Why is Technology Important in Business?

The business world is changing very fast because of new emerging business technologies. Many businesses have been using technology to scale out and get a high position in the market, small businesses have managed to gain competitive advantage over well established businesses using technology. This positive impact of technology on business has changed the game of business and the business world is becoming much more competitive than before,now days it is very difficult for a company to dominate a market for long, monopoly is yet to be the term of the past, because everyone can have access to technology. Communication and the flow of information have changed, with internet technology, anyone can gain access to business information, and we all know that information is power.



In the past, information used to be locked and taken advantage of by a few companies, this made so many companies rich and it was so difficult for small businesses to gain competitive advantage over these big companies.  Today, any one with internet can access information about targeted markets, consumer needs and wants, and so much more.

The business world is using technology in so many ways, for example, technology is used to simplify communication, it is used to promote and market services and products, it is used to invent new products and services, technology is used for human resource management, it is also being used to understand consumer needs and wants, and so much more.Every business has its own need for technology, but every business aims at gaining a strong position in the market using technology. The effects of technology in the business world are unmeasurable. Starting up a business has become so easy, with simple technological tools like computers, internet and VOIP telephones, any one can start a business from home and serve a global market.

Using Technology to Increase Your Business Productivity.Most everyone can agree that business productivity can be traced to an organization's ability to successfully execute on overall strategy. What else ensures business success? Businesses need engaged and highly productive employees executing on goals that are aligned with the organization's strategic objectives.

And, if execution is the key to a successful business—what are the steps to increasing your business productivity for greater execution on your strategic goals? How do you know your business alignment and people performance are working at optimal levels to maximize business productivity resulting in the best possible results?

Connect teams virtually within the company. Create employee portals and team sites to help people work productively across the organization, no matter what location or team. You will eliminate "corporate silos" that effectively cut off communication because employees can utilize technology to reach out to others working on similar projects or find experts to answer their questions throughout the organization.

Motivate your employees using technology. Based upon the information gathered in an online performance evaluation, managers can compare current skills with those required for advancement or other recognition or reward opportunities that present themselves as the manager tracks progress on employee goals throughout the year. You may also find you need to redirect employees to different departments if you feel their business productivity could increase elsewhere. If there are impediments to better performance, the company should review why it is happening and try to eliminate these through better allocation of resources or additional training.

Monitor business productivity and employee progress on goals. Online business productivity software solutions enable managers to more easily track progress during every phase of goal completion and offer immediate reinforcement or coaching to keep performance and deadlines on track. This process leads to greater business productivity because your organization is staffed with a workforce of people who are continually learning new skills and being challenged to do their very best. When it comes to the people who work for you, alert, motivated, and happy employees will work harder. Encourage your staff by rewarding them for their successes, using both monetary and non-monetary incentives.

Analyze performance - Today's technology provides advanced reporting and business analysis capability to help you gain a deep understanding of business performance, customer preferences, and market trends. And, your executives and business managers can access performance metrics and analytical reports and use this information to work together to set or redesign strategy.