Let’s face it — it’s difficult to keep up with the pace (and price) of new technologies. Business owners face a barrage of new technologies, all promising revolutionary results. Wading through the hype can be time-consuming, but the right investments will reap dividends that more than make up for their cost.
Technological advancements offer the ability to make processes more effective and efficient, from cloud computing for scaling processing power to green technologies that decrease energy consumption and save on electricity bills. And with the advent of artificial intelligence, many time-consuming processes can be outsourced to software. Not only will this work be accomplished with a higher degree of accuracy, but valuable human resources will be freed up to pursue more pressing objectives.
Thoughtful, intelligent investment in innovations like these can help almost every kind of business succeed. To save both time and resources, the following three technologies, in particular, are worth pursuing.
1. Reduce waste with inventory management technology.
According to Wasp Barcode, an astounding 43 percent of small businesses either don’t track their inventory or are stuck using outdated manual methods to do so. Ultimately, these businesses are missing out on data that’s essential to making informed decisions. Leading retailers, which have long leaned on big data to optimize their inventory, are starting to take their efforts to the next level. Target, Walmart, and Lowe’s are now testing the use of robots to scan store shelves and further automate their inventory management processes.
Information technology consultants such as Pariveda Solutions, a strategic services and IT consulting company, can build multichannel inventory management systems that function in real time. In one case, Pariveda helped a global packaging company with five separate inventory-tracking systems save several million dollars annually by creating an integrated inventory solution. Through effective inventory management, businesses can boost their resource efficiency in order to maximize profit and minimize the amount of capital tied up in warehouses.
2. Ensure safety and savings with cybersecurity investments.
Protecting a business against cybercrime is a costly endeavor, and Ponemon Institute research suggests that the average enterprise falls victim to around 130 successful cyberattacks in a year. Not surprisingly, repairing the damage from these attacks is costly — almost $12 million, on average — even as these organizations must also spend huge amounts protecting themselves from many other unsuccessful attacks.
Because businesses have a limited budget for cyberdefense, they must focus their efforts on the most efficient means of protection — namely, deploying security intelligence systems. These systems will protect valuable data while producing an average cost savings of more than $2 million compared to other defenses such as perimeter controls or automated policy management.
3. Scale customer service efforts with AI bots.
Millennials are leading the charge toward automated customer service, and IBM reports that 65 percent of them favor this form of interaction over talking to live agents. That’s good news for businesses, as conversational bots can scale to accommodate any demand.
Customized bot creation can be accomplished with AI agency partners. IV.AI, for example, uses AI to help businesses such as Netflix and Sony increase their revenue while decreasing costs. IV.AI also worked with Aeromexico to automate an astounding 96 percent of its customer service demands. According to CEO Vince Lynch, “conversational AI is a ‘customer whisperer’ that’s capable of navigating buyers’ needs and emotions with minimal human input.” In other words, it can lower the demand on business resources while improving customer experience and satisfaction.
Technology is rarely a set-it-and-forget-it method of solving business dilemmas — more often, it comes with a significant learning curve. But when users overcome this obstacle and familiarize themselves with new tech, it generally makes their lives easier and more efficient. Especially when businesses have well-defined processes, it can be hard to go out on a limb and make investments that don’t appear essential. In many cases, however, the benefits will greatly outweigh the costs — it’s only a matter of time.
Brad Anderson
Editor In Chief at ReadWrite
Brad is the editor overseeing contributed content at ReadWrite.com. He previously worked as an editor at PayPal and Crunchbase. You can reach him at brad at readwrite.com.
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FAQs
Here are some examples where technology may be useful in helping you get a better handle on your money. Creating a budget: There are multiple apps available that enable you to input your monthly income and expenses to generate a budget that fits your needs.
What is the best technology for a business? ›
Must have technologies:
- Customer Relationship Management (CRM) Whatever type of business you run, its success relies on customers. ...
- Payment Processing System. ...
- Cybersecurity Solution. ...
- Project Management Platform. ...
- Inventory Management Software. ...
- Social Media. ...
- Business Website. ...
- Location-Based Technology.
Computers can save on labour costs by reducing the need to employ many employees. They can save on communication costs by using VoIP technologies such as Skype for communication. They are more reliable and can work 24/7/365, which leads to improved production.
What technology is needed to start a business? ›
Depending on the type of business you're running, you may need software for accounting, customer management, web design, and more. Researching the best software packages available will help ensure you have the right tools for your specific business needs.
How does technology save money and time? ›
It's much easier to search through electronic records for the information that you need. You also won't have to spend as much money on office supplies, filing systems, paper and ink.
How does technology affect money? ›
In general, technology may make it “easier to see where you stand financially,” O'Leary says. “Your bank or budgeting app shows you right away; you don't have to wait for a paper statement.” RBC Wealth Management, a division of RBC Capital Markets, LLC, registered investment adviser and Member NYSE/FINRA/SIPC.
What are the top 2 technology businesses? ›
Leading tech companies worldwide 2024, by market cap
As of March 26, 2024, Microsoft was the leading tech company by market capitalization globally at 3.14 trillion U.S. dollars. Apple ranked second, totaling around 2.64 trillion U.S. dollars in market capitalization.
What are the three main things of business technology? ›
Business technology computing and processes include: Communication tools (smartphones, digital media, social media, generative AI). Data management (backup, storage, delivery, search and pulls). Enterprise systems (company-wide equipment and information management).
What technology can improve a business? ›
Technology enables a faster, wider and more efficient means of communication. This will include interactions within your team or with your clients, potential customers, investors or the general public. Video conferencing technologies, like Skype and Zoom, make meetings from across geographical borders convenient.
What are 3 computers we use today? ›
Laptops, hand-held devices, wearable tech and desktops are the most common computer types today. Desktops are the oldest computers and are used to run a large variety of programs and access the Internet. Laptops are portable versions of desktops that are smaller so they can be carried around with ease.
A computer is an electronic device that manipulates information, or data. It has the ability to store, retrieve, and process data. You may already know that you can use a computer to type documents, send email, play games, and browse the Web.
What technology are used in business? ›
With technology, a business can advertise using computers, printers, phones and email services to bring marketing tactics to the internet, print and other companies. With the internet and computers, employees can also market in other ways, such as through social media, forums and blogs.
What is technology to a business? ›
Business Technology as a concept describes all technology that helps an organisation run its business and operational processes. That technology can be customer-facing applications and solutions, business-critical production and logistics solutions, or back office financial systems, among others.
What is using technology in business? ›
The role of technology in business is to enable companies to operate more efficiently, effectively, and competitively. Technology provides businesses with tools and solutions that help them make smart decisions based on accurate data analysis.
What technology is used in businesses? ›
Businesses use technology in a variety of ways, including: Payroll: With computer systems, specialized software and scheduled payroll programs, a business uses technology to transfer payment to employees and contractors during each pay period. Some of these processes are entirely automatic.
What type of technology has the greatest impact on business? ›
Artificial Intelligence (AI) and Machine Learning.
According to Forbes, 29.5% of CEOs surveyed from small and medium-sized businesses said AI is the new technology that will have the greatest impact on their business in the coming year.
What is the most profitable technology? ›
The following are some of the most profitable technology industries:
- Telecommunications.
- Information technology services.
- E-commerce.
- Cloud computing.
- Cybersecurity to grow to $2 Trillion.
- Artificial intelligence.
- Virtual reality.
- Blockchain.
Productivity software and tools
Productivity tools like Microsoft Calendar and Google sheets can be of great help. Google sheets is an online collaborative spreadsheet used by business owners to organize sales, financial plans, customer lists, and other business data with their team.
