Research confirms that over last 40 years, technology has led to a metronomic increase of 84 % in business productivity. This trend is showing no signs of abating and is expected to grow by another 22% by 2020.
Impressive!! Isn’t it?
It’s no secret that the continuous technological advancement over the last decade has transformed businesses across multiple dimensions. This era boasts of robust technologies like cloud computing, web-based solutions, big data analytics and artificial intelligence, which have completely revolutionized the conduct of businesses.
Let’s have a look at how technology has catalysed the metamorphosis of business operations and influenced workplace dynamics.
Connectivity
Various avenues of connectivity foster the perennial flow of information. Internal communication, external collaborations and real time or non-real time discussions are no longer with secured channels of tele-networking. Also, directly connecting with end consumers and the target audiences is no longer a matter of hassle for enterprises.
Cost Management
Powerful software programs are ubiquitously available, ensuring greater functionality at reduced cost. ERP management systems, cloud-based accounting software; production planning and scheduling software are some of them, which cater to functional requirements, providing efficient and cost-effective business solutions.
Consumer base
The advent of the internet has truly blurred geographical borders. Technology has opened gates to new economic markets defying the traditional norms of social barriers. For big and small businesses alike, the global market is accessible with burgeoning consumer base.
Potential
We have entered a time where technology not just supports business operations, but strengthens the potentiality of growth. Nurturing a collaborative environment, technology is providing ample opportunities for companies to capitalise on. ERP software for small businesses, cloud computing, and big data are some potent business tools which have allowed even small enterprises with capabilities to compete with big giants.
Social Impact
The impact of social media is no fad, rather ubiquitous. The proliferation of smartphones and apps has contributed to this wave. In this age of instant uploads and downloads, businesses cannot afford to function in vacuum, neglecting feedbacks from consumers or supporting business units.
Optimization
Efficiency and optimization is an obvious consequence of all the aforementioned factors discussed. The business supporting technologies help companies in relocating efforts towards critical processes and core competencies, yielding enhanced productivity and better efficiency.
No wonder then that we are witnessing a paradigm shift in business operations and continuous advancement of technology which promises nothing short of holistic, evolved business management solutions.