Automation and Technology have become the most crucial part of our lives and hence we often forget to think about its affects that it lays upon us. From the modern utilization of mobile phones, to the technology built as car, these things are really prevalent. In the profession like business, the words such as automation, machine learning, artificial intelligence are now possessing a great place in today’s world.
Most businesses today need to have some idea about what it entails and capture the idea of importance to get hole of technology and automation. While speaking of uploading a photo with your friends on your Facebook profile, a basic virtual phenomenon these days, technology plays a major role.
Machine learning is used by the social networking sites to suggest the names of the people in the photo that you may want to tag and your friend list to be reviewed. Therefore, this makes it convenient for the user to upload the images providing a procedure that is simpler, faster and easier. Technology and automation can play a similar role in a business.
Reduces time: To mark the basicadvantage of adopting technology, it rapidly lowers the amount of time taken to do the job. Machines can perform it with more efficiency in a limited reach of time without any drudgery. The advances in computing power are built to be more complex, mundane and even huge volume of work can be pitched within minutes. As the concept is known about the pyramid to be built by 4000 workers across 20 years, with today’s technology, the same can be done in just about five years.
Revenue and Profit: According to a Google and KPMG report, engagement with digital technologies can help Indian SMBs develop their revenues significantly. The report further adds that digital technologies like websites, social media and e-commerce can provide SMBs a huge market reach and increase the capability to reach out to customers. Digitally engaged SMBs are built with nearly twice the revenue growth trajectory compared to offline SMBs.
Productivity: Embracing technology enhances productivity to a large extent as more can be achieved in less or the same amount of time. Technology also clears up the person to do more substantial jobs, if the routine, transactional part can be automated. This results in better utilisation of one’s skills, that could further step towards a greater productivity. For a business it can also mean lesser man-power requirements to get the same amount of job done.
Efficiency:Technology focuses on machines that carry out tasks which demands a high degree of efficiency and precision. Technology and automation can lend a hand towards a business to improve efficiencies across functions, from manufacturing to marketing, and also ensure expensive errors that can be interrupted to take place. This can further extend the business growth.
Insights: Technology also prove valuable insights about the business. By turning information and numbers into actionable and meaningful data, businesses can take it to arrive at strategic and calculated decisions. Technologies like big data analytics can play a crucial role in the decision-making procedure and establish business growth.