4 Ways Technology is Changing the Business World
- 3rd July 2020
- Innovation and Technology
Rapid advancements in technology have revolutionised the way businesses take their operations forward. In fact, it has enabled many small players to scale-up and has provided a level playing field for them to compete with larger organisations in terms of business growth. Thanks to technology, start-ups and small companies are able to perform better and sustain for longer in uncertain economic conditions.
Today, businesses use an array of technology across all operations from bookkeeping and product development to human resource management. It’s fascinating to observe how technology can interconnect different departments within an organisation to take it forward. It can also be beneficial for everyone from industry leaders to business students to learn how technological incorporations are taking businesses further.
This blog focuses on four ways changing technologies are bringing sustainable reforms in the business industry.
Boosting efficiency and productivity through automation
Artificial intelligence (AI) and automation are currently the biggest superstars among business technologies and are helping a lot of businesses across different fields. While e-commerce industries like Amazon are using mechanised robots to undertake heavy lifting tasks, food delivery apps are using chatbots to resolve customer queries and complaints.
Utilising AI and automated technologies to perform workflow tasks or data analysis can push up the collective productivity and efficiency of a company. These technologies are also being used to make financial decisions and predictions - for instance, in the banking industry, automated software is used to analyse the spending history of clients to predict when they can pay back their loans. This information is used to set the right due date for the loan payment.
Improving access to information and data
Technological advancements have introduced cloud computing which has made it feasible to research and find data from across the organisation without even leaving your desk. Cloud computing has aided organisations to make data-backed business decisions by making it easier to get all company workflow data, business figures and sales statistics at any given point of time.
Enhanced access to data can streamline your services and reduce ambiguity for your clients. Cloud computing can also help you access customer information faster and more easily - which in turn can help you offer a better customer experience to external stakeholders.
Other than improving your workflow speed and organisational efficiency, technological breakthroughs have also helped many businesses reduce their dependency on paper files and go green. A paperless office can also streamline your company operations and help your teams collaborate better.
The concept of paperless offices has been soaring in popularity, especially in fields with heavy paperwork such as insurance, healthcare and legal businesses. Paperless technology can allow multiple users to access company documents which makes the system more agile and less prone to manual mistakes.
Enhancing business communication processes
Another area in the business field where technology has made a huge impact is business communications. Electronic communication methods like emailing, texting, social media interactions and chatting through apps have allowed companies to personalise their interactions with customers, which has positively impacted their revenue generation. It has also become much easier for companies to receive accurate customer feedback which can help them improve further.
Technology has also played a major part in improving interoffice communications as well. Cutting edge innovations such as a social intranet can give employees a centralised system to interact and communicate with each other, send and update important documents, and relay sensitive information to concerned departments from their desks.
Other than being aware of the existing technological advancements in business and what impact they bring, business students and leaders must also be aware of the intricacies and details of the operating modules of various organisations and the type of innovation that can maximise the impact for a particular type of business. Pursuing professional qualifications in this subject, such as a business diploma, can help you cover a lot of ground in a short period of time.
The Singapore campus of the London School of Business and Finance (LSBF SG) offers a Diploma in Business Studies that aims to prepare students for a global business career in a wide range of industries. The programme also prepares students to analyse the effects of technology on business and use the results for the benefit of their organisation. Find out more information on our Diploma courses in Business Studies at LSBF in Singapore.
This article was written by Sweha Hazari and edited by Anisa C.