Technology is the collection of techniques, skills, methods, and processes used in the production of goods or services or in the accomplishment of objectives, such as scientific investigation,” as per Wikipedia.

Technology keeps improving with passing days and to survive in the market, businesses must adapt and learn to use the latest technology for improving their business goals.

Let us understand how the use of technology has helped many small and big businesses to excel;

  1. Improving Business Communication: 

Communication is a key factor when it comes to doing business. In earlier days, people needed to travel to different places to communicate with a customer or a client but today with the advancement of digital technology, a video-conference can be held with your client from the comfort of your own office or home. Not only is this extremely convenient but also a cost-effective solution which is helpful for small businesses as they have limited capital and need to reach out to multiple clients and customers. Electronic mails, text messages, and social networks are also used for communication purpose.

  1. Providing Affordable Marketing:

Nowadays, you do not need to pay a lump sum amount to a marketing agency to promote your business, marketing can be done in-house which is a cheaper alternative and can be quite effective too. Technology has made it possible for you to reach millions of potential customers through the platform of social media like Facebook, Twitter, and LinkedIn. This is especially beneficial for smaller businesses as they save on the capital but also is equally helpful for larger businesses.

  1. Making Pool of Information Available:

Modern business is all about innovation. Young minds can expand their business by accessing the vast amount of information available on the internet and doing relevant research and reading. Understanding how the competitors operate and how technology can be used to advance your business is important to exist in this competitive market.

  1. Managing Human Resource: 

Businesses need experienced and efficient employees to excel. Especially small businesses need highly expert individuals to become successful. Technology can be used to manage human resources as recruitment through the internet is extremely easy through various job portals which make it possible for you to reach out to many efficient employees out there.

  1. Enabling Direct Communication with Customers:

The primary goal of any business is to serve their customers be it a small or a big organization. Only if a customer is satisfied with the services offered, the business will flourish; if not then there is a high chance that the business will fail.

Serving customers mean being in constant touch with them by

  • taking their feedback on your product and services offered and find ways to improve it,
  • make the entire click-to-action cycle (payment forms if paying for service or products) simple via your website,
  • sending offers and deals notification to the customers through electronic emails
  • letting customers reach out to you easily through digital communication mediums.

Technology has made all the above possible letting businesses to constantly improve their service and product quality and handling the grievances of customers which helps in rebuilding their trust.

  1. Providing Automation, Tools, and Software:

Businesses that involve manufacturing of products have automated their production saving time and increasing efficiency. The same output is achieved in a lesser amount of time which helps to keep the business profitable and serve customers timely.

Businesses that provide services to customers have also benefited by the advancement of technology as software, apps and tools have been developed for almost every industry. Let us take the example of forex and stock trading, the market is filled with analytical tools, charts, and apps along with an automated channel through which it is also possible to reach out to best online broker within a short span of time which makes the execution of the entire process efficient and quick. Several other businesses use software and automated channels to become at par against the top players.

Business owners need to build a vision to recognize the customers need and use technology to accomplish these goals. The survival of a business is impossible without using technology to gain a competitive advantage. If business owners understand the correct use of technology in business, then it will lead to an increase of return on investment (ROI).