The Advantages of Technology in the Business Worldby Milton Kazmeyer
For businesses, investing in technology can bring a host of advantages. As computers have increased in power and decreased in price, the benefits of a ] electronics in the workplace have even become available to small businesses. No matter the industry, a company can take advantage of these advances in technology to increase profits, streamline processes and open up new markets.
One of the biggest advantages technology offers businesses is gains in productivity. Computers have allowed employees to collaborate effectively, even across great distances, and the adoption of mobile computing devices like laptops and tablets enables employees to work almost anywhere. Technology has also led to the automation of many mundane business tasks, freeing workers to concentrate on duties that are more important or to supervise the operation of efficient machines.
Technology also offers businesses great gains in communication. Cell phones and other mobile devices keep workers connected and easily locatable wherever they go, reducing the time it takes to enact a meeting. The Internet offers a wealth of communication opportunities, allowing companies to host meetings online, even allowing video content and virtual whiteboards to share information. Companies who take advantage of the global network also find themselves operating in markets around the world, free to serve customers and patronize suppliers anywhere in the world.
Technology also offers substantial advantages for businesses, especially when it comes to information storage and analysis. Scanning business documents into a database can vastly reduce the amount of storage space required for recordkeeping, and these electronic documents are much easier to search than their physical counterparts. Information tools can also greatly increase a company’s ability to work with stored data, allowing analysts to quickly identify business trends and locate areas where a company might improve its bottom line.
One way in which these advantages add up is by reducing business expenses. Increases in productivity allow companies to do more with fewer workers, reducing payroll costs normally spent on repetitive but necessary business duties. Advances in communication can reduce travel costs, allowing executives from far-flung branches to confer over the Internet instead of meeting at a physical location. Data storage can reduce warehousing costs, since entire rooms full of documents can fit on a single hard drive. In addition, the analysis and computation abilities of modern machines can bring their own savings, allowing engineering firms to model virtual prototypes before building them or enabling a company to simulate the effects of a proposed change in their business model before making costly alterations.
- Wall Street Journal: The New, Faster Face of Innovation
- Information Week: It's Official: IT Adds Up
- Massachusetts Institute of Technology: Information Technology and Corporate Strategy: A Research Perspective
- Federal Reserve Bank of San Francisco: Information Technology and Productivity
- MIT Technology Review: Why I.T. Matters