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  • What are the Core Benefits of Technology on Business

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    New and Improved Businesses

     

    Technology has made our lives easier in ways we could not have imagined it could. Lengthy and complex tasks have been made simple and time-saving with the help of technology. Various technologies have helped improve different aspects of our lives. It has not just refined our daily tasks, but has also provided a number of pathways to things that are highly exclusive to technology, and could not have existed if it did not come into being. Hence, technology is all about developments in the current tasks and inventions for future tasks. Along with every other aspect of our lives, technology has immensely impacted the way a business is run as well. It has changed the entire course of business operations, both in the short run and long run. Again, the sole purpose technology serves here is to provide time saving and accurate methods for a business to function.

     

    Overall Functions of a Business

     

    In general, technology has helped reduce costs in many ways for businesses. The cost spent on hiring extra manual labor for minute tasks has been saved by replacing it with technology. Business efficiency has also increased immensely. A task that would normally take four to five workers is now completed using a single machine and a single operator to run it. Moreover, business processes have become more effective as the amount of input into a machine almost most certainly produces the desired output, without any wastages. Hence, business operations have become more objective and calculated in nature.

     

    Technology has also altered the mode of internal communication in a company in an extremely positive way. Operational level workers, mid-line managers, and the executives are all in contact with each other as per their job requirements. An accessible communication channel between all levels of managerial hierarchy improves the way decisions are made and problems are solved in business. Messages are conveyed faster and easier from the top to bottom level of the hierarchy. All the employees have access to a centralized database management system, such as Oracle Cloud, instead of a traditional file system where important business-related data had to be retrieved whenever there was a need and was accessible by only a few people. Valuable data is shared over the database without having to put special efforts into making data available for specific employees for their use.

     

    All of this not only saves costs but also helps save time and other resources of a business. It ensures the smooth functioning of all the business processes. All the saved resources could be utilized in performing and enhancing other parts of the business, increasing the overall productivity of the business, consequently.

     

    Human Resource Management Improved

     

    Just like many other business functions, the HR departments have also heavily incorporated technology into their inclusive daily tasks. One of the main functions of HR is recruitment, and it has never been this easy for the HR managers all credits due to information technology and the internet. Recruiters now post ads online and reach out to potential employees informing them about job openings. They even conduct online tests to filter out the pool of applicants to make the recruiting process easier. Some recruiters conduct online interviews as well in the case of a multinational company or an overseas applicant.

     

    Moreover, many software developing companies have introduced function-specific software to aid the functional manager and provide a narrowed down and exclusive solution for routine tasks. Companies are now making use of this software that is increasingly becoming a business essential. One example of software that companies are using is the HR Software Calculator. HR managers are using this specific HR software to calculate the potential cost efficiency of the department. It also helps reduce the administrative tasks of the HR employees that paves the way for more creativity and innovations that would benefit the department and the company as a whole.

     

    The New Face of Marketing

     

    Up until the time technology marked its significance, marketing techniques were quite simple and did not require a lot of effort. Needless to say, it was not customer-based but entire company-based. Companies produced a product as they wished and marketed it to the consumers. The options were limited, so the consumers had no option but to purchase the products, especially when they were basic goods. However, this changed completely with the invention of technology. The course of marketing became the complete opposite of what it used to be. The marketing efforts became more focused on increasing their interactivity with the customers, which was made simple with the help of social networking sites, smartphones, and other online facilities. The company started focusing on knowing the needs, wants and demands of its customers, which was done by conducting electronic surveys and questionnaires. The variety of technology and machines available made it easier for companies to tailor products and services according to what the customer wanted. Moreover, business intelligence has immensely helped businesses become more aware of their environment and their competition in the market. It also aids in better decision making since the companies are more informed of the happenings around them.

     

    In conclusion, there's no doubt that technology has restructured the business processes and the market environment of businesses, along with how all of this is managed. In many ways, it has benefited all the parties involved in a business, from an operational level employee to the company's CEO. And not just that, it has consequently helped the customers of the business as well

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