All Rights Reserved, This is a BETA experience. Enhanced efficiency and productivity: Technology ushers in efficiency and productivity in many ways. First and foremost, technology affects a firm’s ability to communicate with customers. Unfortunately, many also lack the knowledge necessary to navigate a rapidly changing technological landscape. Likewise, when talks about new technology began in our industry, employees' fear that they would be replaced by computers was palpable. Tech billionaires Elon Musk and Jack Ma put artificial intelligence in the spotlight when they staged a public debate on the future of the technology earlier this month. “A lot of the work that’s currently repetitive will be automated through technology.” Time and effort that used to be spent on repetitive tasks is being reallocated to higher-level work. The local unit lead for the NAACP in Northern California and a consultant helping to build. The companies succeeding with AI are those that are reorienting their entire business around the technology. Of course, implementing AI — or any new technology — isn’t without its hurdles, especially for companies without an abundance of in-house technical expertise. Wrong choice of technology: This is a mistake on the management's part. If telephone lines are not available, you should have readily usable alternatives such as VoIP or live chat. Serenity Gibbons is a former assistant editor at The Wall Street Journal. Without any delay, here’s a list of the most important benefits I believe global companies can derive from technology based on my experience using and implementing it. Computers, the internet, robots and artificial intelligence (AI): these are some of the first things that come to mind when we talk about the technology businesses use. Their leaders are finding ways to … There are challenges businesses need to deal with, primarily the employees’ resistance to change, lack or inadequacy of training, and choosing the wrong technology. To make the most of a tech investment, it’s important to allocate some resources and time for the corresponding training. Websites allow customers to find answers to their questions after hours. Use of PDAs in the medical profession have become commonplace. The role of technology in business caused a tremendous growth in trade and commerce. Improved security: New technologies such as blockchain can allow businesses to implement better ways to secure business transactions without compromising transparency and creating delaying layers of bureaucracy and security measures. The companies succeeding with AI are those that are reorienting their entire business around the technology. In fact, with the advent of the PDA and other high-tech devices, developers are finding new and very innovative ways to assimilate these products into society. It provided a faster, more convenient, and more efficient way of performing business transactions. It’s important to conduct thorough studies first before deciding on a technology to adopt. Cultivating in-house expertise will give enterprises a major competitive edge. The speed at which a computer is able to access information doubles about every 18 months, and Internet connection speeds are doubling even faster. Technology helps business operations by keeping them connected to suppliers, customers and their sales force. Tomorrow's tech is already influencing businesses today. 1. Cloud Storage. in late 2009 doctors gained the ability to use their computer and hand-held devices for writing prescriptions which are sent directly to pharmacies. Also, using advanced communication technologies makes it unnecessary to constantly travel for meetings and supervisory work, as you can carry out these tasks through live video chat and collaboration platforms. Time tracking software is an excellent tool for mapping out where time is spent, by whom. I share insights gathered from purpose-driven entrepreneurs, EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Michigan Economic Development Corporation BrandVoice, public debate on the future of the technology, AI and machine learning technologies are already transforming the world of business, technological change is the biggest external challenge. And the transformation has only just begun. Every business is different, but if you know precisely what you’re trying to accomplish and clearly understand what’s achievable with AI, you’ll be able to make better decisions about where to start your integration and what to expect in terms of ROI. Personal Data Assistants (PDAs) have become a must-have for business operations. This can result in greater productivity and efficiency. There’s no doubt that they can improve the operations of trade and commerce; they create notable advantages. Their leaders are finding ways to incorporate advanced data analytics and automation into marketing, business development, customer service, and virtually every other business process. An Internet present gives businesses the ability to reach potential customers worldwide. Of course, once they understood the tech tools, their fear turned into acceptance. 1. 3. Companies interested in integrating AI will first need to ensure they have the data and the employee expertise to actually benefit from these solutions. Copyright 2020 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. Greater transparency and interconnected operations: It’s not easy managing businesses with complex bureaucratic processes and countless types of transactions. As I mentioned, the advantages don’t come without hurdles. Lack of or inadequate training: Don’t expect employees to immediately know what to do with the new technology you provide them. A proactive IT posture will also enable you to identify the best AI strategy for your company. If you pick an inappropriate software solution, platform, or piece of equipment, employees may develop an unfavorable perception of these technological augmentations or the adoption of tech-powered systems in general. Business concepts and models were revolutionized as a result of the introduction of technology. However, even the most advanced technology products are far from perfect. Certain products or services may not be in large demand where you live or establish your business, but people in other parts of the country or the world may be searching for exactly what you have to offer. The role of technology in the business landscape cannot be overstated. © 2020 Forbes Media LLC. It’s … Faster and more reliable communication: For businesses that operate internationally, reliable communication is a must. However, with the help of advanced business software, you can seamlessly integrate all business processes, even those in locations where you need to use different languages or currencies. This is because technology gave a new and better approach on how to go about with business. It may be necessary to conduct demonstrations or seminars to show how technology can greatly benefit business operations and more importantly, how it can make jobs easier. Opinions expressed by Forbes Contributors are their own. But early adopters understand that the technology is still in its infancy and embrace the challenges that accompany integration. Instead, lead the change by making the technology part of your DNA today. “AI requires large amounts of clean, organized data to inform decisions — something many organizations lack,” says Vince Dawkins, president and CEO of Enertia Software, a developer of enterprise solutions for the upstream oil and gas industry. What do global businesses gain from adopting technology? We provide services to those businesses who want to expand worldwide.…. Cost reduction is also a benefit I've seen from the teleworking setup, which is powered by modern technology. Aside from the fact that the wrong technology choice can essentially become a loss or unnecessary expenditure, spending money on the wrong tech choice can also drag down your employees' efficiency and productivity. Some employees may dislike a new system at first but begin to like it after they get properly acquainted with its proper use and the palpable benefits. 2. You can also make accounting, marketing, sales, and other activities of a global business more easily accessible with the right tools. Some of actions of technology in business include accounting systems, management information systems, point of sales systems, an… I’m the CEO of Day Translations, Inc., a global translation company. Inevitably, these jobs will require new skills and beget new business processes, though no one can say for sure what the future holds. Opinions expressed are those of the author. Such analysis when properly... 2. Establishing an Internet presence is necessary even though your business may not be an ecommerce type business. Some programs include notifications that alert the business owner when quarterly taxes and bills associated with operating costs need to be paid. Either way, it’s something businesses need to address. “By training employees to perform these tasks and giving AI the tools it needs to succeed, organizations are getting an invaluable head start on AI implementation.”. The local unit lead for the NAACP in Northern California and a consultant helping to build diverse workforces, Serenity enjoys gathering insights from people who are creating better workplaces and making a difference in the business world.