Businesses have always adopted new technologies for their daily processes. And today, only a handful of companies — if any — still function without the aid of technology.
But what is business technology?
When you hear “business technology,” you think of apps used to edit PDF documents, printers, offline storage solutions, etc. But the concept goes deeper as business technology is the use of science and data in business operations.
Skills, methods, and advanced processes that aid business growth are also types of business technology.
This article highlights standard technologies used in business and how they can make your business more efficient and productive.
Computers
Computers are among the most common devices you will see when you step into any office building. These tools are handy for communication, sending and receiving documents, and completing other general and specialized functions at work.
But personal computers weren’t always accessible. In fact, around the 1960s, offices used massive mainframe devices, which were uncomfortable to use.
Eventually, Apple launched the Apple II in 1977 — and changed how businesses operated.
Today, companies use laptops and advanced desktops to interpret financial data, design websites and create other productivity apps.
Software
After choosing a suitable computer, you need to install the tools your business needs to run smoothly.
These tools are called software, and they allow your computer to accept information, interact with other computers, and handle other internal and external tasks.
For example, most businesses use the Microsoft Office software package to create word documents, presentations, and business forms. The software is easy to use and compatible across devices and platforms.
Overall, these software packages are available offline or hosted on a remote server. So, if you are looking for the latest software packages for your business, you can download them from online app stores.
Networking
Your computer needs to interact with other computers for smooth business operations. This link between computers is called a network, and your employees can’t function as a unit without it.
Network tech is one of the essential technologies in business today, and bigger corporations have dedicated engineering teams to ensure that the company’s wired and wireless networks remain undisturbed.
Experts classify computer networks based on their function and size, and in business technology examples of networks include:
- Personal area network (PAN)
- Virtual Private Network (VPN)
- Wide area network (WAN)
- Local area network (LAN)
Telephone communication
Before businesses started using computers to communicate, telephones were their daily drivers. Since communication creates and sustains business relationships, you still need telephone systems to connect with consumers and other businesses.
Modern business technology systems allow you to do more than push some buttons and speak to a business associate across town.
Today, you can make phone calls over the internet with a Voice over Internet Protocol (VoIP). With these communication-based types of technology in business, you can create personal relationships with clients and other firms, improve your customer service, and build an excellent reputation.
Accounting system
As long as money remains the primary incentive for companies, accounting systems will continue to be essential business technology applications. These systems guide expense and revenue management for businesses.
With a feature-rich accounting system, you can record business transactions, create reports, and share them with decision-makers in your company. The stakeholders can then analyze the data and decide ways to improve business processes.
If you are running a micro-business, try accounting systems like Xero and Quickbooks for easy maintenance.
Enterprises can opt for more advanced software like FreshBooks to gain more control and automation to scale faster. Feel free to consult an accountant to assess your business and recommend the best accounting solutions.
Inventory control system
Inventory control systems manage goods and products in a business’s supply chain. These systems help companies take stock of their goods and monitor warehousing and storage to prevent inventory-related losses.
Today, many inventory control systems are computerized to reduce human errors, theft, and mismanagement. These digital control systems are better than manual inventory because they are more convenient and reliable.
But computerized inventory control systems aren’t suitable for all kinds of businesses. Micro-businesses like nurseries and convenience stores are better off with alternative strategies since the systems are expensive.
Customer relationship management systems (CRMs)
CRMs contain multiple systems that help you engage and track thousands of customers at once.
With these types of technology used in business, your customers’ data will be accessible, and you can use the information to improve your interactions with them. You can also make calls, create reports, and manage customer email conversations with CRMs.
But before choosing a CRM, you must do the following:
- Identify your business goals
- Understand how the CRM works
- Look for solutions that work across multiple platforms
- Create a budget to guide your purchasing decision
- Prioritize its ability to solve your problems over its general abilities
Many companies use Salesforce, HubSpot, and other CRMs to track their clients’ interactions and improve their processes to make the customers’ journeys smoother.
Sensors
Common devices like fingerprint scanners and digital key cards are valid answers to the question: “how is technology used in business?”
And sensors also fall into this category: a sensor is any device that detects and responds to various signals from the external environment.
To understand how vital sensors are to businesses today, let’s look at the recent incident where Facebook went offline for five hours globally.
Facebook lost connection between data centers and needed its engineers to inspect and restart its DNS servers. But the in-house engineers and 75% of its employees couldn’t access the building because their security passes and key cards stopped working. Before the company could rectify the issue, it lost about $545,000 in US ad revenue every hour it was offline.
So you can see the implementation of sensor technologies in businesses and how important they are to companies’ operations.
Conclusion
Business processes would never have gotten as efficient as they are today without technology. While some business technologies are recent inventions, many have been around for a while.
Enterprises have only learned to tweak the tech to be more suitable for daily commerce. So whether you run an SME or a multinational corporation, understanding common business technologies and how to use them will help you grow your business and increase your profit margins.
