Technology has revolutionized the business world and dramatically transformed how businesses operate.
From analyzing data to making strategic decisions, every process leverages technology. It has made tasks easier, faster, and simpler. Every department in the organization makes use of technology.
It helps companies reduce costs, become more efficient and increase productivity, thereby increasing profitability which is the ultimate goal of any business.
Below are some of the ways through which technology has transformed the modern workplace.
Evolution of the Communication Process
Technology has transformed the way individuals communicate with each other.
Communication between organizational hierarchies has become instantaneous with the help of chatting applications, social networking sites, and smartphones.
You no longer need to be present in the conference room to hold meetings. Important meetings can be conducted online through video conferencing applications.
Messages can be delivered to your managers and subordinates through text or email.
Helps a Business Stay Organized
Data management software helps companies store, manage and process all organizational data. Some programs help in storing, tracking, and selling inventory.
Human resource software helps you manage the workforce. For instance, if you are working in the health sector, technology can help you keep track of patients and their care schedules.
We can use smartphones to set reminders for dispatching orders, events, and meetings or take notes.
Technology helps reduce the cost of materials which results in lowered costs.
For instance, moving towards digital documentation and making the organization paperless reduces the cost of paper, postage, printing, and transportation.
Almost all businesses use digital applications such as Microsoft 365 in their daily processes. strategic initiative softwareFor instance, documentation is done on Ms. Word, lengthy calculations are done on MS Excel, and presentations are made on PowerPoint.
Using technology helps increase the speed of business operations.
Modern software solutions can accelerate tasks such as negotiation, customer acquisition, strategy performance review, contract negotiation, inventory restocking, etc.
For instance, strategic initiative software predicts whether your initiatives will finish on time and within budget.
It also alerts you when your strategic objectives and KPIs aren’t performing as desired. By using data analytics, you can solve performance issues and achieve your strategic goals.
Another excellent example is the automation of the inventory restocking process, which enables organizations to send automatic inventory restocking alerts to the supplier, making the process seamless and efficient. Previously, this complete process had to be done manually.
Individuals had to monitor inventory levels regularly to ensure they were not running out. Using technology enables an individual to increase the amount of work they can do, increasing productivity and profit.
Security of the Business
Incidents of fraudulent online activities, data theft, and cybercrime have increased in the past few years.
This leads to a loss of data and customers and a decline in profit. Protecting your business from cybercriminals is imperative.
Therefore, every organization needs to install safeguards to prevent their company’s security from being compromised.
There are several ways to ensure the security of your organization.
You can use data encryption, firewall, authentication, authorizations, or cloud computing to protect sensitive customer information and organizational data.
Enabled Remote Work
Technology has provided individuals to work from the comfort of their homes. Many organizations are encouraging employees to work remotely and have flexible work schedules.
It increases employee satisfaction as people feel relaxed working from home. According to a study, happier employees are 20% more productive than unhappy ones.
Remote jobs have a lot of benefits for an individual and the organization. It gives employees more autonomy, work-life balance, increased motivation, and greater flexibility.
Organizations have also benefitted from remote jobs, which lead to higher productivity, reduced employee turnover, and reduced overhead costs.
Globalization of Business
Technology has enabled organizations to operate on a global level. It has made it easier for organizations to sell their products across the border.
You can even have offices in different countries. Your marketing team may be based in London, and your research and development team may be in New York.
Globalization has given companies access to a larger labor pool since they can outsource jobs to employees in other countries.
Online Customer Feedback
Acquiring customer feedback used to be a difficult and time-consuming task since it involved talking to each customer to know about the review of the product.
With the advent of the internet, customers can provide immediate feedback online, which companies can use to update their products and services, increase customer satisfaction, enhance customer experience, acquire new customers and boost loyalty.
Technology has made it easier for customers and organizations to interact with one another.
Technology has enabled companies to diversify their product mix. This helps organizations tap into new markets, acquire new customers, increase profitability, mitigate risk and gain a competitive edge in the market.
Amazon is one of the largest companies in the world that sells everything, such as toys, gadgets, books, kitchenware, etc. Originally Amazon was just an online bookseller.
The goal of Amazon was always to diversify from an e-commerce platform to a technological giant. In 2006, Amazon launched Amazon Web Services (AWS).
AWS provides cloud computing platforms and APIs to individuals, organizations, and the government. It later diversified and launched the Kindle e-reader.
Today, Amazon has its airline (Amazon Air), cloud storage platform, movie studio, etc.
Some people view technology as a great evil diminishing our humanity, while others view it as humanity’s savior.
Nevertheless, almost everyone would be unanimous in believing that technology has changed how the world works and is continuing to do so.
Organizations are using technology to increase productivity. Business processes that previously took hours can now be completed within minutes.
In light of the above article, we can conclude that technology has truly transformed the modern workplace.