Develop Competitive Advantages and Shape the Industry with Business Technology

Over a decade, as technology has developed, the way businesses provide goods and services profoundly changed. Today, technology and innovation enable businesses to seize and tap markets through the customization of goods, services, and even customer experience. This is why business technology is important. The use of technology is maximized by the company with the goal of meeting customer needs and expectations.

In line with this, the development of digital solutions has become necessary. The way we live, communicate, conduct business, consume goods, and work is dependent on technology. This is the reason various enterprises are progressively embracing business technology. Enterprises can successfully manage their operations and reach their full potential by investing in and fostering growth initiatives.

What is Business Technology?

All technology that supports an organization’s business and operations is referred to as business technology. This technology can include, among other things, back-office finance systems, manufacturing and logistics business solutions, and customer-interaction apps.

Another example of business technology are software platforms used in sales and marketing. Technology changes the way you sell and market your brand. With a customer relationship management system (CRM), you can study prospect and customer data and monitor their actions and purchasing patterns.

Aside from the analytics and intelligence side, it may also aid in task management by offering staff different priorities to simplify difficult tasks. As a leverage point, companies have approached business technology with best practices, principles, and tools that may help in getting the most out of information technology.

Related Article: What is Technopreneurship: Everything You Need to Know (Plus 5 Tips to Success)

Entrepreneur using business technology

Types of Business Technology

Technology is now a way of life, and widely affects your business operations. The use of modern technology by a company can define whether they are on the right track toward success. But before anything else, let’s define some common types of business technology. Numerous business technologies exist which can significantly improve the efficiency of a business’ operations.

1. Computer Systems and Workstations

The most beneficial equipment for companies is typically also the one that is most understood by its users. That said, office and productivity suites or software installed on computers enable employees to work efficiently. Also, computers allow staff to carry out a variety of tasks, including encoding data, sending emails, transferring information, and delivering a presentation during meetings. Generally, a desktop or laptop with monitoring systems, cameras, work tools, and communication programs is convenient and boosts productivity.

2. Telephone Communication

The telephone is one invention that fundamentally improved the way people communicate. Enterprises in different locations can reap the benefits of this communication channel. As communication continues to evolve, businesses continue to make it easier for customers to complete transactions and connect. To contact clients remotely, telemarketers play a vital role. They are hired to conduct surveys, learn more about customers, or sell products directly.

3. Accounting System

Accounting software is a type of business technology that enables businesses to swiftly and easily generate individual reports for management’s decision-making process. Aside from that, the capabilities of the system include increased functionality, improved accuracy, faster processing, and better external reporting. Without question, accountants must keep up with advancements to provide clients with up-to-date financial analyses.

4. Computer Networking

Through computer networking, it is easy to exchange data, share resources, and manage technologies. Technologies today deliver connectivity and enable integration on a large scale. In any industry, the use of networking to connect devices is one of the IT infrastructure that businesses invest in. One of the benefits of this is resource sharing while minimizing costs on additional systems.

5. Customer Relationship Management Systems

CRM is used by companies to manage interactions with current and potential customers. CRM enables businesses to develop client and customer connections, boost sales, enhance customer service, and increase profitability. A company can do a lot more with CRM, but they basically use it to make calls, send emails, and write reports. Businesses may establish relationships with their customers by obtaining important information.

Entrepreneurs sharing content using a laptop.

Advantages of Business Technology

There are many benefits and drawbacks to new technology for organizations and business stakeholders. Thus, businesses must weigh the risks involved before deciding whether to use cutting-edge technologies. Despite all of this, improving workplace communication has proven to be one of business technology’s biggest advantages. Thanks to conferencing software, email, and instant messaging apps, connecting with people virtually is now possible.

Another benefit is enhanced security. All types of enterprises require solutions focusing on cybersecurity to protect sensitive data. Modern security workforce management systems enable decision-makers to stay ahead of problems before they happen.

Most importantly, business technology helps boost productivity      and efficiency because of available automated software solutions. This speeds up processes while also reducing human error.

Businessman person using a computer & tablet for business communication

How Organizations Use Business Technology

  1. Human Resource Management: Companies use technology to manage their personnel data, and process compensation and benefits using computer systems and specialized software. They may also use several systems that are fully integrated with each other to ensure full automation of routine tasks and processes.
  2. Data Storage: Storage technologies are also progressing as a result of a rise in new technologies and data creation. This helps businesses to efficiently and seamlessly gather, analyze, and store information in a database. It also provides real-time analytics, which allow businesses to be more agile and innovative. In effect, the advent of data analytics has increased the need for storage upgrade.
  1. Task and Project Allocation: Supervisors and project managers can seamlessly assign tasks to staff through software platforms and websites with dashboards     . As a result, organizations can improve project management, better keep track of deadlines and deliverables, and make sure they are maximizing their resources. 
  2. Communication: Improved communication, which is essential to both relationships and business success, relies on business technology for better collaboration and engagement among team members. These include company communication portal, intranet, productivity platforms, and messaging applications.

Take the Path Toward Innovation and Entrepreneurship at CIIT

Establish a solid foundation as a business pioneer, financial leader, and entrepreneur with CIIT through our ABM strand curriculum where you will learn how to operate in digital economies, understand corporate best practices, and lead teams in the workplace of the future. When it comes to managing businesses powered by technology, kickstart your technopreneurial journey with CIIT.

Planning your future as a technopreneur? Take a Bachelor’s Degree in Entrepreneurship that lets you experience the latest tech developments, digital platforms, and business-level tools. Open the door to success and be a step ahead of the curve with CIIT.

CIIT Philippines is an innovative industry-based academic institution and home for creators and innovators. We focus on providing quality arts and technology courses, which fully equip our students to achieve entrepreneurial success. At CIIT is where business and technology meet and where your adventure starts. Be a CIITzen. Join us today!