It is well known that most businesses have to earn profits as the objective. To do this, they have to take into consideration the dynamic environment in which they operate.
The external environment that influences business operations includes; political environment, social-cultural environment, demographic factors, competitive environment, economic environment, and technological environment.
When studying the influence that the technological environment has on businesses, we see that effective technology helps business to maximize profits, improve productivity and operation efficiency.
Firms, therefore, need to adapt to the ever-evolving technology to edge over their competitors. In this article, we are going to discuss tips on how to reinvent businesses using technology. An entrepreneur can reinvent their business in the following ways:
One configures a firm’s landline phone to a centralized communication system such that different branches can communicate easily. The departments can also take advantage of google drive.
This will help them share important documents without one moving from one department to another thus saving time. The documents can be accessed by everyone who has been given document accessing rights by the administrator. As we can see, making use of google drive saves the firm time thus improving the productivity of the laborers.
The company can also use video conferencing to hold meetings which will not require them to be in the same location. Due to this, the firm will cut their expense on hiring conference rooms for important meetings.
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Small and medium enterprise owners always feel that they have an unfair situation when it comes to competing for customers compared to the big firms who operate in the same industry as them.
Well, the good news is that proper use of online platforms can level the playing field. Firms can make sure to have a good online presence by creating an attractive and informative website that communicates about their products, company location, and contact information.
The company can also take advantage of social websites such as Twitter, Instagram, and Facebook to establish a presence on social media while marketing their products and services.
The mode of production can dictate the amount of output and its quality. When a firm uses a labor-intensive mode of production, the output produced tends to be less compared to when a company invests in capital-intensive modes of production. Computers and machines will result in more output of higher quality which will, in turn, attract more customers thus translating to bigger profit margins.
It is important to install fast and stable internet that has a bandwidth that can accommodate many users. Good internet connectivity will help employees access documents easily when they need them and departments to hold video conference meetings without interruptions. In addition to that, the firm can also provide free wi-fi which customers can use while waiting in line.
This will improve the firm’s customer experience levels since browsing makes waiting in line bearable because of the relaxing atmosphere created.
With the current ongoing pandemic, companies without good IT infrastructure have raked in losses. Employees are unable to work remotely hence these companies close for a temporary period while they build an IT infrastructure. Installing firewalls, servers, and anti-virus software enable employees to work remotely from home. The servers can store all the information that will be needed for normal operations.
Firewall and antivirus on the other hand will ensure top-notch security. The firewall will secure remote connections while the anti-virus ensures there will be no virus attack. Ensuring safe connections is important. This mitigates against hacking and malware such as ransomware which might end up costing the business a fortune.
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An entrepreneur can decide to develop their app which can be used to make business smooth. The app can make it easy for customers to access the firm’s services and products. To promote sales and usage of the app the entrepreneur can have an awarding system in place. The more interactions a customer has with the app the more points they collect and the chance of being awarded a discount offer.
A business can decide to automate some repetitive business operations. This way a business can reduce the number of workers in their employment thus saving on costs while increasing efficiency at the same time.
Some of the business operations that can be automated are; payrolls, purchase orders, sales orders, employee application, etc. After automation of processes, a firm will have reduced paperwork, reduction in errors, increased productivity, complete records, and reduced stress due to the bulk of work.
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Businesses are always adapting to the dynamic environment that influences their operations. The technological environment is always evolving. Businesses are supposed to adapt to survive the competition. Effective technology helps businesses to reduce costs, improve quality and customer experience and maximize profits.
According to the study “The Role of Information Technology in the Business Sector by Prof. Krume Nikoloski, if a business invests in Information and technology, it will have a substantially significant improvement in its operational efficiency and managerial effectiveness which results in the above-mentioned advantages.
Some of the steps that an entrepreneur can take to reinvent their business using technology include but are not limited to:
As financial years go by the entrepreneur should install updates for the current technologies they are using in their business and acquire new technology when needed.
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