Technology and Innovation, Hand in Hand
Technology and Innovation, Hand in Hand
Innovation refers to creating and implementing new ideas and technologies that improve goods and services or increase production efficiency.
The evolution of steam engine technology in the 18th century is an excellent illustration of innovation. Steam engines could be used in factories, allowing mass manufacturing, and revolutionized transportation by introducing railways. Information technology has significantly changed the way businesses produce and sell their goods and services and opened new markets and business models1.
Therefore, all innovation efforts are means, in the end, to drive economic growth and development through technological implementations that sustain and develop businesses and facilitate them. Technology is crucial to businesses. It has a massive impact on business operations. No matter your company's size, technology facilitates communication, finances, marketing, management, and much more2.
Business Communication
One of the aspects of business that benefited much from the technology revolution is communication. Now workers don't have to go to the office to receive assignments or to meet. Meetings take place remotely, thanks to applications such as Zoom, Google Hangout, and Microsoft Teams, to name a few. Team members can receive assignments through emails. Communicating information takes place instantly, either through WhatsApp or intranet or even phone calls3.
Globalization through Resource Management
At the heart of globalization lies resource management. Businesses, whether large or small, need to manage their resources. Resources range from financial to human resources. Gone are the days where management had to use desktop-based solutions to manage resources. Now, management use laptops, personal computers, tablets, and smartphones to manage resources with the help of cloud-based ERP (Enterprise Resource Planning) software and solutions. Cloud-based ERP facilitated both resource management and introduced the idea of globalization.4
Customer Handling
Technology eased supporting and handling customers. In the world of customer support, things have become much more manageable. Companies no longer rely on emails, phone calls, or WhatsApp only. The emergence of artificial intelligence-enabled the usage of chatbots that act as customer representatives to deal with customers' inquiries5.
Security and Protection
Attacks on the Internet are expanding at an alarming rate, posing a significant risk to businesses. As a result, developers are creating cybersecurity defense systems to safeguard businesses against harmful threats. The fear of a cyber assault is constant in this era of cloud computing. As a result, companies must strengthen the security of their online accounts, which include sensitive information and data6.
Surplus resources of knowledge
Technology has enabled the storage of knowledge. Moreover, the Internet is loaded with information. Knowledge about all topics is just at the tip of your fingers. The availability of information makes it much easier to search and use this information whenever needed. Moreover, it made it easier to search for competitors and perform necessary marketing research and analysis for expansion and growth7.
Decision Making
Making decisions is an integral part of every business. To make the decision-making process more efficient, you'll need technology to maintain track of customer and market information. Error-free reporting is made possible by technology in the form of business-relevant software. With KPIs derived from the finance, marketing, and customer engagement departments, you can ensure accuracy. It is the technology that captures essential data and assists a company in identifying its weak spots and strategizing accordingly.
We have just taken a broad view of the advances of businesses overall due to innovation and technology. However, just as companies made great use of technology, the human resources side in specific has also evolved through enhancing cultures, employee engagement, growth, and development.
1European Central Bank, 27 June 2017, Accessed 20 August 2021, https://www.ecb.europa.eu/explainers/tell-me-more/html/growth.en.html
2Sandra M, November 5, 2018, Data Scope, Accessed 20 August 2021, https://mydatascope.com/blog/en/the-relevance-of-technology-in-business/
3Sandra M, November 5, 2018, Data Scope, Accessed 20 August 2021, https://mydatascope.com/blog/en/the-relevance-of-technology-in-business/
4Abhijeet, We3Care, Nov 20, 2019, Accessed 20 August 2021, https://www.w3care.com/blog/the-importance-of-technology-for-modern-business-survival
5Farhan Suleman, readwrite, 16 Aug 2019, Accessed 20 August 2021, https://readwrite.com/2019/08/16/10-reasons-that-demonstrate-the-importance-of-technology-in-business/?__cf_chl_jschl_tk__=pmd_c520ed68dd8e878a4ba8f35c7ef9ae7343929982-1627650577-0-gqNtZGzNAnijcnBszQbO
6Farhan Suleman, readwrite, 16 Aug 2019, Accessed 20 August 2021, https://readwrite.com/2019/08/16/10-reasons-that-demonstrate-the-importance-of-technology-in-business/?__cf_chl_jschl_tk__=pmd_c520ed68dd8e878a4ba8f35c7ef9ae7343929982-1627650577-0-gqNtZGzNAnijcnBszQbO
7Farhan Suleman, readwrite, 16 Aug 2019, Accessed 20 August 2021, https://readwrite.com/2019/08/16/10-reasons-that-demonstrate-the-importance-of-technology-in-business/?__cf_chl_jschl_tk__=pmd_c520ed68dd8e878a4ba8f35c7ef9ae7343929982-1627650577-0-gqNtZGzNAnijcnBszQbO
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