Whether you sell shoes or run an accounting firm, you need technology to operate. Technology may include software, payment systems, computers, Wi-Fi networks, mobile devices, and more.
Companies also need to protect their devices and network. If that technology isn’t working, it can impact a business significantly. For example, 98% of surveyed organizations say that just one hour of IT downtime costs more than $100,000.
Reliance on technology means that every company is now a technology company.
We’ve gathered eight insights on how technology now impacts modern businesses.
For over 25 years, WEBIT Services has helped hundreds of clients build IT strategies and create effective solutions to IT risks and problems.
By reading this article, you will learn how technology impacts businesses and next steps for improving your use of technology.
What Makes Technology a Backbone of Any Business?
1. Technology is now mission-critical for businesses
Most companies couldn’t operate without their software or databases filled with important information. Even farmers use tech to check commodity prices, sell livestock, and keep their books.
Without the technology that’s become a regular part of our day, many companies would be unable to produce and, therefore, would be forced to shut down. IT downtime is so devastating for this very reason.
2. Customers expect an excellent digital experience
Nearly 46% of survey respondents said customer experience was at the top of their business priorities for the next 5 years.
If customers have a bad experience with your company, they will likely go elsewhere. In a digital world, those experiences are often:
- Navigating your website
- Checkout experience
- Appointment scheduling ease
- Shipping notifications
- Helpfulness of online chat
- Response time from customer support
- Ability to contact your company via social media
You need to use technology to meet consumer expectations in 2023 and beyond. For example, people expect a smooth digital flow from your website to your payment experience.
3. Employees need devices to drive productivity
How do employees work without a computer, tablet, or mobile device?
These devices keep staff connected to each other and your customer data. Devices enable communication and completing most office work. If they don’t run well, business productivity suffers.
4. AI and automation help companies stay competitive
AI and automation help organizations move faster. AI can personalize a consumer shopping experience. Automation can help sales teams close 30% more deals and improve conversions by over 200%.
Companies must integrate technology tools with AI and automation capabilities to stay competitive.
As AI and automation grow, companies must know the best ways to use these tools and integrate them well with existing solutions.
5. Information is being generated at a rapid pace
Files, documents, and customer records are primarily digital now. However, keeping track of all that information and making it searchable requires technology tools and skills.
6. Vendors and suppliers are leaving legacy systems behind
The companies you rely on for your business are also “technology companies” today. Most will be leaving behind legacy systems like fax machines and paper documents.
As vendors and suppliers retire old technology and communication methods, partners and customers must interact with them digitally.
7. It’s difficult to grow without tech innovation
It’s hard to continue growing your business without the smart use of digital tools. This includes reviewing your technology infrastructure and looking at innovations on the horizon.
For example, the cloud is often touted as leveling the playing field for small businesses. It allows smaller companies to leverage technology to do more affordably.
8. Technology helps with business continuity
Business continuity focuses on keeping your company running despite a crisis.
Companies that aren’t employing backup systems are at significant risk. Tech solutions create the ability to continue operating from anywhere, increasing business resiliency.
For example, a natural disaster could severely impact a building and everything in it. However, your business can still operate if you store your data in the cloud and use cloud software.
Next steps for improving your business technology
Technology has changed the way we communicate both privately and professionally. In addition, tools like AI and automation have changed productivity.
You may have noticed technology’s influence over businesses in the following areas:
- Technology is now mission-critical for businesses
- Customers expect an excellent digital experience
- Employees need devices to drive productivity
- AI and automation help companies stay competitive
- Information is being generated at a rapid pace
- Vendors and suppliers are leaving legacy systems behind
- It’s difficult to grow without tech innovation
- Technology helps with business continuity
To see how technology impacts your business, speak with your IT provider or internal IT team. They can audit your system to see what technology is being used, what can be improved, and how it impacts your business.
Your vCIO will discuss your business growth and technology goals. These are an integral part of your IT roadmap, a living document that outlines IT projects and plans to help you reach overall business goals.
WEBIT Services has specialized in managed IT services, IT strategy, and cybersecurity for over 25 years. It has helped hundreds of clients improve their IT systems, efficiencies, and functionality in that time.
Schedule a free 30-minute consultation to see how WEBIT Services can help your organization.
If you are not ready to make a commitment but would like to learn more about IT strategy, we recommend the following articles: