Role of Technology in the Success of Business

Modern entrepreneur has to play by modern rules – it implies the usage of technologies to make their business thrive.

Following the growth in technology which has been rampant in the recent past, companies have adopted the use of information technology in their operation. IT is a major driving force of innovation which is the path to the success of any business. Technology is highly used in the daily operation of businesses and plays a key role in its success. All companies have benefited from the digital revolution thus confirming its importance. Agriculture, which in most cases is thought to depend on manual power for operation, is currently using technology in keeping records, procurement, conducting research on technical issues and also financial planning. This implies that technology plays several roles in the success of any businesses. Some of the typical roles of technology are discussed below.

Information technology has helped to improve marketing strategy adopted by many businesses. Since the primary target of starting any business is to get many customers to buy its products, technology has helped many companies to market their products in a faster and cheap way. Many corporations have created online ways of advertising where many potential customers can access the products. Officials of the businesses can interact freely with clients to respond to some of the queries which may arise. Other organizations have adopted online selling where customers order for goods and pay for them through the internet. This technique of using technology to sell products has contributed a lot to the success of businesses. This is because there are no costs of transportation incurred and there is no risk of bad debts since the goods are paid for before they are delivered. There is no danger of theft or damaged goods. Thus, technology has improved the marketing of businesses to a great extent which has, in turn, increased the stability of enterprises.

Technology enables businesses to solve complex problems without much difficulty. Before the adoption of technology by many businesses, some tasks like preparation of financial statements were carried out by human power. However, there were chances of making errors because the human brain is not very accurate. Improvement in technology has come up with applications which can collect data and analyze it to predict the future of the business. There are other applications and software specifically designed to carry out certain tasks and solve complex problems relating to the operation of the businesses. This has made the management of the business easy and saved some cost of service because few people are required to run the software. Improved hardware with a bigger memory, faster processing speed, and sharper visual displays have also made the operation of businesses secure and efficient thus necessitating their success.

Technology has also enabled businesses to make better decisions which foster their success. Valid decisions on the future of a business are only arrived at on the basis of the findings of market research. The survey on the market for a particular business can be carried out by engaging a great percentage of the potential customers of the organization. This can be achieved by creating social media sites where the clients can post their comments about the quality of services offered by the business and the level of satisfaction achieved. A survey can also be conducted through video conferences or industry forums which are only possible through the employment of technology. The enterprise can also create social sites where the officials can communicate with potential customers on the needs which have not yet been met. This can be used as a source of business opportunity for the corporation to embark on. Thus, technology has enabled organizations to collect adequate data from the market to allow them to make valid decisions on the future of their business.

Use of technology has helped to improve customer satisfaction through provision of adequate support. Most businesses have formal ways of communication which clients can use to reach the officials of an organization in case any clarification is required. Customers can use telephone lines, email addresses or social media platforms to communicate their grievances to the business. This ensures that it does not take a long time for the problem to be solved which increases customer satisfaction. In case directions are required on the use of a particular product, they can be given online, and videos can also be sent to them to demonstrate the usage. This implies that technology ensures that there is a direct communication between businesses and their clients which increase the level of customer satisfaction. This enlarges the market share for businesses thus fostering their success.

Technology has helped businesses to improve productivity especially those dealing with manufacturing. This is because most companies have adopted the use of machines to carry out the work which was formerly carried out by human beings. Technology has helped to increase the quantity of output produced because machines are faster than people hence they save a lot of time. Use of technology in production has also improved the quality of the products manufactured hence increasing customer satisfaction. This has helped to save time and costs because machines are time-saving and very few employees are required to operate the machines used in production.

Use of technology has helped to improve the management of resources owned by the corporations. use the latest novelties and is proud of their product! This is because it helps employees to use any devices to come up the optimum decision on resource allocations to reap maximum benefit. Thus, technology plays a crucial role in the day to day activities of any business. This has encouraged many corporations to adopt the use of modern technology in their operation.