THE IMPACT OF TECHNOLOGY ON BUSINESS GROWTH

May I say firstly, that for any business to experience a rapid growth, technology must be greatly invested into as it make life easy and help businesses to have easy access to the customers and the entire community at large. Technology has made a great impact on the success of businesses as far as 21st century in concern, it cannot be over emphasize and as far as the whole world is concern, technology is needed for easy living.

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Technology
Technology is the skills, methods, and processes used to achieve goals. People can use technology to: Produce goods or services,reaching out easily to customer, Carry out goals, such as scientific investigation or sending a spaceship to the moon. Solve problems, such as disease or famine.

Business growth
Business Growth is a stage where the business reaches the point for expansion and seeks additional options to generate more profit. Business growth is a function of the business lifecycle, industry growth trends, and the owner’s desire for equity value creation.
Starting and running a business has never been easy. It requires determination, discipline and of course, a lot of money. Moreover, you need to hire people who will do all the necessary functions. But with the advent of technology, everything has changed. Business activities have become automated. Computers work along with people to accomplish goals. Technology helps businesses to flourish.

Impact of technology on business growth;

Everything is mobile
Telephones have evolved. Today, we have smartphones. These smartphones are literally “smart”. They can do various functions and operations through digital applications and programs.
Less cost, more functionality
In business, money matters. As much as possible, you need to boost cash flow and reduce expenditures. Through the use of technology, a business can cut down costs. Simply because the use of technology in business operations increases productivity and efficiency. For example, instead of collecting payment from customers, you can use an online invoicing service. Also, use a comprehensive accounting software instead of hiring an accountant to do basic accounting tasks.

Improved learning
Technology has also redefined education. In business, training and learning rely on technology. Technology provides a more fun and interactive way of imparting knowledge to new hires and employees. Modules are now more personalized of technology. In fact, most companies now are utilizing webinars in training their employees. Some companies are also exploring virtual technology to elevate the level of learning and education.

Effective marketing
One of the greatest impact of technology to businesses is in the field of marketing. Facebook, Instagram, Twitter, and YouTube. Through technology, promoting a business is a lot easier.

Instant communication
Technology provides mobile solutions to businesses. Part of this impact is the improvement of communication. Today, people can connect with each other instantly. Gone are the days when businesses have to send their messages through a written letter. Now, we have messaging apps, email, and other instant communication platforms. People can easily text, call, or video chat. Through technology, everyone in the world seems to be connected with each other.

Improved customer service
Technology has greatly helped business serve their people even better. The advent of instant communication makes it easier for businesses to reach customers and vice-versa. Most companies now utilize digital platforms for customer service. Social media and websites are also a way of gathering customer feedback. Moreover, clients can now schedule their appointments online.

Higher efficiency and productivity
One of the problems of most companies now is that most employees now spend more time in the office but are still less productive. The biggest reason why employees are becoming less efficient and productive is that companies do not invest in technology to automate operations. It is also one of the factors why workers are less motivated to work. Thus, it is important that companies now embrace technology. Basically, computers are very important now. There is readily available software which can perform various functions – accounting, bookkeeping, database management, payroll system, email management, and document creation, among others.

Smarter than ever
Businesses now are also becoming smarter and smarter because of technology. Today, there is various software that can analyze the performance of your business. These technologies are like an independent brain which can operate and decide on business operations and functions. Moreover, virtual technology is starting to dominate the business industry. Most companies now are utilizing virtual technology in teleconferencing, training, engineering, and learning, among others. In the years to come, technology will again innovate. These innovations will surely help in business growth and development.

Easy communication with Customers

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First and foremost, technology affects a firm’s ability to communicate with customers. In today’s busy business environment, it is necessary for employees to interact with clients quickly and clearly. Websites allow customers to find answers to their questions after hours. Fast shipment options allow businesses to move products over a large geographic area. When customers use technology to interact with a business, the business benefits because better communication creates a stronger public image.

Increased Employee Productivity
Computers and business software packages have exponentially increased employees' productivity by allowing them to provide data entry functions or review automated reports. Companies have automated several traditional manufacturing processes; instead of using manpower to manually create and assemble goods, machines and/or robots now complete these functions. While these improvements may increase capital expenditures, they lessen the impact of consistent labor expenses related to productions. Fewer employees are needed to monitor the machines and ensure they are working properly.

Special attribute of technology on business growth

Brings People Together, and Tears Them Apart
Technology is a double-edged sword when it comes to bringing people together. On the one hand, it makes it easier for co-workers to communicate and collaborate as they make use of email and team-chat sites such as Slack and Stride. Even basic technologies such as email and text messages speed up response time in emergencies and allow a more leisurely time frame for less urgent issues. However, social media platforms can be distracting, and they can't replace face-to-face interactions when it comes to the truly meaningful actions that build strong and resilient teams. In the Human Resources department, for example, technology can streamline benefit solutions and store and scan applications to efficiently screen prospects, but a computerized application process is rarely an adequate substitute for a face-to-face meeting to determine whether an applicant is a good fit for your company.

Saves Money, and Costs Money
Technology saves money for your business by saving time, such as the hours that would be required to compile reports by hand. In addition, meaningful and up-to-date information helps you quickly recognize problems and opportunities and respond proactively. However, computers, software and the training required to maintain and upgrade them can be expensive. These expenditures may be more costly than the time you save.

Conclusion
Technology has also improved companies' sales and service departments by allowing employees to use personal electronic devices to create sales displays and transmit orders and customer information to the home office. These electronic devices shorten the lead time companies spend on receiving and delivering goods or services, creating an instant competitive advantage in the industry. Companies can also send sales representatives to multiple markets at the same time, allowing them to penetrate multiple markets with few overhead costs. Companies may allow their internal employees to work from home using a company Internet connection, reducing the fixed overhead expenses from a large corporate office.
Business systems have reached the point where it's difficult to imagine operating even a small company without basic technology such as desktop computers to receive email and keep records. For the most part, technological innovations speed up workflow and provide indispensable systems for organizing information.
Through the use of technology, a business can cut down costs. Simply because the use of technology in business operations increases productivity and efficiency. For example, instead of collecting payment from customers, you can use an online invoicing service.