Technology has become incredibly popular ever since the internet came about in 1993. Since then, it seems like so much time and money has been invested in all facets of technology to make us a digitally-led and technology-heavy world.
As a result, we have so much more technology at our fingertips, which is particularly helpful when it comes to running a business. Whether you’re a new business or not, it’s important to make use of technology wherever possible. It’s not going anywhere and it’s only likely to become more advanced, making it beneficial for many businesses in existence right now.
Let’s take a look at the growth of technology in recent years and the benefits that technology can have for your business this year.
The growth of technology
It’s very apparent that technology in recent years has grown exponentially. In fact, computer speed and power have been doubling in advancements every one to two years since the 1960s.
It’s a rate at which is doubtful to be sustainable but at this very point in time, technology is still making waves and advancements beyond what many of us could have ever predicted.
A lot of businesses use technology, with the pandemic pushing 76% of businesses to strategize for long-term changes within their IT plans.
These technological advancements can be seen in various areas, including equipment management, monitoring inventory, and tracking shipments. This makes options like an asset tracking solution a welcome idea not only for the future but also for the present due to their modern and convenient features, which are beneficial. With many businesses adopting decentralized operations when the pandemic was in full swing, research reveals that the future of business operations will depend largely on asset tracking to reduce loss of equipment. By leveraging technology, many of these companies can position themselves for the immense transformations likely to occur in less than a decade.
As a business, it’s definitely worth exploring how technology can benefit your business and what you might want to implement into your IT strategy now and in the future.
Nine benefits of technology for your business
Talking of benefits, what can technology do for your business? There are a lot of different industries out there, which means there are a lot of different companies that will also utilize technology in their own manner.
While some of these benefits might not be completely relevant to your company, they are certainly a starting point for those who are looking to expand their technology stack. Let’s take a look at nine of those benefits that technology offers to your business this year.
Financial savings
Businesses nowadays need to be extremely careful when it comes to spending their money, particularly as many are still not out of the woods financially from the impact of the pandemic. That and the cost of living crisis is sure to continue globally for a number of years before some semblance of normality comes back.
With more expense on the average household, it puts a lot of people off from spending their money, which is never a good sign for businesses needing to make money!
With technology on hand, you can certainly utilize its benefits in order to save on costs. Streamlining your efforts and services to customers without compromising on quality certainly provides the best of both worlds.
If you’re looking to save money in your business, especially for smaller companies with less funds readily available, then technology will be your best friend in 2023 and beyond.
Drones
While they have somewhat been in the newspapers and media in recent years for being a nuisance, those few occasions are outweighed by the great benefits they provide. Many industries are making use of drones to help with business operations of all kinds.
For any businesses involved in construction and development, drones can go where it might be more dangerous for humans to explore. It can help with mapping out sites and identifying potential issues that would have otherwise gone undiscovered until it was too late.
Drones, despite being used mostly in warfighting and combat, are seeping into other industries that are less conflictive. From event work to agriculture, there’s a lot of use for drones in business right now.
Make sure to explore the market fully, as there are a variety of options available, like this DJI Zenmuse L2.
AI and Machine-Learning software
If you’ve not used AI or machine-learning technology yet as a business, then you might as well have been living under a rock. A lot of technology in existence nowadays is made up of machine-learning technology, more commonly known as artificial intelligence.
No, the world isn’t going to be taken over by robots but it’s certainly heading in a direction where we become more autonomous as a society. Computers are always going to have the upper hand when it comes to getting things done quicker.
With machine-learning technology, not only do you have such advanced technology available but it can help with saving time that would otherwise cause delays in your operations.
Staff onboarding and training
When it comes to business operations, there’s nothing more effective than training your staff and ensuring their onboarding experience is the best it can possibly be.
With onboarding, it’s something that if you get right, you’ll save yourself a lot of time and stress – in particular for those who are responsible for onboarding them. Ineffective onboarding is only going to result in problems further down the line, at which point, might be harder to resolve in a timely manner.
Alongside onboarding software, it’s also useful to use technology to help with training purposes. Offering a staff training budget as a business is definitely important and something that can certainly prove useful for those who want to gain more skills and experience in their role.
There is also a lot of technology available online that can be useful when it comes to offering valuable staff training.
Big data
Data has become incredibly valuable in this day and age. It’s something that has become the new oil for many businesses and investors looking to make more money in 2023. Big data offers so much insight that would otherwise not be available if it weren’t for technology.
Technology has made data so much more accessible and it’s something that many businesses are now willing to pay good money for. If you’re not already using data and analytics for the benefit of your company, then you’re really missing out.
In fact, nowadays, the global big data analytics market has an annual revenue that’s estimated to reach $68.09 billion by 2025. It’s a market that you definitely want to dip your toes in if you haven’t already as a company. In fact, dive straight in!
Increased revenue streams
As a business, one of the major benefits of technology is that it opens up so many more revenue streams that weren’t perhaps possible for some businesses prior.
For any business that’s looking to venture beyond the confines of business operations, whether that be investment in other companies or the launch of new products/services, technology makes it possible.
With technology, the ability to increase your revenue streams is also one that’s more affordable than it was once before. With technology saturating the market, it’s only going to become more accessible for businesses to utilize it in order to make more money.
Cloud storage solutions
The cloud, despite it having somewhat of a shaky start thanks to the cyber criminals of the internet, has become a dominant player in storage solutions for businesses both old and new. As many businesses are now looking to digitize their records and data, cloud storage is a solution that is certainly more effective in this day and age.
Cloud storage is helping many businesses who are providers of software and data storage for other companies. It’s something that will continue to increase in popularity, particularly with the move to a digitally-led existence for businesses operating at this time.
Global expansion
If you’re looking for global expansion as a business in 2023, then there’s no better time to take advantage of technology and the online world. The internet has provided many businesses with the opportunity to expand beyond their own territories and it’s something that is now possible for those that perhaps didn’t think would be anytime soon.
Of course, global expansion is not for every business, nor is it applicable to some business types. However, technology has made it a lot easier to reach audiences and clients across the globe. If you exist as a digital business, that opportunity is even more within reach.
It might be something you consider in the near future or you might want to shelf the idea until you have more funds readily available to take the plunge and take your business to the next level.
Improved customer experiences
Customer experiences are something we all want to improve upon when it comes to keeping them happy. As a business, there’s nothing more important than focusing on how you can better the experiences of your customers and one way to do that is through technology solutions.
If your business has been struggling to provide top customer service support, then technology might be a step in the right direction that your company needs to make a difference in both the satisfaction of your customers but also acquiring new ones.
Technology is certainly something that should be used proactively as a business in 2023. If you aren’t already using technology, now is the time to step up your usage and invest it into your business as a strategy this year.
