The major achievement of technology right from the beginning of time and the very first invention of the first Abacus was and remains to make life easier for man. With the world of commerce and trade also known as business being a huge part of human existence and civilisation, technology has also seeped into this part and has been making huge changes.
Many achievements in technology are linked one way or the other to the business sector and anyone not utilizing these advancements is putting not only him/herself through unnecessary strain, but also limiting the reach and potential height of their business.
In this piece, we would explore and examine the ways in which a business owner can Transform his/her business operations using technology.
1. Data Analytics
Investopedia defines data analytics as the science of analyzing raw data in order to make conclusions about a piece of information.
Data analytics is applied in businesses in both the private and public sector.
Businesses in the private sector can use data analytics to support effective decision making. In that, the data gotten from sales for instance would indicate if and when there is in increase or decrease in sales and would enable the business owner narrow down the factors that might have led to such changes.
Photo Credit: Pixabay
Data analytics has been made easier and more efficient with the introduction of tools like Google analytics. Business owners can now track the progress of their competition, latest trends in their niche of commerce and the traffic their website generates online.
Gone are the days when bookkeeping was done using pen and paper; in present time, forward thinking businesses use data analytics with the aid of digital tools to keep tabs and compute their financial data.
Data analytics when applied to employee performance also enables a business owner pinpoint how well their employees are performing in the workplace, the productivity of the employee and also the attendance of employees. Therefore supporting motivation through accurate rewarding or sanctioning of the employee as the case may be.
In general, data analytics empowers a business with the right data and information needed for decision making and the efficient execution of it's operations towards achieving it's long-term and short-term goals.
2. Wider Market Reach
With the internet at our disposal, there is basically, no limit to a business' reach.
Utilizing the right tools and techniques, a business can operate and offer services and products from an entirely different continent!
This is especially true for businesses that sell services like web development, content creation, tutorials and so on. They do not need a physical location to operate, there IP address or website address is all that is needed to carry out their business transactions and connect with prospective and existing customers worldwide. With shipping also, business that are product based like furniture companies, fine artists, painters, fashion designers and others can use an interactive webpage to carry out transactions with customers anywhere in the world.
With the internet, your customer is an ad or clck away.
3. Ease of Operations
Who doesn't want an easy life, especially when it comes with money?
Technology as I've said earlier has time and time again provided us with means to do things, carry out tasks easier.
In business sector too, technology has brought it's advancements to ease the operations of the business world.
The abacus for instance made calculations and counting easier for early business owners and tax collectors.
In the present, the abacus is not still in use, but there are other advanced ways business owners can use technology to transform their business operations.
Mobile Applications and Business websites are commonly used these days by businesses to expand their reach, efficiency and serve their customers better. Using a website or mobile app would also support the process of data analytics.
Payment for goods or services has improved with the introduction of wireless transfers. Customers do not need to come to your business premises with wads of cash in order to make a transaction (quite risky I must say).
Wireless transfers also makes it very easy to convince a customer to spend more than he/she planned for (every business owner wants that). At times we see a product that we really need but because we do not have cash in hand, we let it go. What if the business accepts wireless transfers or as is getting quite common, a POS? Sales might very likely occur.
Marketing has also become not only much easier, but also cheaper. Through digital marketing strategies like, social media marketing, content marketing, email marketing, Pay-per-click advertising and so many others, businesses are able to reach their customers and target audience quite easily anywhere in the world.
Using social media and other platforms on the internet, business owners can keep their finger on the pulse of the commerce industry and stay abreast with any new trends.
The development of Computers, cameras, security doors, electronic spreadsheets lots more have served to make the operations of businesses easier in one way or the other.
Security cameras can be used to monitor a activites on the business premises and guard against/discourage theft.
The function of computers to businesses cannot be completely exhausted; from data keeping, storage of information, communication, control of business operations, etc.
Transportation is also another blessing technology has provided. Transport is no longer as dangerous and tasking as it used to be, there are faster, safer and more efficient means of transportation than there was in the past.
Finally, the greatest of them all is communication. Technology has in more ways than one improved communication greatly. Communication has grown steadily through technology from telephones to emails and now, business meetings can be held online. With just your laptop or smartphone, a business can hold official meetings online with business partners or clients without having to be there physically.
The ease of communication has provided more platforms for networking with other business owners you might not be able to meet in real life due to reasons like location or time.
It goes without saying, that technology has impacted every aspect of human life. The business sector has seen different inventions and technological trends that have impacted and changed it's operations in more ways than one. Your business is probably using one or more at the moment, but there are still more ways as evidenced by this short read that you as a business owner can further transform your business using technology.
With technology and the internet at your disposal, your business has heights it is yet to explore.
A website that has a lot of traffic helps the business to grow great. A lot of people go online to get useful information, make good use of that opportunity and blog about things that new customers would love to research on.