Technological advancements in the past two decades have made our lives easier. Technology in business makes it much easier to conduct business and saves time. In the days before the internet and fax machines, businesses were done via the analogue telephone, as there was no mobile telephony then.
Think about how slow business was! You had to write a letter or travel for meetings. Today, you can easily write an email or set up a video conference in the comfort of your home or office. Here are a few reasons why technology is indispensable in global businesses.
1. Technology improves communication
Most companies use various software and applications for business communication. Before choosing the method of communication, companies look at their needs. If they need immediate feedback, telephone services are the best as they offer quality voice and consistency.
Other communication methods include video conferencing and instant messaging. Technology has also given rise to social media platforms such as LinkedIn, Facebook, Instagram, etc. As technology moves ahead at a rapid pace, communication becomes more convenient and cost-effective.
2. Technology improves efficiency
Technology improves efficiency in businesses. Advancements in the field of robotics and AI help businesses provide better services and handle repetitive tasks precisely. For instance, at some offices, Chatbots play the role of customer representatives and are programmed to answer customer queries.
3. Online protection
Cyberattacks have become common, posing immense threats to businesses. Cyber threats become more sophisticated by the day, with hackers using advanced methods to hack into networks. Developers, however, keep coming up with cybersecurity defence systems to protect businesses from these cyber threats.
Downloading a reliable VPN is often a good way to protect your data from being stolen. A Virtual Private Network (VPN) creates a private network and a secure tunnel for your computers and devices. Firewalls, malware and anti-spyware software should also be installed to detect any malware in the system and stop it in its tracks.
4. Technology increases business capacity
Technology increases the ability of a business to reach more customers, and in less time. This means they can serve clients who are even in other countries by using emails, social media, and video conferencing tools.
Gone are the days where the location of your brick and mortar shop or office determined your business flow. If you are aggressive in marketing, you can do so much more using technology than was possible years ago. The beauty is that technology is fluid, and keeps evolving.
Using technology, companies can liaise with suppliers when they need to restock. The ability to store information and communicate increases as technology advances, meaning what is available today can be better tomorrow.
5. Technology birthed cryptocurrency
Technology birthed Blockchain technology and cryptocurrencies. The most popular cryptocurrency in the digital market is Bitcoin, and just like the fiat currencies such as the U.S dollar and British pound, cryptocurrency is slowly becoming accepted as a medium of exchange.
Cryptocurrency is highly encrypted, making it difficult to tamper with. Blockchain is digital ledgers whose transaction records remain public and no one can alter them, making it possible to follow the transaction from beginning to end. This technology has enabled companies all over the world to make secure payments.
Technology plays a huge role in businesses today. Without technology, there would be lower efficiency, slower communication, less audience reach and generally, businesses would be more localized.
Technology is crucial for business expansion, making it possible to employ individuals who can work from home. Having a huge business premise that accommodates al your employees is almost becoming redundant. Emails and video calls can allow employees to work remotely, reducing time wasted in commute.