Technology has transformed our lives; it has taken the business world by storm. Technological advancements have enabled businesses to employ various tools and solutions to carry out business operations in the best way possible. Technological innovations have revolutionized every part of businesses.
The way we conduct business today is completely different from how it was done a decade or two ago, and it’s all due to technology. With the help of tech solutions, businesses have groomed their processes, from manufacturing and marketing to finance and communications.
If you are interested in knowing more, here are five ways technology has groomed businesses today.
1. Outsourcing and Collaboration
Collaboration technology in businesses has changed how we work today. Collaboration and teamwork play a huge role in any business’s success. It leads to a 10% improvement in employee productivity, and 67% of companies say that collaboration tools are necessary for increasing the efficiency of employees. 73% of workers perform better, 56% feel more satisfaction, and 15% perform faster when they collaborate. Productive and efficient workers are the main asset of a successful business.
Companies can now easily outsource their operations, too, even to experts that are living in foreign countries. For example, you don’t need an in-house IT expert; you can outsource IT services and get the best results with minimum costs. You can outsource IT Support services to tackle tunnel connecting and networking issues, etc. 46% of companies outsource IT services to access skill sets that are not available in-house. 45% of companies outsource IT services because it saves money as compared to in-house IT services. Thus, businesses gain dual benefits by outsourcing. Similarly, you can outsource other tasks like HR or accounting department responsibilities, etc.
2. Improved Communication
Businesses today enjoy many communication channels as a result of advances in tech that businesses a few years ago would not have imagined. With the latest communication applications like Zoom, Microsoft Office, Skype, etc., it has become much easier for businesses to communicate efficiently with teams, potential leads, customers, investors, etc. Today, there are faster, wider, and more efficient means of communication.
When the company has quick and efficient communication, its performance improves. The heads of departments like finance, marketing, manufacturing, etc. can all communicate and work together as one team. All this improved communication enhances productivity and performance. 86% of executives and employees say that lack of efficient communication is the primary cause of workplace failures, hence highlighting the importance of efficient communication.
3. Digital Marketing
Technology has enabled businesses to promote their products and services more efficiently with digital marketing. You can reach a larger audience easily and quickly with digital marketing. Digital marketing is not only an option for online businesses, but offline businesses can also utilize digital marketing tools.
With digital marketing tools, you can advertise your brand globally, which means your target audience is not only local, but the whole world is your market, and everywhere is your office. With online marketing tools like social media marketing, search engine marketing, email marketing, etc., businesses are now able to use less costly ways and attract more customers. 86% of marketers report they increased brand awareness by using one or more digital marketing channels.
Businesses gain higher profits with digital marketing as it helps them to reach a wider audience with the help of data analysis, advertisements based on user’s behavior and browsing history, location targeting, etc. The best technique is personalized marketing. Data analysis allows businesses to market specific campaigns for a certain target audience since it suits their needs. This helps increase the rates of converting leads into customers. Inbound marketing leads to 50% more sales. Marketing automation tools make it even quicker, hassle-free, and more efficient.
4. Increased Employee Productivity
Employing technological solutions increases the productivity of employees. 96% of managers that are responsible for employee productivity state technology to be extremely beneficial in increasing productivity. There are several tools that employees can use to automate manual tasks, saving time and energy. 92% of employees report their work satisfaction increases when they have technological tools to help them efficiently perform their tasks.
With the latest applications, they can work quickly with few to no mistakes. This reduces the time spent on revisions and rechecking, increasing employee morale and productivity. 49% of respondents to a survey said wearable technology increases productivity. High employee productivity means overall better performance of the business. With the help of the latest AI technology, many arduous manual tasks are being automated, saving employees from feeling burned out. AI can lead up to 6.2 billion hours of worker productivity worldwide.
5. Efficient Remote Work
The concept of remote work is not new. As the pandemic resulted in every business adopting a remote work model, technology made the process adaptable. Technology has provided multiple benefits to businesses in the realm of remote working. First, it’s due to technology that carrying business with remote work models is a possibility in the first place. Second, tech tools have increased the efficiency of remote work. 86% of employees say they are able to perform better when they work alone from home. There are several tools that remote workers use to work efficiently. Meetings take place on video conferencing apps. Some apps have features like call recording, where meetings and audio video calls can be recorded. Thus, even if someone doesn’t make it to a meeting, they can still access crucial information.
There are time-tracking software solutions that allow managers to see how much time employees are spending on completing projects. 74% of companies cite remote work tools necessary to improve employee efficiency. The best thing is that it resulted in businesses saving up costs due to increased productivity. 77% of employees say they are more productive when they work off-site, which helps businesses save expenses that come with having a physical office, etc.
Technology has groomed businesses in many ways over the years. Companies increased profits due to technology and cut costs with the help of productive labor and efficient business operations.