How Does Technological Advancement Improve Businesses?

Technological advancement has been incredibly advantageous for humanity in the past 200 or so years. Ever since the days of the Industrial Revolution, it has continued to make lives better for people all throughout the world. It has taken the global standard of living to newer heights and is very important.

“Technology is a necessity for digital transformation.”

Though it has impacted lives positively in all aspects of human society, one aspect that simply cannot go unnoticed is its relationship with businesses. Technological advancement has significantly improved businesses (in some cases to even unprecedented levels). It almost feels like a match made in heaven.

Employee Productivity Increases Substantially Due to Technological Advancement:

Employees in 2021 are getting much more work done in much less time. In some sectors of businesses, it was at least 50 years ago absolutely unheard-of that a great deal of work can be gotten done with, in just a few hours.

For example, in finance departments, drawing up a simple statement of cash flows was considered to be a really boring and daunting task. But now with technological advancement, it can be done in a few hours or within a day at best.

This has increased employee productivity multiple times over. As the workforce is no longer involved in tasks that were not of much value and is focused on getting all the important work done.

Employee Retention is Much Higher:

Technological advancement calls for only the most qualified and the most experienced of a type of people to be used in specific job designations.

Come to think about it. Why would an organization hire person X with only intermediate skills in marketing when person Y has exactly what the company wants, while they both will be paid the same salary? Of course, people would have to adapt to newer technologies or risk being left behind. Ultimately this will translate into much higher employee retention rates.

Much More Efficient Customer Service Because of Technological Advancement:

Customer service too gets more and more up-to-date as the years pass and technological advancement gets better and better. Complaint-lodging software are getting sharper by the day. Call-operatives are getting better training with every passing year as to how can they be much more attentive and considerate while listening to complaints, while not sacrificing anything in the quality department.

Costs of Running the Business are Significantly Low!

SaaS (Software as a System) has been one of the bigger advantages of technological advancement. What it means is buying a subscription on a monthly or yearly basis instead of buying an entire software for a much higher price for life, or developing it in-house.

 An example of this is buying website and domain hosting, which in the past used to be very much on the expensive side. The advantage of this to businesses is that they can cut a lot of corners in the price department and save that money for later use.

Technological Development Guarantees Better Security:

Hacking software and hackers are now having a tremendously tough time as organizations go on to hire the cream of the crop to run, improve and enhance their security systems. These security systems are guarding files and company secrets worth millions (and in some cases even of billions!) and thus it is much more prudent to invest in the latest security systems and personnel than to be left scratching your head after a cyber-attack in the future.

Remote Working: A Dream Now Possible:

Before COVID-19 spread throughout the world, remote working remained as an idea in the minds of many people all over the world as something that would be achievable in a few more years into the future. Though after the pandemic did hurt the global economy hard, millions of businesses were forced to go online through remote working. This has become a massive advantage of technological advancement.

Summing it All Up:

Technological advancement has been of massive importance to mankind in the past many years and continues to help us in many ways that were previously unseen. Some other benefits of it are cryptocurrency too, which has taken the world by storm in the last five or six years. 

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Reference:

https://itstillworks.com/importance-modern-technology-2077.html

https://en.wikipedia.org/wiki/Software_as_a_service