The rapid growth of the technology niche in recent times is changing the face of every business irrespective of size, organizational form and industry sector. The role of technology in relation to productivity and efficiency cannot be underrated.
According to KPMG’s 2018 Global Technology Innovation report, “the UK tech sector had another strong year in 2017 with businesses posting robust earnings and strong cash flows that led to continued investment in R&D and acquisitions.” The small business sector is also seeing a rapid growth and immense benefits from the adoption of technology in the market, as it has brought the participants to the limelight. Small businesses now have access to various customers and partners in different locations through the use of technology.
The benefits and the impacts of technology are enormous for small businesses to tap into. Some of these benefits include;
High level of Automation: Technology has reduced the long processes that revolve around operational efficiencies for businesses through cloud computing by saving, managing important information, sharing and keeping data and files for businesses which can easily be accessed through cloud computing.
Information Management: Managing inflow and outflow of messages has never been easier and more efficient than before; through the use of technology you can develop efficient processes that manage the flow of messages in your business; one of those includes email management through different applications.
Time Management: This level of advanced technology also helps you save time and work efficiently, with such technology being time tracking software. With this software you could track the progress of your business, measure the performance of each resource allocated to different projects.
Financial Management: Another important benefit of technology to your business is that it can help you manage transactions such as online invoicing services to reduce stress and cost of collecting payment from your customers, budget tracking to help you measure actual cost with expenses, overheads, taxes and so on.
Effective Marketing: To successfully target your audience, you need to be dynamic and understand who they are through effective planning and execution. You could leverage the use of technology to create a marketing plan for your business through the use of marketing tools such as Marketo and hotspot, while you could also leverage on social media platforms like Facebook, Twitter, Google+, Pinterest, YouTube, etc. to promote your business, products, and services.
Logistics: in the past one of the major problems associated with distance trading was logistics. The stress of transporting goods from seller to buyer was a chore; now delivery services are way more efficient and even the farthest locations can be reached with the added bonus of goods being track-able. Technology eliminates logistic problems allowing potential clients to purchase with you regardless of their location.
Technology also provides different avenues for you to develop your business through learning; this could be online training, holding meetings with your team through teleconference calls or attending international seminars through webinars.
These and many more are ways in which technology has changed the face of small businesses, increased efficiency, profitability and productivity and reduced expenses.