“Once a new technology rolls over you, if you’re not part of the steamroller, you’re part of the road.”
– Stewart Brand
Technological growth has been the protagonist in every business’s story in the 21st century. It has impacted the way we work, what we work and who we work for. It has transformed the employment industry on a global scale, with internet providing livelihood to many individuals and firms alike.
The biggest positive that technology has brought about is enhanced customer service and increased productivity. The most popular tech tools that have served this purpose- enormous data, cloud, social and mobile technologies have digitally transformed majority of private and public sector organizations. Firms that have embraced technological transformation have higher revenues and achieve bigger market valuation than competitors. Below are the business scenarios where technology has transformed business processes or enhanced efficiency.
1. Customer Experience:
The biggest advantage of technology is that it has had a significant impact on customer experience. Superior customer service is the need of the hour and the primary focus that a business needs to focus on to survive. Businesses are now connected to their consumers and can provide them with instant information regarding their queries. Additionally, technology is striving for better user experience each day through new apps that further personalizes user experience.
2. Operational Efficiency:
More and more manufacturing companies are already benefiting from investing in business software. Technology can today assist you inventory management, warehouse management, quality, and production decision-making. Technology also provides you the tons of information so that you can make a planned decision.
3. Customer Loyalty:
Tactful businesses that provide efficient user experience keep their customer engaged with themselves. Technology has eased this process as now, your employees have real time access to information and quickly respond to the customer’s queries. Technology is the key to customer loyalty programs.
4. Revenue Generation:
In today’s digital world, technology is creating new revenue channels, improving field staff efficiency, and leveraging new modes of user engagement to increase market penetration and customer loyalty. “Shorter deals” and lower cost of client procurement, improving profitability and effectiveness, asset usage and streamlining business with lower operational expenses are some of the manifold benefits that technology renders to a business.
Technology holds a significant promise to transform businesses and bring about innovation. Prudent and effective use of technology can not only help your business to expand to new markets, but also hold expenses in line.