The development of technology has helped businesses to be advanced, innovative, and well connected. Technology has been put in place to meet up with challenges that may arise tomorrow, the right technology can vastly improve a company’s overall efficiency as well as improve employee productivity, communication, morale, and engagement worldwide.

Several businesses failed to use technology because they believe that technology is costly rather than a business enabler. The few businesses that embrace technology stay competitive in the market. Optimizing technology is one of the keys to improving business efficiency, without optimized technology several companies will not be productive, they won’t be able to keep us with the competition. Technology helps businesses to improve productivity, improve customer service and gain a competitive advantage.

The advancements put in place as regards technology has played a major role in business development in areas such as

• Employee productivity: Technology helps a company to maintain consistent performance even during economic hardship for example data recovery and data backup allows a company to get back on its feet after service outage or disasters. Technology simplifies time consuming task and increase workplace productivity for example the use of document management system replaces task like manual file retrieval, data entry etc.
• Effective communication: communication in workplace has been a driver of productivity, whether it is through meetings, emails, or otherwise, people need a way to share thoughts, ideas, and updates with one another to keep things on track, so technology makes all this process simple. Most business communicates through technologies like mobile phones, Skype, zoom, text messages, and electronic mail to pass important business information.  
• Customer service: With technology it will not cost a lot of money to provide customers with accurate and quick service using your preferred method such as phone, email, or chat.
• Automation of task: Work often of consists of monotonous tasks which is time consuming, but with technology you can now automate the task which promotes high value work.
• Lower cost of operation: One of the ways to reduce spending is to invest in software and service-based technologies and off-site technologies for storing applications and data making it accessible from anywhere.
• Technology accelerates innovation: Technology helps businesses to create new products and services, they make use of internet to collect information about targeted consumer to enable them to understand their needs and wants.
• It improves flow of information: Many businesses use internal networks to facilitate flow of information within the organization. The internal network can help in the transfer of information among different department at work. Employees also make use of different technologies like printers and internet that makes flow of information easy.
• Increased employee retention: Investing in technology makes employees retention more successful, it helps boost employee morale. Technology will enable you provide desirable perks that today’s digital generation is demanding.

Technology undoubtedly helps improve the efficiency of businesses in many ways.  Technology comes with advanced reporting capability to help improve the efficiency of businesses, it will help businesses gain insight into market trends, customers preferences, and business performance. Business owners need to take full advantage of today’s technology because the leverage derived from the use of technology outweighs its disadvantage which is the cost.

Reference
Bode Oyediran (2017). Today’s Technology for Tomorrow’s Business Efficiency. Insurance Brokers Journal