The Importance of Technology in Achieving Business Growth

During the latter part of the 20th century up to the present, the world has witnessed a rapid change in the management and operation of various business industries. This has become possible due to the continuous development of technologies that contribute in the faster and mass production of output. Technological innovations greatly contributed in the service industry. As a result, it is now easier for businesses of various sizes and financial capabilities to achieve growth. Suffice to say, the importance of technology in running a business is undeniable.

Concretely, what is the impact of technology in terms of business growth? When there is a new technology, how can it be utilized and how does it affect the different business aspects such as marketing and productivity?

Emergence of Different Media and Advanced Tools for Marketing

The technology importance in business growth has been recognized decades ago. Business companies and corporations maximize the different media such as television, radio and print to promote their products and services. This helps them to increase their sales and revenues significantly. However, they have to shell out large sums of money. As a result, small to medium-sized businesses find it hard to compete with large sized ones. In this case, the importance of technology is not yet fully appreciated by less financially capable business entities.

However, when the Internet was invented it somehow leveled the playing field for businesses in terms of competition in the market. In particular, the IT technology has given them access to a lot of information that are vital to their operation and growth. Technological tools such as the VoIP phone system has allowed small market players to promote their business without spending too much. Many VoIP services such as the toll-free and vanity numbers have given them the power to attract more clients and earn their trust and loyalty. With the emergence of IT and its accessibility, the importance of technology has now become fully appreciated by small market players.

Invention of Advanced Technologies for Higher Rate of Production and Productivity

The technology importance is also manifested in terms of increasing the rate of production. During the Industrial Revolution era, the Spinning Jenny and steam turbine were invented and have greatly helped businesses in increasing the number of products that they can produce. Since then, the need for more advanced technologies has resulted to the invention of machines and equipment. In the 1980s, the computer was invented and has immensely changed the pace of development as well as market competition. This impact of technology has given businesses the opportunity to strengthen their companies. Moreover, the importance of technology has become more indispensable when other inventions such as the Internet have become very accessible all over the world.

Another new technology, the mobile communication, has also made connectivity possible 24/7. In particular, businesses today use smartphones or tablets so that they can still do business even outside the office. Combined with IT technology, they can easily broadcast information about their existence and about their products and services.

Very clearly, technology is a major influencing factor in the growth of any business. Thus, the importance of technology should be valued and should be used for the good of the people.

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