Sunday, May 26, 2024

Why is It Important to Keep Up with Technology in Business?

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Jillian Castillo
Jillian Castillo
"Proud thinker. Tv fanatic. Communicator. Evil student. Food junkie. Passionate coffee geek. Award-winning alcohol advocate."

Technology is the lifeblood of business in today’s modern world. The very pulse of a company depends on the use of key technologies, ranging from applications for marketing, sales, and financial management to specialized systems dedicated for operations and warehouse management. Each passing year sees the introduction of more sophisticated applications, and technology-driven means of enhanced communication. Some years ago, a rule of thumb was that a business might upgrade or install a new system every five to eight years. 

The incredibly rapid pace of technological advancement has made that length of time seem like an outdated eternity. Now, the entire playbook of technology that could benefit a firm is re-written quickly and regularly by innovative new companies in the tech sector. With strong market capitalization and venture capital money fueling their growth, these firms are constantly making business altering technologies available to the marketplace. Let’s delve into some of the reasons why it’s important for businesses to keep up with changes in technology. 

Disruptive Technologies Can Give Your Business the Edge

Changes in computer systems and technology used to be far more incremental, and often were based on the underlying information architecture. A system that once used a file structure and a popular programming language was superseded by offerings that were designed using SQL and relational databases, which offered far more flexibility. Now, though, new technologies are regularly introduced that have the power to completely re-write and upend a business model. 

These disruptive technologies are powerful enough to give early adopters a key advantage in the marketplace. Often, they dramatically reduce costs, allow new ways of interacting and connecting with customers and open up new sales and marketing channels. Smart companies are constantly looking for and evaluating these new market changing opportunities.

Dramatically Increase Efficiency with New Technologies

New technologies can make a dramatic difference in your operational efficiency and, ultimately, your productivity and profitability. More traditional activities within your company, such as fleet management, can greatly benefit from the application of advances in technology. One such innovation is equipment tracking with GPS, which allows fleet managers to monitor each vehicle’s use and performance in real time. By leveraging the visibility that GPS monitoring gives an organization, your company will be able to save a lot of money on fuel each year. Routes can be optimized and idling time greatly reduced, thus saving both wear and tear on your vehicles and opening up the opportunity for reducing the fuel necessary to keep your fleet operational.

Don’t Fall Behind Your Competition

Advances in technology can give today’s companies a powerful step up beyond their competition. If a rival firm implements new systems quickly, they can improve their operations and save substantial money with their new found efficiency. Cloud-based systems, especially, allow a business to quickly implement Software as a Service (SaaS) solutions without any extensive investment in IT staff, application software or hardware. With the growth of the SaaS market, businesses have to be constantly scanning for new apps and developments that might change their industry. If your competitors implement the new technology, and you stay rooted to the past, you’ll quickly find that you are falling behind your competition, incurring higher costs, and losing market share.

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