Technology helps businesses in a number
of ways that generally center on doing things bigger, better or faster than you
could without technology. Different industries and companies rely on technology
in different ways, but widespread uses include business communication,
optimized production, inventory management and financial record-keeping.
Business Communication
Technology expands the reach and
efficiency of many forms
of internal and external business communication. Field sales representatives
and technicians, for instance, no longer have to return to an office to receive
assignments. Instead, they take calls or mobile messages while in the field,
alerting them to the next scheduled appointment. Business reps traveling for
work can stay connected to the office and colleagues. E-mail enables
mass distribution of messages to people across geographical
boundaries.
Externally, technology enhances
opportunities for marketing communication. Social media, e-mail and mobile
phones allow companies swifter and more interactive communication platforms
relative to traditional, one-way media options.
Optimized Production
No matter what your industry, business size or
primary activities, technology allows opportunities to optimize production
beyond what you could produce without it. Small companies can often compete
with larger firms in operational efficiency, thanks to access to high-tech
equipment and tools. Manufacturers constantly look to upgrade equipment to
compete with industry leaders on production efficiency.
In a retail business, technology makes
the process of selling to and servicing customers much more efficient as well.
Scanning barcodes at a checkout is faster than finger-punching numbers in a
cash register. Also, as items get scanned, companies capture important data for
precise marketing.
Inventory Management
Raw materials suppliers, manufacturers,
wholesalers, retails and B2B providers all have inventory management
processes. Technology is used to organize items systematicallyin a
warehouse or storage room. Matching computer information to inventory storage
spaces helps associates pull stock as quickly as possible. Companies can
quickly compare inventory when it comes in the door to order sizes on the
computer screen. Many inventory processes are automated. Retailers, for
instance, often use vendor managed
inventory approaches where suppliers automatically send
replenishment when alerted that stock is low at a store. Organized, efficient
inventory control helps minimize inventory costs while meeting customer demand.
Financial Record-Keeping
Companies’ small and large use advanced
software programs to manage accounting and finance tasks, according to the U.S.
Small Business Administration. In fact, companies often use programs that sync
accounting with point-of-sale terminals and bookkeeping programs, such that
each purchase or sale transaction is automatically captured in an accounting
platform. Using technology to manage financial record-keeping minimizes manual
processes, reduces costs and helps protect against human error.
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