It can be hard to gauge the full size and scope of the global technology market, but the big data sector alone was worth an incredible $41.33 billion as recently as 2019.
Not only is this indicative of the scale of the technology market, but it also highlights the incredible influence that innovation and advancement has had on marketplaces and industries across the globe.
Digitalization, or, as it is also called, digital transformation is a deep introduction of modern information technologies into business processes, which allows bringing an organization to the next level of development. This is not only and not so much about the installation of additional equipment and software, but about a fundamental restructuring of all processes occurring at the enterprise.
Digitalization changes approaches to management, develops additional methods of communication (both within the organization and with the outside world), and forms a new corporate culture. The result is an increase in the company’s competitiveness and a noticeable increase in its efficiency.
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The source of profit of any commercial company is its customers, so the utmost attention should be paid to relations with them. Digital transformation is better than anything else at solving this problem. It makes it possible to effectively use several channels of communication with customers, integrating them into a single system (omnichannel), opens access to intelligent technologies for analyzing consumer preferences, and helps to personalize communication with each customer.
Clients see themselves as a modern company that takes into account their needs, so they willingly enter into deals and return to the company again and again. The use of technologies such as Big Data (processing large amounts of data), Artificial Intelligence (artificial intelligence) and others allows predicting customer behavior and making informed management decisions.
But what are the precise ways in which technology can benefit your business, and why should you consider taking on a business loan to help fund innovation?
Benefits of Technology in Business
Connect With People Across the World
The potential of technology to connect people across the globe was borne out in full during the coronavirus pandemic, as businesses were required to switch to remote working as part of lockdown and social distancing measures.
To this end, remote communication platforms like Zoom saw their share value achieve a record high at the end of August 2020, although they’ve obviously endured a slight correction since this time.
What’s more, a number of major companies have also committed to making remote working increasingly accessible in the wake of Covid-19, with more sophisticated technology being deployed to achieve this goal efficiently and securely.
Once again, this is highly beneficial for firms that boast an international presence, as it makes it far easier to share information efficiently and create a more seamless operational approach across borders.
Enhance Marketing Techniques
The advent of new technology has also enabled brands to market themselves and effectively target customers through various digital channels, from PPC ads and organic search to social media marketing.
To this end, the digital ad spend has continued to increase incrementally year-on-year in recent times, while it even grew by 5% through 2020 against the backdrop of the coronavirus pandemic.
This has certainly enhanced the quality and efficacy of marketing in the digital age, allowing for the development of engaging, integrated campaigns that can be tailored to suit the behaviour of specific audiences.
Innovation can also help business owners keep company costs to a minimum. With automation, small manufacturers can reduce their reliance on in-house employees to complete various manufacturing processes. As a result, the business can reduce personnel costs such as salaries, benefits, and employee turnover. The use of innovative technologies can also help optimize the manufacturing process to reduce costly waste. And the introduction of lean manufacturing methods, such as 6 Sigma, makes it possible to meet customer needs faster and more efficiently.
Availability and transparency of information
The key advantage of accounting automation is the large amount of information that becomes available to the business owner. Using data processed and extracted from the daily business activities of a company, the software allows you to quickly measure the effectiveness of an advertising campaign, check if taxes are properly accounted for, or find out if there are delays in the delivery of critical stocks. While many small businesses have relatively few activities and transactions and can do manual bookkeeping, you can reap significant returns by investing in IT infrastructure and accounting software.
Decreased employee morale
Willy-nilly, innovative technologies are aimed at reducing staff, thereby employees of companies can lose their jobs after the introduction of new technologies. From a small business owner’s perspective, this can mean making a difficult choice between increasing profits or keeping older employees on the job. Even if the changes do not lead to job losses, some employees may have difficulty adapting to new standards and working conditions. Also, the workforce as a whole may experience a decrease in morale, even if the negative factors due to the introduction of innovative technologies affect only a few people.
High implementation cost
While the application of innovative technologies can lead to savings in the long term, the company can face significant one-time implementation costs. A small business owner may not have their own financial resources to buy a modern IT system or new equipment. And in the event that the transition to a new technology does not increase production and does not reduce costs in the long term, it can have a negative impact on business profitability.
There is an old adage, “Pioneers get all the arrows,” which fits well with the difficult relationship between business and new technology. In many cases, innovative technologies bring new headaches: software bugs, compatibility issues and low competence of the vendor’s support staff. Due to reliability problems, the company finds itself in a situation where the business needs to work on outdated technology while a new version of the solution is being developed.
Mobile Technologies in Business
Among the drivers of growing interest in mobile technologies on the part of business, several main motives can be distinguished: first of all, this is the desire to reduce costs, make business processes more efficient, and therefore, ultimately, increase the competitiveness of their services and products.
Of course, interest in mobility is fueled by the powerful impetus that the mobile b2c services and products sector has experienced over the past ten years. The mobile communications infrastructure is developing at a high rate, the accessible mobile Internet is expanding not only the area of its presence but also the speed of its operation is dramatically increasing.
This is accompanied by the accelerating development of the mobile device market. Solutions are becoming more and more cross-platform and acquire the functionality that until recently was inherent only in-office versions and analogs.
What are the specific advantages of mobile technologies in business? In almost any field of activity, the speed of decision-making based on certain data is of particular importance. Mobile devices allow you to be in touch anytime, anywhere and make decisions as quickly as possible. Also, mobile technology helps companies to establish effective work of freelancers or employees in different regions.
This is especially true for those areas of business that use multiple geographic regions. Mobile gadgets can almost completely replace the workplace, as a result, the company will save on renting office space and organizing classic workplaces. According to Gartner estimates, about 90% of companies are ready to support business applications on devices,
In addition, mobile devices enable full-fledged unified communications: communication and interaction between employees around the world, regardless of location, including instant messages and video. You should not discount the integrated social space, as well as the ability to access all the information necessary for work from the employee’s mobile device.
The movement known today as BYOD (Bring Your Own Device), which involves the use of personal devices for work purposes, is gaining in popularity. According to a study by Mail.ru Group, about 60% of office workers use mobile devices not only for personal purposes, but also for performing certain work tasks.
How did it come about? Upon learning of his upcoming dismissal, Mitchell turned off the cooling of the corporation’s systems and data replication, and also reset the server settings. The company was paralyzed for 30 days. Is this the only incident? By no means, more and more companies are convinced that building a cloud infrastructure, using a cloud platform and other services is much more reliable and economical.
Of course, the question arises about how well your data will be protected on the provider’s side. Let’s be realistic: no solution will give an absolute guarantee of protection, so we will operate with probability.
The chances that a specialized provider company with more than 10 years of experience in the market will make a series of mistakes that will lead to an incident similar to what happened at EnerVest is much lower than the chance of the same incident on the client’s side. Indeed, in this regard, it becomes necessary to carefully select a provider, but today in Russia this problem is quite solvable.
With the growing interest in mobile technology, IT departments are challenged to ensure that all employees work securely and remotely in a compliant and regulatory environment. This can be achieved through the virtualization of desktop terminals and applications: desktops are converted into virtual machines and centrally located in the data center.
The cost of managing each desktop computer is then significantly reduced, and the user experience is improved: they can access their desktops with the same personal settings and data from any device from anywhere in the world.
Information security systems and mobile communications management systems are actively developing, mobile operators form complex packages of services on the principle of “all inclusive”, more and more functional corporate data centers are being formed.
It must be admitted that mobile technologies have entered our lives and their integration into an increasing number of spheres of activity is only a matter of time. Anyone who is able to master them in greater volume, with less risks and in less time, will not only achieve an increase in short and medium-term indicators, but will also create a significant reserve for the future.
It would be a mistake to view mobile technology in the service of business as a purely tactical application; in a global sense, this is the direction of development of information services and products that will dominate in the next decade.