One of the most important thing that I have realized over the years that I have been an entrepreneur is that Businesses of today must prioritize Technology. What does that mean? Well, it means that Business and Technology of modern time are deeply entangled together. It’s like a marriage of two distinct personalities. For businesses to be competitive, on-top of their game, and meaningful, they must prioritize Technology within their operations. But what exactly will be the impact on businesses that don’t prioritize Technology? Let’s discuss.
Importance of Technology in Businesses
We first need to understand the benefits of Technology within Businesses. Irrespective of the business size, technology has some key impacts on business operations, such as:
- It makes communication easier, faster, and more effective
- Technology Automation has made manufacturing techniques more efficient
- Helps to drastically reduce wastage
- More efficient Inventory/stock management and ordering processes
- Better ability to develop new, innovative approaches
- Efficient marketing and promotion operations
- Highly effective customer service and satisfaction processes
Businesses not prioritizing Technology
It’s hard to imagine any modern business not knowing the benefits, or not implementing necessary techniques and technology to make their operations better. But to our surprise, a lot of businesses even today are not implementing or do not have the necessary skillset to properly integrate Technology within their business environment.
For example, there are businesses who don’t implement proper Network capabilities, or proper IT Security to ensure their data is secured, or even available from anywhere anytime. There are businesses that don’t have the basic software needed to ensure customer satisfaction, such as CRMs, or helpdesk tools.
So, what possible reasons could there be for modern day businesses to not prioritize the importance of integrating necessary Technology within their businesses? I cannot come with any. If you do, then do share in the comments.
The impact
I can, however, come up with few cons and possible impacts that businesses can face by not prioritizing technology integration.
- Always play catch-up to their competitors who have proper technology integration.
- Susceptible to data-breaches. IT security has become a fundamental aspect for any safe organizational data.
- Less profits than the competitors who are using Technology based analytics and automation sales tools and strategies
- Prone to taking miscalculated and ill-informed decisions
- Dependent on manual operations and processes.
- Increased operations time.
- Lack of innovation and improper product development flow
- Lack of proper operational procedures
- Prone to improper organization wide communication
- Lack of brand awareness
- Misdirected brand vision and objectives
- Silos based business units
- Lack of centralization and data sharing
The list may very well go on and on, but the list should give businesses a fair idea on what they will face if they do not prioritize Technology within their company. This goes for individuals, freelancers, small business, large organizations, or anyone for that matter.
Help me in spreading the importance of bridging the gap between Businesses and Technology, which starts with knowing the value of Technology in modern day business operations. Always remember, everything is achievable through technology.
One of the most important thing that I have realized over the years that I have been an entrepreneur is that Businesses of today must prioritize Technology. What does that mean? Well, it means that Business and Technology of modern time are deeply entangled together. It’s like a marriage of two distinct personalities. For businesses to be competitive, on-top of their game, and meaningful, they must prioritize Technology within their operations. But what exactly will be the impact on businesses that don’t prioritize Technology? Let’s discuss.
To conclude
The list may very well go on and on, but the list should give businesses a fair idea on what they will face if they do not prioritize Technology within their company. This goes for individuals, freelancers, small business, large organizations, or anyone for that matter.
Help me in spreading the importance of bridging the gap between Businesses and Technology, which starts with knowing the value of Technology in modern day business operations.
Always remember, everything is achievable through technology.