The technology industry is already forecasted to reach a whopping $5 trillion by the end of this year. Therefore, it wouldn’t be wrong to claim that it has invaded every other functional domain. Technology is unquestionably prevalent in every sphere of life. It behaves as the backbone of modern global machinery. From education to health, every field of life has absorbed technology to a great degree. Technology absorption rates are at their historical highs. The sectors that were hesitant to accept technology are now adopting it in full swing.
The world of business has seen radical technology shifts as well. Every functional area of business has absorbed specific tech innovations. Undoubtedly, the realm of business is not a stranger to technology. Both of them have been in collaboration for some time now. However, the paradigm has prominently shifted over the last decade. According to Insight, business spending on technology adoption has increased by 18% since 2010. Currently, it stands at approximately $686 billion. It shows the rapid pace at which technology is expanding its reach to business.
There are several benefits of coupling technology with business. If you have been trying to do so, this article can clarify a lot of your queries. It mentions four ways to achieve technological efficiency in your business activities.
1.Transform the traditional ways of marketing
Marketing has undoubtedly received the highest influx of technology. Now there are entirely new marvels of marketing technology that have opened new possibilities for market exploration. You can utilize these tech gems to achieve technological efficiency in your marketing activities. For instance, an open source database allows you to manage and organize various business activities such as marketing. It provides insightful data analysis, useable customer information, etc.
You can use the same data to initiate geo fencing. It is a location-based marketing service that detects when a potential customer with a smart device enters your brand’s proximity. You can send relevant marketing content and promotional offers to these devices in real-time. You can even incorporate Customer Relationship Management (CRM) and Customer Data Platform (CDP) in your marketing strategy. It will uplift your data management systems. You will be able to utilize the enormous data sets accumulated at different stages of customer interaction.
2.Adopting new and improved ways of financial operations
The portmanteau for financial technology is Fintech that has become a hot topic in no time. According to CB Insight, the Fintech industry has huge backing and stands approximately at $155 billion. Fintech is a net of interconnected financial instruments that can provide new lengths to your business. It is the utilization of machine learning algorithms and blockchain for the financial purposes of the organization. It has reduced financial processes from hours to seconds and reduced the chances of errors.
You can now have a payment system embedded in your mobile application and website. It has changed the entire financial landscape of businesses. Companies are in a better position to control financial regulations. You can also implement payment modules, providing you better financial control with quicker conversion rates.
Moreover, Fintech has equipped us with accessible and secure modes of investment capital as well. Businesses can expand their operations through additional funding in a preferable manner.
3.Uplifting the entire human resource management system
Human resource management is among the most complex departments of a business because it is the most human-intensive. It involves dealing with worker productivity and performance. In contrast, its efficiency determines the success of a company. Technology has improved the processes of this function as well. You can implement a variety of tech options in different divisions of the HR department. The aim is to improve the timeliness and efficiency of the overall output of the department. However, tech implementations are mostly division-wise.
You can implement Learning Management System (LMS) for training and development. It will take all your training needs on online platforms, making the entire process more easily accessible. You can even enhance the performance monitoring through it and implement Performance Management Systems (PMS) to supervise performance appraisals. Your training needs analysis process will become quicker and will generate better results. You can integrate the process of talent acquisition with SAP and other software automation. The entire process of recruitment and selection will become fast and efficient.
4. Becoming a part of the Sharing economy
The concept of a shared economy has emerged recently due to the widespread of technology. It is a concept of sharing resources for collective use. However, proper technical support is needed to ensure collaborative use in a managed way. Technology has created another brainchild known as Digital Sharing Economy (DSE). Now businesses can share resources such as logistics, material procurement, outsourcing, and event consultancy.
According to Forbes, Airbnb is worth a staggering $75 billion. It is way more than the hotel giant Marriot that stands at $44 billion. What’s surprising is that Airbnb doesn’t even own a single hotel room. The entire model relies on the concept of sharing economy. Similarly, the marketplaces like Amazon, Alibaba, and Etsy do not own any physical marketplace but are the world’s largest markets. You can use these concepts of the sharing economy to the advantage of your business as well.
Most importantly, you can expand your business online through e-commerce and coordinate with vendors for shared logistics services. It will save you massive costs and improve business efficiency.
Technology has incorporated futurism in the very present. Now we have technological tools that we could not even imagine a decade ago. Every field of life has seen technological intrusion. Similarly, the business world has absorbed some too. Now the reigns are in your hand. You can either utilize it to your advantage or wait to see it engulfs your operations. An innovative coalition of traditional business practices with necessary tech advancement defines success for your business activities.