How does technology transform a business?

Answer 1

Technology brings in speed and accuracy. Businesses stand to gain from this. Therefore, a simple procedure such as typing a conveyance document in any real estate office might have taken a couple of hours. But technology helps in completing the task within no time. Many conveyance documents can be prepared and printed within the same time. It is also possible to implement corrections, and review before taking a print, which was not possible earlier.

Complicated calculations that required highly qualified people, and considerable verification have been reduced to simple data entry functions because of technology. All these advantages bring down overall costs considerably. It is also possible to forecast future requirements, and generate information about present activities almost in real time. This saves a lot of time as well.

Savings on costs relating to personnel is also possible because of technology. Businesses employed many people earlier to generate financial reports. But because of technology, so many people are no longer required to be employed. This reduction in employee costs also results in saving on other administration costs, including rent on office space. Since the number of employees decreases, the space required to accommodate them also comes down. Likewise, allowances related to employees, and other expenses that any business incurs such as those on safety and precautionary measures also come down. All these result in huge savings for any business.

Communication has also become a whole lot easier because of technological advancement. Not only has it helped in planning and supplying or procuring goods in time, it has also helped in capturing contracts ahead of competitors. Information is moving much faster making it easier for people to plan ahead and swiftly. Laptops allow the managerial personnel to utilize their time on flights fruitfully. Likewise, internet access on cellular phones also helps in doing things faster.