How would entrepreneurship be without technology? Both small and large enterprises have turned to technology for competitive advantage. Technology has impacted chiefly small businesses and start-ups positively, making them compete well with already established ventures. Technology integration in businesses has impacted entrepreneurship in the following ways.
Reduction of business operational cost
The wide variety of software available for businesses has reduced the cost of doing business. For instance, there is widespread automation of businesses processes, especially back-office operations. All records, including accounting and payroll, have been automated; hence, requiring less personnel to be engaged. Through technology, field officers can upload information through their mobile apps, and the data is synchronized immediately with the office systems, without the need to travel back to the office.
Storage of sensitive information
Unlike in the past, where sensitive documents were accessible by most employees working in the organization, businesses today can safely secure their sensitive information using user-friendly software. The apps come up with multi-layer security protocols, including passwords, fingerprints, and security questions. Sensitive data and records may also be kept in the cloud and retrieved only by authorized personnel.
Enhancement of business communication processes
Businesses success is only achievable through an effective business communication process. Business communication involves interaction with active and potential clients and interaction between the employees themselves.
It’s through proper communication processes that the businesses receive adequate feedback from the customers. The gathering of customers’ feedback is primarily through the company’s websites, emails, and phone calls. On the other hand, inter-office communication is achievable through social intranet software that allows employees to relay vital information and documents.
Improvement of employees’ productivity
Technology improves the productivity of individual employees. Automation of business processes has eradicated manual processes. Automation of operations quickens business operations and leads to the reduction of human labor. Currently, employers are using online appraisal systems to supervise their employees remotely. Such an online appraisal framework leads to increased employee productivity.
Expansion of the customer base
Through technology, businesses can reach out to more clients. Business products are advertised widely through internet banners and ads. Companies selling products and services through their websites also attract customers with their 24/7 customer service.
As businesses look to automate their operations, they should source out programs and apps from reputable tech firms. Though the software may be expensive, they save time and cost incurred in business operations. Business owners should prepare for more technological advancement.