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Technology In the World of Business: Today and the Future

Technology in the world of  business has transformed our world and daily lives. It has created remarkable tools and resources, putting useful information at our fingertips.

Technologies from smartwatch to smartphone to computers to robotics, made their way to this modern world which will likely emerge to a much better, faster, more portable and higher-powered than ever before. With all of these revolutions, technology has also made our lives easier, faster, better, and more fun.

The advancement of the technologies have provided quicker ways to communicate through instant messaging apps and social media platforms.

“Social media isn’t the only big statement digital technology has made. Neither is social media the only way technology has had an impact in everyone’s life… Before mobile technology, you had to search through a dictionary to understand the meaning of a word. Now you can look words up in a dictionary app or quickly search the Internet. Beyond words, you can search for practically anything on the Internet using search engines like Google and Bing.” says Kristijan from an article in Aging In Place.

Another article from The Future of Things provided HR Technology features that helps businesses in some ways, “Businesses already adopted many changes that entirely modified the way some tasks are being handled, and that’s for the better. The tendencies that happen in business at the moment will have a direct impact on the profitability of companies. There are official reports created by trustful research companies and business magazines that emphasize the current global market. One of the reports was published by Accenture in 2017, and it presented a vision that finally contoured now.

Executives can now rely on software programs that are able to organize the information they need in order to keep the business running. Back-office and HR technology represents the future of managing a business. This could lead to saving huge amounts of money. Cutting costs on managerial services by using software that gathers all processes together and handles them at once represents a big step forward for the business industry. Here are some features that business owners can use since the technological boom happened:

Tracking time efficiently
Tracking time implies many calculations and human errors can lead to serious consequences. Having a program handling this task is safer and rapid. Time tracking in businesses is directly linked to internal costs and margins, that have to be estimated correctly. Every business should invest in customization time-tracking software programs to improve profit rates.

Having all expenses in one single place
Calculating mileage can be troubling if the expenses are not stored properly. Having the business receipts in one place only and automatically calculating the mileage or the taxes based on the respective receipts can minimize errors and reduce the time spent on completing these tasks.

Handling client invoicing better
Client invoicing often involves legal issues, so it’s best to handle them technologically rather than manually. One way to do it is by generating and storing them in a program. Streamlining payments and recovering costs has never been so easy.

Storing documents in the cloud
Physical archives should remain in the past. Only regulated businesses require hard copies of their documents. Modern businesses have the chance to store all their documents in the cloud. Since cybersecurity improved visibly in the past few years, there is nothing to worry about.

24/7 access
This is one feature that business owners should appreciate the most. The fact that they can access complex databases from the comfort of their home, without being required to go to the office to make a major change or send a report is perhaps the biggest benefit of them all.

These are processes that previously required one employee for each category. Entrepreneurs can now use a simple program to handle all of them at the same time, without requiring further guidance or paying five different salaries. Buying a software license instead is much cheaper and ten times more effective. An online electronic solution could save entrepreneurs a lot of money, time – which is the most precious resource – and energy.”


Artificial Intelligence

It was also posted in Forbes that “The companies succeeding with AI are those that are reorienting their entire business around the technology. Their leaders are finding ways to incorporate advanced data analytics and automation into marketing, business development, customer service, and virtually every other business process. By making AI part of their DNA, these companies are poised to capitalize as advancements continue.

Of course, implementing AI — or any new technology — isn’t without its hurdles, especially for companies without an abundance of in-house technical expertise. But early adopters understand that the technology is still in its infancy and embrace the challenges that accompany integration. They know it’s better to face those difficulties now than to sit on the sidelines and miss the opportunities that AI will present in the near future.

If you’re a business leader planning your own AI implementation, there are several steps you can take to both minimize short-term challenges and maximize long-term value.

1. Align AI use with specific business objectives.
2. Turn existing jobs into “superjobs.”
3. Teach your team to work with data and AI solutions.

Technology has truly left a huge impact and will definitely continue to evolve and will surely evolutionize our lives.

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