To understand the effects of technological advancement in the last 50 years, compare it to the previous 500 years of development. You will see that by employing technology in business, companies have improved communication processes, expanded their customer bases all over the world, and are enjoying increased employee productivity.
Small companies that rank at least average in most regions will reap significant benefits from the use of technology in business. There are tech tools that will help them manage costs better, improve their business operations, communicate more effectively, and keep their businesses more secure.
How companies can use technology to help them expand?
1. Store Data on Cloud
The process of storing data in the cloud has fully upended traditional data storage methods. Companies that handled massive amounts of data had to FTP large files when they tried to send them ten years ago. Similarly, companies were unable to handle data without a large number of high-capacity storage devices.
Today, however, sharing data with peers is as simple as uploading it to an online storage account and sending an invite connection. The consequences of being able to store data in the cloud are enormous.
Cloud computing, for example, allows users to do the following:
- Access to data from anywhere
- Conduct automated backups
- Store an infinite amount of data
- Teams can work in real-time on a single document
2. Social Media
Small companies can now do many things that were almost impossible for them to do just 25 years ago. For instance, they can promote their brand across the globe using the internet, collaborate with business partners anywhere in the world, or communicate easily with customers anywhere.
Social media helps you monitor nearly every aspect of your audience's actions, providing you with a wealth of information about their motives. This helps you to be a better seller. Furthermore, social media provides you with a forum to establish your authority. This means for you as a small to the mid-sized company because you can have the same marketing clout as bigger companies for a fraction of the price.
3. Productivity Apps
Although having an army of project managers at your disposal would be ideal, the fact is that it would be too expensive. However, digital innovation ensures that even small business owners can easily remain profitable with just a laptop with the right productivity software installed. With the use of information technology in business, your small business can achieve greater heights.
Some of the most well-known apps for larger businesses are:
Some of the most well-known apps & websites for small businesses are:
- Flipkart & more
Furthermore, all of these applications are free or have a free level of support and are available on both mobile and desktop.
4. Analytical Tools
Analytical tools help you make the right decisions and reduce your risks by making available data that helps you know customer preferences and the latest market trends. These tools help you gain valuable business insights and prevent you from taking the wrong actions. They enable you to automate the decision-making process and make real-time responses whenever required. They improve your efficiency by letting you collect large volumes of data and analyse them easily.
5. Chatting apps to Make Communication Easier
Communication is so much easier today with recent technological advancements like chatting apps. Not only is contact ridiculously simple in this day and age, but it is also lightning quick and incredibly affordable, and this applies to both domestic and foreign communication.
Team chat apps enable seamless communication by letting you share messages, documents, or videos from even remote locations. Meetings can be scheduled easily and quickly at the last minute. These apps help streamline the workflow and enable team members to allocate tasks, share the latest information, and give instant feedback.
6. Payment Systems on the Internet
Web-based payment systems make sending and receiving payments easy. They enable you to easily transfer money to any account, pay bills, or receive the money within a few minutes. Many of these systems like Stripe or PayJunction have built-in integration with common accounting software.
Finally, taking another form of payment allows you to reach out to more customers, which means a larger number of people will buy your goods and services.
7. Billing, Stock Management, and Accounting
Manually writing bills can take a long time, depending on the volume of customers. Hence resulting in customer queues and, in some cases, customer loss due to long billing lines. Handwritten bills are often criticised for being difficult to read. Another drawback of managing it on paper is that you'll have to type it into your stock register.
Of all the accounting tools for small businesses, OkCredit is the best app to manage your ledgers and meet your bookkeeping needs.
8. Technology for Time Management and Monitoring
Company owners need to increase productivity in the workplace to thrive. Time monitoring and management software like Toggl, Shift, Trello, or Workflow keep track of what's being done so that company owners can better control their workers' time and productivity. Work hours, leisure time, sick leave, overtime, and tasks are all tracked and recorded by the program. Furthermore, the program can keep track of individual tasks, costs, invoices, and clients.
Today, small business owners and employees can work from anywhere, from their homes, offices, or even while in traffic, thanks to technological advancements. You've just seen the different ways that technology can aid in the growth of your business. Implication of Technology in business allows companies to do more with less. These business growth tips are informative and you can put at least one of these digital solutions for business to good use.
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Q. How has technology aided the growth of small businesses?
Ans. Technology helps small businesses connect instantly with customers, get their feedback, and apply the insights gained into their businesses for improvement. It has enabled them to set up online stores which require only minimal investment rather than set up an expensive office at a prime location. Small businesses have widened their customer base and are able to cater to clients located at distant locations in any part of the world.
Q. How can I accelerate the growth of my small business?
Ans. Employing the right tech tools will help you grow your small business. You can use an analytical tool to determine your customers’ likes and dislikes, get their feedback and improve your products and services. Use a chatting tool to improve communication with your employees and customers. Employ time management tools to improve workflow and increase employee productivity. You can improve customer service by using online payment tools to give customers more payment options other than cash on delivery.
Q. Explain the impact of technology on small businesses?
Ans. Small businesses can communicate with their customers through email, blogs, social media, and forums, thanks to technological advancements. The tech tools help improve employee productivity and maximise their potential. With such advanced tools, small companies can today compete with large-sized organisations.
Q. What is the foremost effect of technology on business?
Ans. To begin with, technology has greatly improved a company's ability to connect with customers. Employees must communicate with clients rapidly and clearly in today's fast-paced business climate. Another effect of technology is that local businesses can expand their business operations globally through online stores without having to open physical offices.