Technology has won an undisputed vital spot in most industries and sectors in the world, including the business world. Its importance cuts across several aspects of business from communication to records, bookkeeping, inventory, and even customer relationship. But while you may know how much workplaces have come to rely on technology, you may still be confused about some things about this topic. You may be wondering what is technology in business; what is it all about, and why should you bother about it as a business owner.
Well, all these are what this article is hoping to answer.
Here, you will get a full and detailed meaning of technology in business.
Not only that, but you would also learn other vital things as regards technology and its position in business; like the advantages of technology in business, how businesses use technology, the different types of business technology, and so much more.
In today’s world where everything is pretty much tech-related, you would be doing yourself and your business a disservice if you do not learn about this topic.
You need to learn all you can about business technology and its effects in the workplace.
And you can then use this knowledge to get the full benefits of technology in your business.
So, what is technology in business?
Meaning of Technology in Business – What is Technology in Business
You most likely already know what technology means in a general sense.
The dictionary defines it as putting scientific knowledge into practical use.
While this is what technology means in a general sense, this meaning is not so different from what technology is in the business world.
Technology in business is the use of tech hardware and software to improve efficiency and productivity in the workplace.
Business technology includes computers, printers, internet systems, software applications, and so on.
The good thing about business technology is that it makes business processes a whole lot faster and more effective.
Companies can use technology to properly delegate tasks between employees in the workplace so that they can reach their goals faster.
Managers can also use business technology to carry out some core managerial roles.
Subsequently in this article, we’ll consider some of the advantages of technology in business.
But for now, let’s look at a very important aspect of this topic.
How is Technology Used in Business – What is Technology in Business
Now that you know what technology is all about in business, you most likely have another question on your mind; “How do companies make use of technology?”.
Well, there are so many ways businesses make use of technology in the workspace.
Let’s consider some of these ways below:
Gone are the days when companies can only hire people around their location.
In today’s world, companies can use the internet to get access to job forums and then hire talents from anywhere in the world.
Those workers can also remotely carry out their tasks and duties and properly communicate with other workers and their bosses, and it’s all thanks to technology.
This is just one of the ways businesses use technology for their hiring process.
Companies now use different software applications and networking systems to do things that make their hiring process easier and more effective.
Paying employees used to be quite a process that at least one personnel (depending on the size of the business) had to take full charge of.
But this is no longer the case.
Now, there are computer systems and software that companies use to pay their workers.
With these systems, a company can schedule its salary payment.
And once the scheduled date comes, salaries will be automatically disbursed to contractors and employees.
Most of these systems do not require anyone to man the process because they are fully automated.
Every business owner and leader knows the importance of division of labour within the workplace.
When tasks are adequately allocated to employees, they can easily finish a large task faster and more effectively.
With technology, delegating tasks in the workplace is even easier.
You can either use an offline or online software application to properly allocate tasks among your workers.
If you have remote workers, this will allow you to effectively allocate tasks between your workers virtually.
The workers can in turn learn more about the task they have to execute and its objectives by discussing them via an internet chat room.
Most companies have since transitioned from storing data in physical files to storing them digitally.
And why shouldn’t they, storing data in a digital database is a lot more secure and easier.
When you store data physically and you need to quickly assess a particular data, you would have to leave your workstation, go to where you store your files, and then go through different files to find the data you need.
Regardless of how organized your files are, this would cost you some time.
Technology has all but eliminated this in the workplace.
Now, any company regardless of how big or small it is can afford to save its data digitally.
With these storage systems, you can save any data from your financial statements to your file records, employees’ data, and so much more.
Not only are digital databases more secure and organized than physical ones, but they are also easily accessible.
Anybody that has access to the database can access any data of their choice from anywhere in the world, as long as there’s internet coverage.
You can also use these data storage systems for other vital business tasks.
Such as tracking orders, managing stocks, overseeing production, and so on.
You may have to pay some money to use these systems but it’s not money that would break the bank.
Managing Inventory – What is Technology in Business
You can also actively manage your inventory using a reliable data storage system.
You can create spreadsheets on the system and then record your inventory on them.
This would make locating and keeping track of inventory a whole lot easier.
Some of these software applications even have active classification features that let you and employees know if a particular item is currently available in the warehouse or if it is in transit.
Security – What is Technology in Business
A lot of businesses now rely on software applications and other online systems to carry out some of their business processes.
So, it would be quite unreasonable if proper security measures weren’t taken to protect these companies.
This is where security software programs come in.
These systems are specifically put in place to ensure that businesses’ electronic content is as safe as possible.
They restrict unauthorized users from accessing important digital documents and processes.
Companies that have to follow certain safety standards can also use safety software to ensure their workers follow these standards.
Communication – What is Technology in Business
A business with a great company culture knows not to joke with communication.
They know how important communication is for collaboration within the workplace and for encouraging good work ethics among their staff.
In companies like this, proper communication flow is a priority.
One that technology helps them to achieve.
With the internet, you can effectively communicate with your employees remotely.
You can hold virtual meetings to discuss business plans and projects.
Members of the workforce can also use the company’s intranet to communicate effectively among themselves.
When communication is this easy, everyone in the workplace will be up to speed with the happenings in the workplace.
Instructions and messages will spread easily and faster and this will aid productivity and efficiency in the workplace.
Accounting is not an easy business task.
As a small business owner, you probably are responsible for your business accounting.
If this is the case, then you would agree that this task can be quite tedious and complex.
The good news is that there are several accounting software applications that businesses can use for their accounting needs.
These applications make accounting a whole lot easier for anybody to handle.
Types of Technology in Business – What is Technology in Business
From all that you have read so far, chances are you already have an idea of the type of technology there is in business.
You may be thinking that there are quite a lot for them to cater to all the uses discussed above.
Well, you won’t be wrong with that thought.
There are several types of technology in business.
But this section of this article will only be looking at 7 of them.
These systems are very important in the modern business world.
They are sort of the backbone that other business technology systems are built on.
It is through these computer systems that businesses can get software tools to do some business tasks like writing letters, designing presentations, analyzing records, sending emails, and so on.
These systems are usually on computers and since there are portable computers, employees can carry out tasks from anywhere.
You can have remote workers who would just need to have monitoring, communication, work tools, and other relevant systems on their computers.
Almost everybody in modern workplaces uses computers to carry out their tasks.
Companies often have a network that links all the devices within the organization.
They connect to the same network via the internet.
For instance, the company’s printer can be connected to everybody’s computer via Wi-Fi.
This way, anybody can send a print command from their computer to the printer.
Networks also make it possible for workers to share data and documents like internet links, records, and emails among themselves.
This network will most likely be accessible by computers within the same office.
However, if the network’s range is longer, it may provide coverage for a whole department or the whole company’s premises.
Productivity tools help employees focus on their tasks and complete them on time.
With these tools, an employee can edit documents, arrange spreadsheets, process code, and so on.
There are also certain productivity tools that people within the workspace can use to restrict their access to certain web pages and sites.
This is especially important for people that constantly work with their computers.
This is because they can easily get distracted by certain websites on the internet.
But when they restrict their access to these websites, they can focus on the task they have at hand.
Furthermore, employees can also use certain productivity tools to schedule their tasks.
These tools will suggest the best time to work, as well as when they need to take a break, whether long or short.
Inventory Systems – What is Technology in Business
If you run a business that processes orders and sells goods daily you would need an inventory control system.
This system will help you track your packages and orders, and even those in transit.
The tracking feature of these systems is usually secure for all the items that have been logged into the system’s inventory.
This system is also very important for production companies because it helps ensure that the important items do not finish in the inventory without those in charge knowing about it.
The system would track the stock level in the inventory and would alert you once the levels are low and you need to restock.
Customer Relationship Management (CRM) Systems – What is Technology in Business
This type of technology is very important for any business because it is all about tracking customers’ experiences with a business.
These systems track a business’s customers from the very beginning of their customer journey.
From when they were just prospects down to when they become paying customers.
They do not just track this journey but they also document the information they gather and add it to the customer’s profile.
So, when the customer makes an order, the CRM software will alert the business of the item they ordered, as well as, the customer’s location so that the item can be delivered to their location.
CRM software systems are the informant link between employees and customers.
This way, every party involved in a purchase will know every ordered item’s status at any given time.
For instance, let’s say a customer order an item that isn’t available in the inventory.
The system would know that this item isn’t available even if the employee in charge does not know this.
The system would not place the order; however, it would let the customer know that the product they want is out of stock.
These systems are very crucial for business owners that have to handle their company’s accounting needs by themselves.
It will help them to easily track their company’s financial processes, like the cash flow, monitor revenue, and can even help with some financial forecasting.
Even if you have a full-time accountant in your company, you would still benefit from using this system in your company.
This is because you can use this system to automate your payroll.
This way, all your employees will receive their salaries on time and it can also help you prevent fraudulent activities.
These systems are very important in a company as they aid effective communication within the workplace.
Employees can easily communicate with themselves about their projects and daily tasks via mail or phone systems.
Most businesses have in-line phones; these phones work only within the company’s premises.
Also, most phone systems in workplaces have auto attendants.
This attendant is there to help whoever is calling to reach the person they want to talk to.
These systems may also have custom voicemail features.
Email systems are just like phone systems, except they are specifically for emails.
Benefits of Technology in Business – What is Technology in Business
From all you have read so far, you already know some of the benefits technology can offer your business.
The benefits are so many; however, we would only be considering a few of them in this section of the article.
Multiple Marketing Options
With technology, you have different options at your disposal when it comes to marketing your products.
You can use your computers and phones to market your business on the internet.
There are so many social media platforms that you can use to reach a wider range of audience.
You can also market your business on blogs and online forums.
Helps you Keep your Business Organized – What is Technology in Business
One very important benefit of technology in the workplace is that it helps maintain orderliness.
For instance, if you decide to use a digital database to store your data, you’d find it not just easier but also more organized.
This is as opposed to storing physical company data.
Regardless of how organized you are, storing your company’s data physically won’t be as orderly as storing it digitally.
Aids Communication in the Workplace – What is Technology in Business
There are so many phone and mail systems that companies use to aid communication in the workplace.
These systems make communication quicker and more convenient for anyone in the workspace.
The location of the employee or even you as the boss will not hinder communication with these systems in place.
For instance, you can have employees that work from home, however, you can still hold virtual meetings with them to communicate the business’s daily plans, goals, projects, and objectives.
Improves the Efficiency of Business Processes
When a company uses technology, its business processes will not only be easier, but they will also be more effective.
Because the employees will be working with accurate systems, the chances of them making mistakes will significantly reduce.
All of these will add up to cause an increase in the company’s productivity.
Conclusion on What is Technology in Business
Technology is a very important part of business.
It aids several business processes; it makes it possible to carry out several business processes faster, easier, and more efficiently.
There are different types of technology in business that serve different purposes and functions.
But in the end, all of these different types of technology in business have one common purpose, to improve productivity in the workplace.
If your business isn’t already technological-savvy, then you need to change this as soon as possible because it offers so many benefits to businesses.