January 25

How does modern technology affect business


As a business owner, efficiency of systems, product and services is a priority. Businesses can utilize technology through softwares, websites, computers etc. to help track, manage, maintain and increase efficiency which in return reduces cost and helps the growth of the business.  Small and large scale businesses worldwide like Ivi Bet rely on technology to provide top notch experiences for their customers.


Technology has become an indispensable part of our life’s that has changed the way we live, approach business, work and even interact. The importance of technology in business cannot be overemphasized.


            Types of business technologies and their applications

  • Computers
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Computers are the most common type of business technology, desktop consumers or laptops are equipped with softwares that helps to perform numerous tasks.  Both the desktop computer and laptop are important , you can work in the office or at home when you have both.

You can use them for tasks like sending and receiving mails, presentations, research etc.


  • Softwares

The programs computers operate on are called softwares, this softwares is needed to get specific tasks done. Softwares re business technologies capable of handling specific needs of the company.

Softwares include application softwares like word processors and system softwares like  system that enables other softwares functions properly.

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While computer softwares might sound like it only involves technical programs, it covers everyday use softwares like Microsoft, Skype.


  • Networking

Networking simply means linking several computers for work purposes like sharing files, storing data and communicating. Businesses use networking to interact and share work related information, it can be also used to share printers and storage devices in the company.

Networks can be limited to computers within the company in a particular location or extended to computers in multiple offices.

Networking is commonly known as wireless Internet or WiFi.


  • Telephone communication

Communication is essential to building business relationships, partnership and new customers can come from communication.

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Telephone enhances quick efficient personal relationships with customers, one on one connection with your clients promotes trust and is beneficial for the business as a whole. Customer service has proved to be one of the most important things to focus on in business. You can improve customer service by working on an effective communication system between the company and the customer.


  • Accounting system

Accounting systems often include software that allows businesses to manage their income, expenses and revenue and all financial information. For small scale businesses, Quickbooks can be used as it is easy to set up and maintain. Larger businesses use more sophisticated systems like SAP Business One and Sage Accpac that are customized to satisfy their needs.

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It is important to consult the accountant in your business when deciding the type of accounting system to use, the right system should depend on the size and needs of the business.


  • Inventory system

Inventory control system is a workplace technology that manages the inventory in a business. It keeps track of products including how many items are in stock, updating the system upon arrival of products and when they are sold out. Inventory systems can help to know when to purchase more goods.

Businesses need an inventory system to maintain balance of items in the warehouse especially business deals with goods and processes items daily.

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                           Benefits of business technology

  • Efficiency

Business technologies enhance the increase in efficiency of goods, services and products. Efficiency in business helps induce trust, reduce cost and enable the company to grow at a fast rate.


  • Improved communication

Communication with clients, employees, investors and the general public is faster, wider and more efficient with technology.

Video conferencing technologies like Skype and zoom makes business meetings across geopolitical zones easy and convenient. You can use apps like Slack and Asana for communication within the company. Email, Newsletters and social media are also essential platforms for communication.


  • Security

With the rate of Cybercrime and data breaches, technology allows for improved security over business information and revenue. It allows businesses to handle their own security. They can invest as much or as little as they want into improving their security measures.

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It is necessary for companies to adopt strict measures to protect their data and information as well as that of their money.






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