Technology and business growth

Role of technology in business growth:

The role that technology plays on businesses is no longer a choice, it has become a necessity now. In fact it is a growing necessity. The world of business in leaning more and more towards technology, and one cannot separate the two from each other. Technology over the past few years has enabled businesses to grow much faster. There has been a huge boost to trade and commerce. Automated systems have enabled a greater level of productivity. Also with data analytics and cyber security, there is a better chance of information management. Information will be less vulnerable. Information can also be easily retrieved and used for various official purposes.

For businesses to grow, there has to be a more connected system of communication. Transportation and business communication are integrated into one process. Technological invasions have made business communication much easier, more systematic and also much faster.

Here are some ways in which technology has affected the work space:

Innovative cloud-based system of storing data

A rise in communicating software like Skype and GoToMeeting

Use of advanced enterprise software like OneDrive or Microsoft SharePoint

Better network coverage and decreased prices of internet connections

A robust online market such as Upwork and Behance, where you can RSVP now for online work assignments

With such technological invasions the dynamics of work has changed completely.

Technology to enhance business growth:

The effective way in which technology is used for business growth is through automation as by automating more and more tasks there is less dependence on human resources. Also, there is less dependence on a physical office space and through remote systems businesses can be run virtually.

Another effective use of technology in businesses is enterprise resource planning, whereby all data is stored at one centralized hub and can be retrieved easily on a real time basis. This has had a huge impact on business growth.

Technology for small and medium sized businesses:

Technology has greatly helped the growth of small and medium sized businesses (SMBs). The two main ways in which technology impacted SMBs is through the use of Cloud based storing system and harnessing the potential of social media. Through the former they can perform more efficiently without much infrastructural cost, while through the latter they can ensure that they reach out to a large audience and sell their products effectively without spending much on marketing.

The convienience of having technology comes with a added price of additional security needed like a iris recognition system that recognises only rightful authority over the system.

More information on this technology can be found on this article on wikipedia.