Technology has transformed the modern economy and world deeply. From changing the preferences of consumers to reshaping the production and marketing of products, technology manifests itself in small details of daily business operations. It has increased the productivity of investments and workers, accelerated economic activities, promoted interdependence between the modern industries and allowed the deployment of new technologies. Here are some of the impacts of technology on business process operations.
Productivity
By improving business processes, product development and developing worker skills technology is increasing productivity in most business operations. Even though the exact size of improvement is debatable, some technologies like emails make communication faster and easier. Practice management software and online customer services reduce personal attention in addition to increasing the productivity of every investment in the areas without sacrificing the customer experience. Practice management software is used by various professional industries such as legal software, accounting software and medical software.
Acceleration
Whether it is through fast online data transfers or through airplanes, technology has accelerated business operations. A process that took several weeks some years ago through face-to-face interactions and mail can now take a few seconds with computer keystrokes. Web purchasing, editing of photos with services such as Fixthephoto, online money transfers and sharing of files through the internet has accelerated the production cycle and has made the production, capitalization and the sale and distribution of products faster. From the production standpoint, acceleration of technologies has forced companies to meet the demands of their customers faster and provided the necessary tools for the processes.
Global communication
Companies can now communicate with others easily and transfer resources globally and are therefore able to conduct businesses with clients and suppliers from all parts of the world. Availability of global economic data and internet video conferencing make the conduction of businesses feasible and opening a business on another continent is more like opening one in the neighboring town. Technology has facilitated integration and interdependence through the improvement of transport, communications, and logistics.
Product development
Technological innovations make consumers demand new products. Therefore, businesses have to keep adjusting their operations to match the market demands. Businesses are integrating new technologies including software packages and computers into their production cycle and daily operations. They can now produce new products like new electronics. Businesses driven by the desires of consumers for new technological goods and convenient technological services are able to compete based on the pace of innovation and new technologies adoption.
Risks
Even though the adoption of the new technology comes with many benefits for businesses, the technology presents numerous risks. If your employees do not have the skills to use the new systems, technology will decrease productivity and reduce the satisfaction of your employees. The fast migration of corporate and personal operations data to the online databases makes companies vulnerable to cyber-attacks, which can affect the operations adversely or even shut the business down.
The business world has witnessed an increase in new technology adoption and as a result, things have improved rapidly and transformed business operations for better growth. Almost every business process has seen a significant transformation. With increased automation, some things have changed and technological advancements have affected the production processes.
