HOW TECHNOLOGY IS IMPACTING PRODUCTIVITY AND SPEED FOR BUSINESSES

Technological evolution has caused business enterprises to deploy varied machines for efficiency and speed

Often considered a hallmark of good companies, speed of delivery and increased productivity have assumed even more significance for businesses over the past ten years. This is in large part due to shrinking life cycles of products and decreased time to market. Businesses have achieved improved manufacturing processes and increased productivity by leveraging the power of technology. Tech has been a revolutionising force in the world of business, it has helped to boost quality at lowered costs, helped facilitate real-time decision making, and reduced errors and delays in production. Furthermore, digital technology has led to massive improvements in customer experience and it has led to the ability of businesses to anticipate market demands and much more.

Which technologies have helped and how

Big Data analytics and machine learning:?Data is one of the strongest currencies for businesses today. But data is useless unless it is interpreted in the right way to generate meaningful insights. To make the best and most efficient use of the vast amounts of data that is collected, companies are deploying machine learning. From carrying out market research and segmentation to exploring customer behaviour and predicting trends, companies are implementing machine learning for big data analytics on a wider scale. And increased productivity and better speed have been a direct outcome of this.

Cloud computing:?This technology has benefits that extend beyond the obvious ones such as reduced hardware. Cloud integration is helping businesses to connect various resources such as SaaS applications and on-premise software that can help employees to quickly access data from anywhere they are. Also, the enhanced storage and sharing options mean that employees can keep files organised, this makes them readily accessible and easy to locate.?These are just a few ways in which cloud capability allows companies to access or process data whenever and wherever needed, and it does this across sites and company demarcations.?Cloud computing can thus deliver real-time information and allow for scalability, and it can support a series of connected devices and sensors, along with the massive reams of data they generate.

Blockchain:?This has the power to transform the world of finance. Blockchain holds the power to help reduce financial fraud, facilitate quicker and more secure transactions, and ultimately, help with risk management in an increasingly interconnected global financial system. It does this through an advanced form of cryptography that is inherently designed to fend off hacking attempts. Additionally, it improves transparency, as activities are performed on a public ledger. This helps make payments and money transfers done via blockchain swifter and more traceable.?As fintech companies gain a stronger foothold in the world of finance, blockchain is poised to play an important role in the years to come.

Each of these technologies has helped and will continue to help businesses enhance their product offerings by simplifying complicated systems, automating manual steps and speeding up data analysis for real-time insights, and resolving the root causes of inefficiencies.

The productivity boost

In addition to improving products and services, technology has also helped companies and their employees to perform better. The tools that helped the world of work collaborate during the pandemic-induced lockdowns are the biggest testament to this power of technology. Apart from enhanced collaboration while working remotely, technology has helped employers to generate tools to track and analyse performance better. It has also helped track goal progress in a more efficient way, thereby directly increasing productivity and impacting a company’s profitability.

Whether it is the convenience of cashless and one-touch payments or AI chatbots that help to resolve queries, technology has permeated every aspect of a business. And as tech continues to change our world rapidly, businesses will need to invest in it in order to compete and seize new opportunities. Companies, small and large, will have to allocate resources to understand how technology affects them and how they can apply these advancements to their advantage. There has never been a better time to ride the technology wave.