Over the years, technology has transformed the way businesses operate – from manual to automated activities. It promotes better communication, productivity, coordination, and efficiency in the workplace. It also streamlines operations for scalability.
In Nigeria, various tech companies are driving towards permanent solutions to the challenges in running a business in the nation, and even Africa as a whole. Innovations and creative ideas are developed daily to place Nigerian businesses on the frontier. As a result, technology has revolutionised every business sector in the nation significantly, making them more effective and productive compared to previous years. Today, many growing businesses are driven by technology.
The information communication technology (ICT) industry has contributed to the creation of more jobs in Nigeria than most industries in the last decade. It has also been the fastest growing industry in the nation, as more youths show interest in gaining expertise in technology.
The advent of technology in business began during the industrial revolution that first began in Britain when steam engines were used for manufacturing in factories.This invention later spread to other parts of the world.
Furthermore, the early technologies used in business in the western world started with the invention of the telegraph in the mid 19th century by Samuel Morse and his colleagues. This machine enabled communication through transmitted electric signals between two stations, which impacted the business world at the time, especially the transportation of goods and services.
Later, the telephone was invented, making communication easier, faster, and easily accessible. Soon after, television and radio came into play and helped businesses advertise their products to a larger audience. This was a step ahead until the computer and internet brought a total revolution to businesses. Large information could be stored, communication became virtual, and business operations became more efficient.
The evolution of computers and telephones, laptops, AI systems, and smartphones have created a better form of flexibility for businesses, as activities can be done on the go, and employees can also work from home and in transit. This possibility has paved the way for remote and hybrid work, especially after the recent pandemic.
New Technological Inventions in Business
As technology evolves, it reveals the untapped abilities in various fields, unveils possibilities, and debunks what has been termed ‘impossible’ or ‘unimaginable’.
Business owners should take advantage of new technological tools in the market, as they can enhance growth and operations and bring solutions that can turn their businesses around. Lately, some tools have begun to change the business experience by systematising operations through interfaces. A few of them are:
Customer Relationship Management (CRM) System
This tool helps businesses to store, analyse, and manage customers’ data and marketing campaigns. It promotes and sustains a relationship between businesses and their customers by recording customers’ communications and paves the way for them to receive prompt feedback and help where needed.
This software makes follow-ups faster and easier; it creates better time management, proper organisation of data, and business efficiency. Every form of customer/client engagement is managed and analysed in this software. The larger a company gets, the more it will need to move beyond mere spreadsheets to adopting CRM software to manage complex, large, and dynamic data effectively.
Financial Management Tools
These tools help businesses to detect and oversee cash flows and expenses. They cover every financial task that needs to be properly streamlined for efficiency. They also assist customers in covering their bills in time and avoid debts. There are various financial tools for businesses, depending on their size and financial capacity; basically, all these tools offer client contract management, invoice, payroll, and track expenses. These tools also help with financial budgeting, avoiding inefficiencies and errors.
In addition, it is essential for startups and large enterprises to invest in software development for the financial stability, accountability, and success of their businesses.
Project Management Software
Businesses handle several projects that need to be tracked and efficiently managed with the right software. Therefore, project management software organises and manages a company’s projects effectively. It also helps to streamline tasks, store and edit files, promote team collaboration through organised dashboards, and finally monitor growth and effectiveness in a business. Project management tools are essential from the planning to the execution stage of any business project.
Every business must utilise cyber security software to protect important data and information that belong to the company and its customers. Businesses are only susceptible to cyber-attacks when proper precautions like encryptions and firewalls are not taken into consideration.
VPN software can ensure that unauthorised users do not gain permission into a private network. Also, anti-virus software is useful in preventing virus attacks.
Digital Storage and Security
Online data storage software has proven to be more reliable for businesses due to its capability of storing large data in the cloud. This makes it easy to recover lost data and grants quick accessibility, irrespective of physical location. Cloud storage restricts data access to assigned individuals only.
Email Marketing Tools
Email is one of the major means to effectively communicate with customers. It can be used to promote services, inform customers of updates, and even take market surveys. Some tools keep track of these emails and provide statistics on progress made.
Social Media Management software
Every business is obligated to create a social media presence if they want to expand their reach and drive more sales. One way to effectively manage different social media accounts is to utilise software specially designed to help run these accounts and analyse statistical data from each account to track public engagements, likes, and follows. Customers can also be redirected to websites through social media platforms to book appointments and make enquiries regarding any products or services from a company. Through social media, businesses can attract more customers and communicate effectively with their customers.
Benefits of Technology in Business
With the evolution of technology, there are greater advantages for businesses which include:
Connection and Communication
Technology facilitates greater and more effective connectivity and communication between employers and employees, and also between businesses and their customers. The use of the internet makes virtual meetings possible in organisations; communication is enacted through video conferencing, emails, websites, texts, calls, chatbots, and social media.
Technology not only improves cohesion and helps in disseminating essential information efficiently in an organisation, but it also gives customers a better user experience. The relationship between a company and its customers is crucial for its growth and performance, as feedback, suggestions, enquires, and complaints can improve services and how they are delivered.
There is better flexibility in the workplace, thanks to technology. Recently, many organisations encourage their employees to get tasks done wherever and whenever, as long as productivity and efficiency are attained. This has removed the physical limitations the business world has encountered for decades. It also gives employees a sense of trust and autonomy to work with less supervision. Flexibility in the workplace has created a better work-life balance, and improved employees’ performances and the overall running of businesses.
The invention of social media and other digital marketing tools has helped many businesses reach a larger number of clients all over the globe. Goods and services are easily accessed through websites, advertisements, banners, etc. It also has helped businesses communicate with their customers and facilitates awareness of their products and services.
Productivity and Speed
The level of productivity in businesses increases when technology is adopted to ease operation in the workplace. The application of software automates organisational processes, which makes it faster and more efficient than manual methods. This reduces human efforts and facilitates productive outputs among employees while also reducing time and cost for the business.
Companies can maintain a competitive edge in the market when they use technology on a full scale. It gives place to more innovation and creative strategies when introducing new products and services to the public. Technology has also helped businesses to step out of their comfort zones and explore bigger opportunities and possibilities.
Furthermore, technology has encouraged greater sophistication, dynamism, and high-quality products and facilities in Nigeria in such a way that meets the standards of other developed nations. The manufacturing processes down to the distribution stages in factories are much easier, faster, and more efficient.
The risks that cost the lives and body parts of many factory workers when old pieces of equipment were used have reduced remarkably. This is because the newest tools are much safer and automated, barely requiring much human effort.
Access to the latest technologies has helped businesses to stay at the top of their game, raising the bar of competition consistently, and increasing agility. Technology drives businesses to stay agile and improve products and services according to market trends.
As a reliable software development company in Nigeria, Hidden Brains seeks to assist enterprises in utilising cutting-edge technological tools that would automate their operations and boost their growth and productivity most efficiently. For more enquiries about our services and solutions, call us at +2348141261421 or email email@example.com.