Impact of technology on business activity

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Wajid Ali Khan

Technological changes affect almost every part of our lives. With advances in communication and computer science, everything is only a few clicks away. Technology has changed the pace of how business is conducted. Business processes have been modified and organizations are now working much more efficiently than ever.
At the same time, technology has opened a new way of communication, allowing businesses to communicate and collaborate beyond borders. Technology has changed organizations in an astonishing way. Mobile devices like smartphones and tablets combined with the power of the internet have revolutionized the way business is carried out. E-mail communication has replaced nearly all written memos, phone calls and faxes. Smartphones and tablets can connect you to your business while you are out of the office, allowing you to respond quickly. Storing important files on a cloud computing system rather than on your PC, for instance, has made information easily accessible at anytime and anywhere.
With the help of technology, virtual organizations are also now a reality. The Internet creates businesses geographically apart but the business teams work like a single, unified organization. Video and conference calling, cloud computing and all instant messaging tools serve to simplify business. The result is greater productivity and efficiency. This is the element that impacts the success of a business today. Whether the business is located in another country or in Pakistan, when you incorporate technology in your day-to-day work, it helps you increase work efficiencies, creates contacts with prospects in a more focused manner and helps achieve the business goals of the company.
Technology is also a force multiplier. Things that previously would take more people to get done are performed by less people in less time. That means that the number of people who need to be employed is reduced. There is software available that automates the back office as well as marketing functions, paperwork and more. Companies that embrace technology are now more effective and they’re also able to specialize in what they do best. That is the reason why businesses that have acquired technology are doing much better than those that have not yet brought in technology.
A business should not be reluctant about adopting new technology or tools. In the long-term, the companies that don’t invest in effectiveness and efficiency through technology will be replaced by companies that make that investment. Perhaps it is uncomfortable to change behaviour but it takes just a moment to try out new software and train the team. That way, one can get more done every day.
Such business functions as document signing or the payroll process takes up a lot of time. There is software available that solves these problems. The software also saves money. Besides payroll software, there are so many other conveniences that technology offers.
Budgets can be set up for various categories, saving goals can be created and control is possible of all money matters. In this way, the pen and paper culture can be avoided and more accuracy, efficiency and time-savings ensured. When a business adopts technology, a server is one of the first acquisitions. It can act as a digital filing cabinet for all documentation. Servers provide a lot more reliability as important documents are kept on a central server.
If a business has a website developed, it becomes the main access point to the company. Fancy graphics can be avoided as there should be more emphasis on the company information that is available on the website. An online FAQ list can cut down on the time clients spend calling with basic questions and can prevent a frustrated client from going elsewhere. Many web hosting companies provide reliable websites for relatively little money and many provide tools to help set up online purchasing and billing.
One of the assets companies have is cash. But many entrepreneurs don’t understand how much they’re paying in service charges to their banks every month. If a request is made for a bank analysis statement that breaks down the service charges found in the monthly statement, it helps a great deal. A company’s accounting system can also be upgraded. This makes life much easier at the time of submission of income tax returns or when an audit is required.
Day-to-day management of employees and processes is probably the single toughest job for any company. This can be simplified if an online application form is created and selection criteria are included in the form regarding salary, experience, etc.
Technology has revolutionized the way companies conduct business by enabling small and medium sized businesses to communicate on the same playing field where larger organizations operate. Businesses use an array of technology – everything from servers to mobile devices – to develop competitive advantages in the economic marketplace. Small business owners should consider implementing technology in their planning process for streamlined integration and to make room for future expansion. This will allow them to create operations using the most effective technology available.
There are now enabling technologies available in Pakistan that can be used at a personal level to keep track of daily spending. The technology is based on an App that provides visibility of expenses. The accounts department can connect it to a bank account.
The sophisticated technology provides an instant record of expenses made. The App is equally useful for individuals as it is for small and medium-sized businesses as it brings Fintech and e-commerce on one platform and helps the business to stay within budget and organize its finances more effectively.
—The writer is the Country Manager for the Customer Services Business Unit at Jaffer Business Systems.