To stay competitive in the modern business landscape, organizations in all sectors are relying on various technologies, both in terms of hardware and software. This helps them improve their products and services, boost efficiency and stay relevant amid changing customer demands. Understanding the importance of staying up to date with business technologies can help you make important upgrades within your business and potentially boost your profitability. In this article, we explore why it’s so important to keep up to date with the latest business hardware, software and technology trends and explore examples of them.
Importance of technology for businesses
Business technology is a broad term encompassing a range of specific software and devices. High-level business administrators, such as those who’ve completed an online DBA or similar qualification, typically have a good understanding of what business technologies their employers should be leveraging. Technologies such as computers are the bare minimum nowadays, as these help businesses communicate efficiently, manage employees and oversee projects remotely, to name a few uses. Most businesses also rely on various software packages too, and without computers, these would be impossible to use. Technology is the backbone of many businesses, as well as entire industries.
Besides fundamental technologies such as this, businesses now use a range of other technologies to keep their businesses running effectively and stay competitive. This includes things like automation software, which helps businesses automate various mundane tasks, saving time and money. Here are some of the main reasons why it’s important for businesses to monitor developments in business technology:
- Stay competitive: The most obvious benefit of keeping an eye on the latest business technology innovations is that it keeps your business competitive. If other businesses can deliver business functions faster, more cheaply and more effectively, there’s no way to keep up with them and you will potentially lose clients/customers.
- Retain customers: Customer expectations are always evolving, and often this means they demand a certain standard of quality or level of customer service, for example. Businesses that leverage new technologies to keep their customers happy are inevitably going to retain more customers and a greater share of the market.
- More opportunities: Businesses that embrace new technologies can benefit from spotting many new opportunities. For example, businesses that leverage data analytics software can identify problems with their products and services and figure out what their customers want, which allows them to capitalize on these insights.
Business hardware examples
Here are some examples of business hardware that modern organizations can’t do without:
- Computers/laptops: These are essential pieces of hardware for most businesses, as at least some employees will have company-issued laptops or designated computers, such as receptionists or administrators, if not all employees. Without these devices, businesses wouldn’t be able to function in the modern world of business.
- Printers/scanners/fax machines: These are also standard items in virtually every office, as they enable businesses to print and share documents. While they don’t typically relate directly to the core functions of businesses, they help to improve the efficiency of various systems and facilitate information exchange.
- Servers: Servers provide computing power, helping to facilitate large volumes of requests on networks within organizations. They can store significant amounts of data, enabling individual computers to access more information. Many businesses rely on these to operate.
Business software examples
Here are some examples of software that many businesses depend on:
- Marketing automation: Companies that use marketing automation tools instead of manually completing marketing tasks have a massive advantage over their competitors. This is because they cannot only reach more customers in much more personalized and effective ways, but they can do so by spending far less money.
- Microsoft packages: This is another extremely popular example of software that businesses use, as software applications such as Microsoft Excel are indispensable tools for accounting and producing spreadsheets. There are also apps such as Microsoft Word that most businesses can’t do without, as word processors are needed for writing reports and many other business-related activities.
- Project management tools: Applications that facilitate and streamline project management are widely used in businesses nowadays, as they allow for the efficient and effective management of even the most complex projects. They help project managers assign tasks, communicate with team members and monitor progress remotely.
Latest technology trends to be aware of
It’s important for businesses to maintain an awareness of technologies that can give them a competitive edge, as they’re constantly evolving. Here are some tech trends to keep an eye on:
Artificial intelligence (AI) and machine learning
This is one technology that all business owners and administrators need to be aware of, as AI is set to revolutionize virtually all industries. Businesses will be able to leverage AI in powerful ways, such as by using it to create innovative engineering designs or web design, for example. It can learn from previous designs and apply data insights to generate new, innovative designs. AI will also be able to perform tasks such as writing content for the web or acting as a voice-activated assistant, which will essentially make them similar to personal assistants.
The 5G rollout was delayed slightly by the recent health crisis, but it’s still on the way worldwide. 5G networks will allow for much faster data transmission, and businesses can leverage this to their advantage in many ways. The technology will also better facilitate what’s called the Internet of Things, which is a vast array of interconnected smart devices. IoT technology will help businesses leverage consumer data like never before, along with many other advantages.