Skip to main content

TECHNOLOGICAL CHANGE

Advantages of New Technology in the Workplace

Technology is always evolving, with new software constantly emerging to solve problems and inefficiencies that companies may not even be aware of yet. Business leaders can sometimes feel overwhelmed in the face of so much change – there’s often a desire to stick with current technology and processes rather than rocking the boat.

But the status quo threatens innovation, and stagnant companies put themselves in danger of failure. By investing in cutting-edge technology, you’re investing in growth. And you’re empowering employees to keep up, and get ahead, in a fast-paced world.

Here are five areas new technology brings advantages to the workplace:

1. Speed, Efficiency, and Agility

The goal for any new office technology is to speed up workflow processes, giving your employees the ultimate resource – more time – to focus on the important work.

Businesses best their competitors by being able to respond to data, adapt to changes, and make informed decisions quickly – new technology and analytics give them the tools to do so. Your business simply can’t afford to move at a 1998 or 2008 pace in 2022.

2. Storage and Sharing

Employees should never have to waste time looking for files, documents or information, yet studies show that nearly 20% of the workweek is wasted searching for information, a major inefficiency that costs businesses money. Technology that streamlines information storage and sharing is vital not only for efficiency, but also for security.

Outdated technology puts your company’s confidential information at risk, and sets you up for an expensive data breach.


3. Mobility and Remote Connectivity

With the growth of the freelancer economy, and many companies adopting flexible work-from-anywhere policies, employees need to be able to access technology systems remotely. Implementing the newest technology allows organizations to connect with the best talent, all over the world, instantly.

4. Automation

Another advantage of new technology is that it allows companies to automate functions that previously required employees. Tasks like data entry and analytics, bookkeeping, and contact management can be partially or completely automated, which allows businesses to work more efficiently without the risk of human error.

Those cost savings can be invested in human capital that show the biggest return on investment (ROI), higher-level employees that innovate and drive the company forward.

5. Communication

There’s a reason that computers replaced typewriters, emails replaced paper mail and faxes, Slack has replaced (some) emails: Communication is king. Companies are constantly looking to improve and accelerate communication, and new technology is built with that need in mind.

Investing in new systems will help to streamline both internal and external communication, with clients and vendors, so that everyone is always in the loop.

Disadvantages of New Technology

1. Losses or Nefarious Activity

While bad guys will target businesses whether there is technology or not, online systems seem to be an invitation for hackers to attack. Small businesses owners tend to utilize outdated software, without updating the proper version or patch to fight against hackers. When this occurs, the business is susceptible to malware, ransomware or viruses that could hijack online operations, hold data hostage and even funnel sales transactions to an account overseas.

Even with the most updated protections such as firewalls and appropriate software, a business is still subject to the potential loss of data. If the hard drive crashes and the information isn't backed up, the business is left trying to rebuild a database, rather than conducting sales.

2. Distractions Affect Productivity

With so much technology available, it is easy to get distracted by it. Business leaders need to set policies to prevent employees from taking advantage of technology at work. Many employees are allowed to "bring your own device" for business use, but they can become distracted by personal texts, games and social media. Having internet access on company computers can lead to the same time-wasting habits. An employee might legitimately conduct research as part of his job, but then he might become distracted and find himself wasting an hour on unnecessary "research".

Employees can also get distracted by checking email too frequently while waiting for a response they're expecting. This removes them from the task at hand, if even momentarily, which reduces productivity. Help employees develop good technology work habits, which maximizes job satisfaction and productivity.






Comments

Post a Comment

Popular posts from this blog

EXTERNAL COSTS AND EXTERNAL BENEFITS

External costs An external cost occurs when producing or consuming a good or service imposes a cost (negative effect) upon a third party. If there are external costs in consuming a good (negative externalities), the  social costs  will be greater than the private cost. The existence of external costs can lead to market failure. This is because the free market generally ignores the existence of external costs. External marginal cost (XMC)  the cost to a third party from the consumption/production of one extra unit. Example of External Cost Driving a car imposes a private cost on the driver (cost of petrol, tax and buying car). However, driving a car creates costs to other people in society. These can include: Greater congestion and slower journey times for other drivers. Cause of death for pedestrians, cyclists and other road users. Pollution, health-related problems. Noise pollution. Example of Production External Cost Producing electricity from burning coal leads to air ...
Post a Comment
Read more

THE ROLE OF PROFIT IN AN ECONOMY

WHAT IS A PROFIT? Profit is the surplus revenue after a firm has paid all its costs. Profit can be seen as the monetary reward to shareholders and owners of a business. In a capitalist economy, profit plays an important role in creating incentives for business and entrepreneurs. For an incumbent firm, the reward of higher profit will encourage them to try and cut costs and develop new products. If an industry is profitable, it will encourage new firms to enter. If a firm becomes unprofitable, it will either have to adapt and change or close down. This profit motive can help increase efficiency, provide greater choice for consumers and allocate resources according to consumer preferences. However, profit can have a downside. To increase profits, firms may take action which cause  market failure . For example, an asset stripper could buy a failing firm – selling off its assets and then make workers redundant. Alternatively, a firm may increase profits by finding ways around environme...
Post a Comment
Read more

BUSINESS LOCATION

INTRODUCTION Most business studies textbooks can't resist starting a section on business location with the following phrase: "The three most important things in retailing are – location, location and location". However, although it is a well-worn cliché – it still has some merit. It was reputedly first said by the former boss of Marks and Spencer (Lord Sieff) to describe the main success factors in his business. And certainly in retailing, if you get the location wrong, it can have a serious and often disastrous effect on the business. For businesses in some sectors, location really is critically important. For others, it is a relatively minor decision. The key is to consider the main issues faced by a business choosing a business location and to address the most appropriate way of making a choice. Location decisions are usually pretty important – to both large and small businesses. The location decision has a direct effect on an  operation's costs  as well as its abi...
Post a Comment
Read more