Technology in business : expanding the horizon

Why and how new technology will help your business grow ?

Technology is evolving at the speed of a space shuttle that is sailing in zero gravity! To match with its evolving speed, we need to focus on our adaptability. Various sectors are getting positively affected by these changes and advancements in technology. You see, some years back, words like AI (artificial intelligence), AR (Augmented reality), 5G (5th generation), IoT(Internet of things) etc. were not in vogue. But we are witnessing the tremendous demand for such technologies in current business environment. Business is that kind of area where you can apply as much innovations as you can. Technology is always there to help you out in growing your business.

In any business, one of the important factors is marketing. It plays a vital role in customer engagement and public relations. If we believe in the facts published by Smartinsights, we will get to know that which type of marketing will give the highest benefit to the business. The list may be given as in the following image.

(Source: Smartinsights)

The market size is growing by leaps and bumps as we can see in the image below. In this growing world economy, if we give our business some technological wings, then there will be lots of opportunities for us. Technology is being implemented by businessmen right from production planning to distribution and even in payment system. The core benefit of using technology is that it is less time consuming and more economical. It also at the same time, increases the effectiveness of our business is well.

(Source: Google)

Let’s have a deep dive into some basic technological instruments that had transformed the conventional business into smart one.

Technology in business
Internet at the workplace

Establishing an Internet presence is necessary even though yours may not be an e-commerce or e-market place type business. It enables current and future customers to view your products and services conveniently online whenever they want to have a look at them. An Internet present gives businesses the ability to reach potential customers not only domestic but also worldwide. Certain products or services may not be in large demand where you live or establish your business, rather it would be market specific. But people in other parts of the country or the world may be searching for exactly what you have to offer to them.

(Source: Google)

Accounting software

With accounting software like tally and others, many businesses are able to handle accounting functions without the need for a CPA (Certified Public Accountant). The technological advances in accounting software have turned tracking sales, invoicing, employee records and payroll into simple tasks with no specialized training required, just some specific training and that’s all. Anyone, though he/she is not from commerce background, can perform such tasks after targeted training. Some software programs also include notifications alert system that helps the business owner while dealing quarterly with taxes and bills associated with operating costs need to be paid.

(Source: Google)

The Use of PDAs (Personal Data Assistants) in Business

Personal Data Assistants (PDAs) have become crucial part for business operations. These devices enable sales persons to be in constant contact with their office while working in the field. The wireless technology of the PDA means that business can be conducted from any location at any time in the world. PDAs provides the ability to make phone calls, send email and instant text messages, take still photographs or videos, access the Internet and obtain information instantly and book flights and hotel rooms all from a small hand-held device. PDA applications are continually updated and hence offering more uses all the time.

Payment gateways

In any business, working upon cash payments was a major headache. Technology has simplified it by almost 100%. Payment gateways like VISA, Master card, RuPay have enabled customers and business persons to pay digitally without any cash in hand. It has been improving the transparency and speedy business growth. Every bank is issuing credit cards and debit cards that are improving cashless economy by ultimately increasing ease of doing business in the country.

(Source: Google)

AR VR and XR (Virtual reality, Augmented reality and Extended reality)

These three amazing children of technology are helping the best they could for businesses worldwide. Starting from training to manufacturing to planning, in all sections, these three are having tremendous opportunities in upcoming years. In fact, some of the present businesses are using them for their business expansions as well. If used wisely, these three can be proved as trump cards.

(Source: Google)

Technology can be used for following purposes in businesses
  1. Instant problem-solving solutions:

    Technology is playing an important role to study the problems and opportunities through data analysis and business intelligence applications. Data is collected through mediums like IoT (Internet of things) devices. And after doing analysis of the small and big data received from the devices, it becomes easy to take next business decision in any business sector.

    Even technology is more advanced with the help of predictive data analytics tools to predict problems and opportunities before it’s actual occurrence. And if a problem arises, AI and other smart system integrated apps can automatically respond and comply with the solution.

  2. Technology provides easiest and fastest methods to connect with the customers:

    Once upon a time, marketing was the challenging part for small businesses. It takes lots of money in advance to start and market the business irrespective of the sector. But nowadays, the use of various tools like Internet applications, website s, CMS, e-commerce stores, social media websites and search engines optimization providing new platforms and features for small businessmen, some home start-ups, freelancers and everyone to start promoting and marketing business and services.

    The use of technology has created some exceptional new ways to communicate with clients. Some of them may be mentioned as AI chatbots, CRM tools, forums, social media pages, video conferencing and calls are really making the life of business owners much smarter than harder. And with the use of latest technology in business, customers are enjoying most of the benefits. Because higher competition in the market for same product and services, the higher the quality and optimum price.

  3. Improving the quality of living standards of humans

    The main aim of using the technology in business is to create and produce top quality goods and services to the public. Robots are the great use of technology that is capable of performing most difficult, complex, time consuming and tedious tasks automatically without humans. The value of human life is increased by technology by replacing humans from the dangerous and difficult tasks such as hazardous manufacturing processes, manual scavenging, etc.

  4. Creating virtual world

    The idea of technology usage in business is to create more virtual sources for deployment and storage reducing the stress, human lives and cost of running a business. Businesses are integrating cloud computing for business to create and run business applications.

    For example, you know that every business or company need IT department irrespective of its types viz. travel industry, healthcare industry and any of the small size manufacturing plant, everyone needs IT experts and IT infrastructure. In simple words, it’s very difficult for Doctors, travel agent to install software on their PC, tough to maintain customer data, tough to protect data and tough to create reports. That’s why they need IT Experts and IT infrastructure. And this costs such businesses a large amount of money in which they know nothing about.

  5. Online degree programs, online employees training and education programs:

    With the help of innovations introduced and by consistently investing in technologies done by various business sectors help society, employees and students to start and fasten their learning at their own speed and comfort. VR classrooms, smart class concept, meetings by video conferencing, digital data visualizations, online training and degree programs are the most innovative use of technology. That’s enabling the whole world to learn together at the same time boosting the comprehensive learning, it also helps in learning from anyone and join any online degree programs. It’s only possible due to the use of technology in this business sector.

Now we will compare the conventional and technology aided business side by side to get the get the clear picture. And then, we will further move towards some case studies and sectoral view of technology implementation in various businesses.

The core differences between conventional and technology aided business may be elaborated as follows:

Benefits of using technology in business
  • It helps in meeting the customers’ needs: Being multi-channel way of communication, technology helps in generating customer feedback and on the bases of which one can easily know their demand. With this much data, one can change the aspects, looks, content and quality of goods and services in such a way that it will definitely meet the customers’ needs.
  • Technology targets the audience segment effectively: Businesses can use online search engines such as Google and social media channels such as Facebook to target various segments of their audience with highly tailored ads and content. For example, Google enables businesses to target by demographic and keywords, plus a number of other measures. Remarketing to users who have previously visited the business website and users who are searching for similar products is also possible. This kind of targeting helps businesses to offer vital information to their audience segments. Unlike TV advertising, this type of marketing reaches a large audience with a general message, online display and search advertising lets organizations cater specifically to what their audience is looking for.
  • Use of technology improves work-life balance: While we are facing the issue that technology can cause employees to be overworked, it has also been found that it enables many people to maintain a work-life balance. Improved network connectivity allows employees to work from home also. Many organizations have full or partial remote offices, while others have policies where their teams can work remotely in cases of some conditions like bad weather or outside appointments. This saves many employees from spending time commuting.
  • Less investment more return: Some tech instruments like fingerprint scanner, etc. are having one time investment. After that, only some amount of money is used in maintaining it. But it keeps record of daily presence and absence of the employees. This is just one example. Technology had gifted us much number of such instruments which are having just one time investment and long term services. They save money and time as well as save the salary of one dedicated person for the same task.
  • Online business opportunities: For many small businesses, technology has opened up a new digital market. While many companies still serve customers in person, many organizations have their own online stores established. E-commerce allows small businesses to reach wider audiences though they are living outside of the company's geographical area, which can be particularly useful for small niche offerings. There is a prejudice that conducting business online is limited to making sales. But it is wrong. Technology provides capability to the businesses to give option to book business consultations and service appointments through calendar tools integrated with their business websites. This gives website visitors the flexibility to book on their own time and place, rather than having trouble by talking to customer cares for a large amount of time.
Summary

Technology is a boon for the business if used wisely. Amid the blames of stealing human jobs, technology is still having positive welcome. But at the same time we should use it wisely and accurately only in the fields where it is needed, otherwise the issue of unemployment will rise over time. Using technology in such a way that it improves skills of current employees by training them and not stealing their employment from them. If this thing will be kept in mind by the businessmen, technology will further and further improve the businesses in upcoming future.

Keyur Bhalavat Founder and Director

A young entrepreneur full of intellectual energy and concern that transform into an untiring center of knowledge seeking, unafraid of exploring new and fresh ideas however challenging they may happen to be in the field of technology.