With the digitization taking place all over the world, we just can’t ignore Information Technology when we talk about business. Technology saves both time and effort. It plays a crucial role in business for a wide number of reasons. Former chief executive officer, Microsoft Steve Ballmer says that Information Technology has one crucial benefit. According to him IT empowers people to follow their passion and become creative. This in turn makes them productive and gives them the scope to learn something new and unleash their potential. This in itself tells us how significant IT is in today’s world and what it holds for future expansions. A well-known example is Exambazaar, an Edtech startup that has combined technology and business.
Technology is omnipresent and if we look within India, it is transforming the lives of people. Our prime minister, Mr Narendra Modi himself has stated that “From mitigating poverty to simplifying process, ending corruption to providing better services, Technology has become the single most important instrument of human progress”. Therefore, we can see in this day and age IT is part of the agriculture sectors, businesses, education and finance to name a few. Also the discovery of computers changed business as we know it. By using computer software and state of the art technology businesses ensure a smoothly run unit for themselves. This enables different businesses to see the trends in the global market and supply to their consumers the exact product they require. This in turn helps keep a supply and demand balance.
Be it small businesses or a multi-national company, they all weigh equal importance to information technology for setting up their businesses. Therefore, let’s look at some reasons that illustrate why Information Technology is important in the business sector.
Technology Improves Communication
Better communication is of utmost importance to increase a company’s growth. Nowadays, many companies use different software and applications for communicating with their clients and customers. The ways of communication include video conferencing, instant messaging, social media sites, e-mails, etc. Employees of the companies are informed about their daily tasks to reminders. On the other hand, there are higher chances of breakdown in the communication systems which may lead to a negative impact of the company. Hence, contingency plan should be a must. This shows how IT and business are inextricably interwoven.
Technology Provide Security to Businesses
Security is a paramount. There was a time when companies suffered a lot in order to keep themselves secured but as the time has changed, and information technology has taken over the market, it is now possible to keep the business safe.
At the same time, online thefts are also increasing day by day which may jeopardize a company’s internal data. Therefore, cyber security systems are designed by the developers to protect the discourse system from any external threat. One example for this is the no-copy option in the exambazaar blog section. Through this the website ensures that people do not copy the quality education content provided on their website.
Technology Bring Efficiency in Business
Technology leads to an increased efficiency in businesses. Nowadays, companies can make better use of technology due to the emergence of Artificial Intelligence. For e.g. company can use chatbots to deal with the customer queries and concerns. Many business transactions are done online very efficiently. It is also possible to track down the location of the product when you purchase something from e-commerce platforms. This helps to brings efficiency for buyers and sellers by using the technology.
Technology Allows Employee to Work Effectively and Efficiently
The need for technology is also increasing at a rapid rate. Employers nowadays need the latest equipment from the company in order to work effectively and efficiently, which results in better results and increased productivity.
Technology Increases Employee Engagement
Technology increases employee engagement in many different ways. It develops collaboration between employees and encourages them to share files and essential information with each other. The technology also provides employees with the flexibility to work remotely from their mobiles. Technology reduces employee’s stress as the workload decreases and they can meet the deadlines.
Technology Increases the Reach of the Business
Technology helps to increase the reach of business in less time than before. It means that they can now serve more customers in less time. For example, companies can reach out to the suppliers for restoring their inventories when needed. This is a huge advantage for big companies to expand their business with the ability to communicate and store information. Another example is for online businesses like Exambazaar which has an Examwiki section. It is an exam eligibility tool which deciphers the all the exams you are eligible for all over India by just entering your name, dob and academic qualification. This is something that shows the power of IT and how to touch your clients (in this case students) in the most organic and ideal way.
Technology is Necessary for the Expansion of Business
Through Artificial Intelligence (AI) and Automation, technology has become one of the major factors behind the success of a company. The latest technological advancement gives the company a competitive edge over the other competitors in the markets. This improves the overall reputation of the company and also enhances the perception among its customers.
Use of Technology to Explore New Markets for Growth
Businesses can explore a variety of new markets to expand their profitability and operations with the implementation of the latest equipment available in the market. We know that various gadgets and equipment are being launched in the market day by day. These gadgets assist companies in their operations that lead to higher growth and productivity. Apart from all these points, there are several reasons as to why information technology is important in today’s business.
IT has the potential to become the catalyst for change if used in the right direction. In 2020 it forms the crux for development and touches all. It combines 3Ss which are speed, simplicity and services as stated by Mr. Narendra Modi. Technology is fast, simple and the more me learn from technology, the more fruits it bears for us. We can say that IT has successfully infiltrated our lives and become a huge part of our lifestyle. It has become the main tool for communication where we have switched from computers to tablets to mobile phones. With time it is only going to increase. Therefore, staying with the trends and adopting IT in all sectors not just businesses would reap benefits in the future.