’s business landscape is often in a state of flux. Whether these changes are cultural, economic, or technological, companies are challenged to keep their businesses relevant in the face of an evolving market. No matter how successful a company may be, they can be vulnerable to current trends or rapidly advancing new tech.

Fortunately, a number of business leaders are able to adapt in times of change. Some are not only able to adapt, but they are also able to use changing habits and game-changing new tech that eventually gave way to enormous growth.

Businesses and Companies who evolved because of Technology:

1. Netflix: Online Streaming
Now an online streaming juggernaut, Netflix started as a DVD rental home delivery service. At the peak of its popularity in 2010, Netflix’s DVD-by-mail service had 20 million subscribers.

In response to the growing popularity of online streaming, Netflix offered the streaming along with their DVD rental service. This shift in focus was initially met with some resistance from subscribers who balked at the increased price. However, the debut of their critically acclaimed original content, such as House of Cards and Orange is the New Black spurred an increase in subscribers.

2. PayPal: Full-Service Digital Payments
In recent years, PayPal took steps to adapt new tech through the acquisition of companies that specialized in newer payment markets. It acquired Braintree, a startup specializing in online and mobile payments processing for companies like Uber and Airbnb. Braintree also owned Venmo, a mobile peer-to-peer payment app that has a social networking aspect. In addition, PayPal acquired other companies like mobile payment startup, Paydiant, Cybersecurity firm CyActive, and international remittance platform, Xoom, to become a full-service payments business.

3. National Geographic: Integration of New Media
National Geographic embarked on a massive restructuring and sought to diversify their media platforms. They struck a $100 million cable programming deal with Fox in 2012 and made editorial changes to improve and integrate their content. Their website was redesigned to have better navigation and more intuitive access to the editorial team’s stories, photography and videos. National Geographic also successfully utilized social media to reach new audiences that actively and visibly engage with the brand.

4. Starbucks: Mobile App Payments and Gamification
Starbucks is no stranger to reinvention. Using social media engagement to return to its community-centered roots, Starbucks bounced back from a 28% profit loss and store closures during the economic recession. It is with the same drive for innovation that Starbucks launched its mobile payment options and rewards system.

Starbucks debuted some new tech -their app in 2011 initially as a loyalty rewards card. The app has evolved into a mobile payments system, which customers can use to order and pay for drinks in advance. By the end of 2014, 16% of all transactions (13 million users) were processed through the mobile app. Furthermore, these customers had an average of 7 million mobile transactions each week. A year later, mobile app payments rose to 21% of all Starbucks transactions in the US.

5. Progressive: Telematics and Analytics
14 billion miles of driving data is the key to Progressive’s successful usage-based auto insurance. Insurance underwriting has always relied on historical information and financial data to calculate a premium that is fair to both the insured and the insurer. But new tech and big data analytics has helped insurers like Progressive calculate more personalized insurance policies that predict risks more accurately.

Launched in 2008, Progressive’s Snapshot program records driving behavior data such as mileage and hard braking through a telematics device. Using data gathered through the device, Progressive uses the data to reward good driving behavior with discounts, or bad driving behavior with a higher premium at renewal. As of 2014, Snapshot has brought in $2.5 billion in premiums for Progressive and is growing faster than its entire auto insurance segment. Last year, they expanded the program to include a mobile app that also has the ability to record driving behavior.

-Wenchy Kate Basilio

References:

Top 5 reasons why technology is important in business. (2020, September 17). Them You & Me. https://themyouandme.com/blog/top-5-reasons-why-technology-is-important-in-business

Raval, N. (2022, May 4). The Impact Of Technological Change On Business Activity. https://www.linkedin.com/pulse/impact-technological-change-business-activity-nirav-raval?trk=public_post

Post, C. (2020, December 15). The Importance Of Technology In Business Growth. Business Partner Magazine. https://businesspartnermagazine.com/importance-technology-business-growth/

marketing. (2021, April 9). 5 Companies who Evolved with New Tech. Glia Blog | Digital Customer Service Explained. https://blog.glia.com/5-companies-evolved-embracing-new-tech/