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Any business aims to increase its profits. That can only happen when the business increases its revenue streams while keeping its expenses low. The business should be more efficient in its productivity and aggressive in reaching out to attract more customers.
Efficient production methods ensure the company keeps down its production costs. On the other hand, aggressive marketing is needed to increase sales revenue. With the advancement in technology, businesses have been forced to embrace it to improve production, marketing, and more.
There are many contributions that technology makes in business growth. Some of these benefits are explained below:
Ability to Solve Business Problems Faster
With the application of technological tools, businesses can identify problems and come up with solutions faster. For instance, there are accounting applications that can predict if a business is likely to incur losses in the future or if it’s financially sound. In the case where the business is not in a good financial position, the software can suggest corrective measures that can be put in place.
There is also great improvement in the area of business data analysis. Some advanced statistical applications can be used to make a comparison of the level of sales in different regions or periods. Early corrective measures can be put in place for the cases where the level of sales is not as high as they’re supposed to be.
With faster solution generation tools, businesses can avoid losses, make more sales, and find it easier to prosper.
Increase in the Size of the Market Reached
In the past, there were few marketing options, such as the use of billboards or mainstream media like radio and television. The challenge in the use of these marketing methods is that companies incurred huge costs. These types of marketing are expensive.
With the increase in internet penetration, businesses have more marketing opportunities at their disposal. Businesses can now use social media, create content online directed at achieving marketing goals, and use emails to connect with consumers. Consequently, small business owners and people who do freelance jobs have a less costly way to reach out to clients.
The internet has also made it easy for businesses to reach out to international clients. Some tools can translate English to French automatically for businesses creating content that is meant for clients beyond their borders.
Ability to Respond to Clients Faster
It’s the purchases made by customers that drive a business towards profitability. However, clients are only happy when businesses respond to their needs adequately.
The availability of the machine translators has enabled businesses to create content in languages that more customers can understand. Therefore, clients know the solutions that the business has for their problems. Comfortable customers purchase more from businesses which leads to more profit.
Furthermore, customers don’t have to wait long to get responses to their inquiries. For example, chatbots are a common tool on business websites. They are used to provide responses to questions customers have immediately. Satisfied customers find it easy to make purchases from a company that answers their questions quickly and conveniently.
Increase in Knowledge Used in Production
Technology has made it easy for people who were previously unable to learn because of the cost and time to study. Universities are now educating people online. The online platform offers people many advantages, including:
- Low cost
- Better teaching methods
- Flexible schedules
As a result, more people are now getting skills that are necessary for business production processes. Businesses owners can now get more skilled people to manage their ventures.
Improvement in the Quality of Goods Produced
Some goods are available today because of technology. For example, the manufacture of smartphones has been facilitated by the use of other technological devices. Over time, the quality of the smartphones produced has increased. Therefore, more clients have felt they need these phones, which increases sales for the companies that produce them.
Robots are also a technological creation. They’re used in performing complex production operations that are either too difficult or too dangerous for humans. Apart from saving humans from performing tasks that can put their lives at risk, the use of robots also reduces the expenses of employing human workers and increases the rate of production.