Technology has a significant role in nearly all business aspects. Employees can work efficiently and progress quickly with technology. Knowing about business technology and its influence on the work environment can optimize what is available. In this blog, we will talk about what business technology is and the business technology types.
What is Business technology?
Business technology is an IT application integrated into business operations. George F. Colony, the CEO of Forrester Research Inc., first used the term “business technology” in 2007. He has even recommended replacing the term information technology with business technology due to businesses’ joint need for technological services and the enhanced role of IT in business environments.
Business Technology Types
1. Computer system
The computer system is a significant component of technology in modern business operations. The system enables employees to communicate via emails, store and retrieve data, create designs and analyze records. Moreover, it allows employees to execute their tasks through various softwares remotely.
2. Productive tools
A successful business always relies on a streamlined work process to achieve its targets. Google sheets, for example, is a collaborative spreadsheet online tool to manage financial plans, customer lists, and other critical business information. Google sheets offer the advantage of collaborating with others and allow importing data from other software applications to save time and effort.
Google Hangouts is another excellent tool to enhance productivity. It helps to initiate a video call with your colleagues at any time, not limiting the necessity of everyone to assemble at a single point.
Tools help employees to accomplish tasks quickly and explore new opportunities within the available time. The software tools enable to process of code and editing of documents. Microsoft word, excel, and PPT are some of the other productivity tools for businesses.
3. Financial accounting system
Gone are the days when finance is managed through bookkeeping. The latest financial accounting systems enable businesses to manage their expenses online. Your business size and requirements determine the accounting system you choose.
Quickbooks is best for small businesses for its easy setup and maintenance. SAP Business One or Sage Accpac is used mainly for large organizations, enabling customization and integrity with other systems.
4. Business intelligence tools
Business intelligence tools help businesses to manage large quantities of data collected and stored. SAP Business Intelligence and Microsoft Power BI are the prominent AI tools that analyze the data and present it as actionable information, which helps make effective decisions.
With BI technologies, the work previously only available to experts in sophisticated analytics is now easily accessible to everyone.
5. Customer relationship management systems (CRMS)
Knowing customers and using the information appropriately can cause a successful business. CRM system’s role is vital for this. Such systems enhance business performance by increasing up-sell and cross-sell opportunities.
Up-selling is the sales strategy that intends to encourage customers to buy a higher product than planned. Cross-selling is about selling additional products and services depending on the customers’ interests. It is a perfect path to enhance customer loyalty, which can further improve customer retainment and lifetime value.
6. Inventory control systems
Businesses selling goods and services daily must maintain track of the things happening. An inventory control system helps track the details of transit items and packages. Through this, every item in the system inventory is securely tracked. Moreover, the systems help to give information about the products out of stock. The programs also recommend when to buy new things and how long you should wait before placing an order.
Computer systems work within a network through an internet connection to perform most tasks. A network system enables employees to share information and documents. A network allows for computers to share a storage device or a printer. Network extension span depends on its range. If high, it can extend to the entire office premises or be limited to a specific division within the organization.
Having the required expertise in business technology can empower businesses to experience development. ONPASSIVE, an AI-powered organization, can ease your business operations with the help of AI-based tools like O-Desk, a CRM tool that helps build loyal customers. Leverage its usage for the best benefits.