Based on a report, technology is the primary enabler of innovation as it can transform how people think, communicate and work. It allows companies to stay competitive because of increased efficiency in addressing challenges, heightened productivity and over-all importance in giving excellent customer service. With the advent of technology, completing numerous tasks has become easier for businesses more than ever.
However, according to World Economic Forum’s Global Technology Report 2015, the Philippines is 85th out of 143 countries studied in terms of business innovation. This shows that the country falls short in adopting new technologies. Hence, they are missing out on the following advantages technology can bring to their company.
Efficient and rapid decision-making
With the help of data analytics, making decisions is now easier for business leaders. Data analytics is a process wherein collected data from research and reports are being examined to discover patterns that help managers draw conclusions. Because of this, initiating a project or taking on particular action plans can be done sooner and more accurately. Companies that can make decisions faster and more accurately is usually more competitive than those that cannot.
Increased workforce productivity
Technology provides faster and more automated systems to companies that help their employees work more efficiently. Instead of manual processes, advanced technology allows tasks to be accomplished with less human errors yielding more accurate results.When it comes to managing data, technology enables companies do paperless data keeping and record management. This not only means cost savings but greater security against data loss and theft. Moreover, technology allows easier merging, retrieving, and migrating of files.
Easy connection to your market
Another function of technology is the ability to bring your company closer to your market by making your organization more accessible for your customers. For instance, social media is now commonly used as a means to engage your customers to provide faster customer service, better manage their expectations and build loyalty.
Improved bottom-line
One of the most siginificant advantages of technology is the impact it can have to the business’ bottomline. For instance, organizations can achieve savings in their procurement since automation can help in the online auction for faster negotiations. And ultimately get the best price from its suppliers. Also, technology can help in “transparency” in its transactions as it reduces manual intervention in the mix.
“Technology has truly changed the way we live our lives. In order to keep up with these disruptions, I believe that enterprises should proactively transform the way they do their business as well,” said Jennifer Ligones, President and CEO, Third Pillar.
Third Pillar offers solutions for customer relationship management, data governance, e-procurement, and consulting services, among others. For a complete roster of services and to help your company adapt to proven business innovations , you may visit the Third Pillar Website.
