In this age the technology has advanced by leaps and bounds; it has affected our lives, lifestyles, and the whole concept of living. The technological advance has benefited mankind in every field generally, but here we will limit our discussion to the use of technological tools for the benefit of business.
When technology is used in business, the major benefit is increase in the production with resultant cost effectiveness and better revenue generation. Other benefits include operational ease, time saving, automation, etc.
Quick Decision Making and Time Saving
In the past when the only way of communication was the postal service, business owners had to wait for weeks or months depending upon the distance, before getting a response from their vendors, other business owners, or clients. The situation used to delay the process of decision making with subsequent slow business and less productivity. With the available technological means for swifter communication today, a business owner is able to communicate and make a decision on the spot. A lot of time is saved and the operational productivity is increased but the production costs decrease with better profits.
The use of technology has greatly reduced the amount of human effort and paperwork. Gone are the days when large registers, ledgers, account books, and files were maintained needing large storage areas and safety measures against theft, fire, or other disasters. Now all the contracts, files, records of sales and lists of customers can be stored easily and can also be accessed within a matter of seconds. A lot of cost and effort is saved, and there is no need of storage spaces to keep files and folders.
Easier Access to Information
The tools of technology have benefitted the businesses in numerous ways. The business or company can easily market their products or services for the prospective customers by using the web or various social media networking websites. Similarly online training programs are available for the business owners as well as their employees through online lectures and how to do videos. Technology also makes it possible to gather responses and reviews of the clients, and suggestions or comments from fellow businessmen.
Use of softwares
With the increasing use of softwares, the business owners are able to cut down the labor costs by using software applications for bookkeeping, sales, and other functions.