The Benefits of Technology in Business
Businesses today have greater communication options and can expand and share information faster and easier than ever before. Charles Phillips Oracle Corporation president from 2003 – 2010 recognizes the importance of technology in intellectual property-driven companies as well as new media, which gives them a greater amount of control over productivity and error reduction.
Businesses of all sizes benefit from mobile technology. Employees can be more productive when they’re not restricted to traditional office settings. People can keep track of data and work from almost any location and while in transit.
Calls to a land line can be rerouted to a different land line or a mobile phone, and there is software that will organize date store it and retrieve it in a matter of seconds that can be accessed from anywhere there is an Internet connection. Information is shared faster without paper, and documents can be securely transferred using fax machines and the Internet.
Electronic signatures or e-signatures allow documents to be legally signed over the Internet. The data is protected and the communique reaches only the intended person. It can be attached to documents and contracts can be signed and returned in a matter of minutes. It provides legal proof that the document was sent, received and signed by the intended person. This technology has had a big impact on certain industries. With sales, getting the customer to sign on the proverbial dotted line is the main aim, but in some cases the contract to be signed takes a week or more to reach the buyer. For cars, real estate and insurance, a week gives the buyer plenty of time to change their mind. Some of the most common uses for e-signatures are:
- Invoices and work orders can be signed at any time. Even on non-working days.
- Project approval estimates and order changes.
- School forms and permission slips.
- Leases and rental agreements.
- Non-disclosure agreement and other client agreements.
- Insurance forms and bank documents.
The main benefits of e-signatures are they save time and money. There is no need to print, fax, scan or mail documents. They increase efficiency by storing the documents in the business’s cloud account and can be accessed on any Internet-enabled device.
Efficient Finance Management
Through technology, many aspects of finance can be handled faster and more efficiently. There is a wide variety of options for the way businesses handle their funds. They can make electronic transfers for salaries and other payments, and these transactions are automatically recorded. Notification is also sent to the holders of the accounts for double protection.
Technology Change Management
Companies use technology change management to determine if it is beneficial to invest in information technology. If the new technology generates high productivity and sales with lower costs, then the investment is worth it. However, even the smallest business must have an online presence to generate the number of customers needed to be successful. People look online first for the products and services they need.
Technology has changed every aspect of life from communication to medicine. It has made buying and selling so much easier, and the prices available online are usually cheaper for airline tickets, furniture, appliances and much more. Any business, no matter how large or small, not only needs to embrace technology, but it must also constantly upgrade its applications to stay ahead of the competition.