Technology and the benefits to business

Why look for technology solutions for your business

Technology can improve profits and provide a competitive edge to almost all businesses. Discover some of the key areas if can help businesses.

What have Cisco, Nissan, Amazon, Unilever and Virgin got in common?

Aside from being successful businesses, they all embrace new technology.

What are the benefits to businesses like these investing significant resources to identify technology for their businesses?

Discover some of the key benefits technology can bring to business in this article.

Distruption is happening

Technology is advancing faster than ever and has the ability to disrupt traditional markets. Those recognised names such as Uber, Netflix and Amazon have all disrupted traditional markets. In today’s business landscape embracing technology can not only help survival, it can provide a competitive advantage. We created IntroStream to help businesses identify technology to help their business.

Representation of technology and the benefits to business

While many see the most obvious benefit to technology in business being increased productivity, which translates into a lower cost structure, there are a number of other benefits technology can bring an established business.

Be Agile, protect against disruption

Disruption can often occur due to agility. Technology aids agility and increases the speed of response to changes in customer behavior or market conditions. This can provide a significant competitive advantage in today’s market place over late adopters of technology. With the advent of information technology, information is shared at an astounding rate. This saves time, offering the ability to make decisions faster.

As the volume of data companies process increases, a new challenge faced is how to efficiently process the data into a meaningful and relevant decision tool. There are specialist analytical businesses such as Peak who can turn business data into predictive models saving companies millions in efficiency savings.

Free up time, remove duplication

Technology eliminates the need for double or triple entry systems and reduces the need to file large amounts of paperwork. Now, contracts and customer information can be stored in virtual data warehouses and accessed in minutes, which cuts down on the need to purchase or rent storage space. Data can also be shared with customers generating an embedded relationship with businesses working closely together to react to customer requirements.

Improve speed of delivery

Technology allows information, whether written or broadcast, to be shared more quickly and with fewer resources. Marketing can be accomplished by placing ads that reach millions of ready buyers on the Internet or through social networking sites. Businesses need to consider alternative marketing routes to historical agency models. As an example, Social Chain, a Manchester based business can make campaigns trend number 1 on twitter within 30 minutes. The power of their reach within minutes would have been though impossible 10 years ago.

Information sharing can also benefit the workforce through E-learning and other forms of online training replacing traditional classroom models in a cost effective way. Technology in this area can ensure staff are trained to the highest level whilst also reducing cost.

Free up time

Technology allows businesses to automate certain functions that historically have required the need to hire an employee. For smaller businesses for instance, bookkeeping functions now can be handled by software applications such as Zero and Quickbooks. The sales function is automated through contact management sites such as SalesForce. These give the business management the ability to focus on strategy and cut down on labor expenses.

Email overload- speed up communications

Technology can significantly improve communication both internally and externally for a business. There are numerous internal communication tools on the market to help reduce email traffic. Slack is one such tool which has seem significant adoption in the business world globally. Communication both internally and externally can also be aided by the use of apps. Externally facing apps can create greater customer experience and engagement.