In these fast-paced, dynamic, highly evolving and competitive business scenarios, which are unabashedly being presented today, efficiency is not everything in business, it is the only thing. Business owners, who are smart enough to evolve, read, predict and react to business changes and reinvent themselves to suit new business demands, survive and evolve, while others are simply throw aside into virtual oblivion, by the winds of sweeping and overarching business transformations.
So, the core issue for today’s businesses is to gain the open sesame for business efficiencies that could not only cut down business costs and render major cost savings, but more importantly, augment and increase revenue streams, ROI’s and strengthen their Balance Sheets, year after year, decade after decade, century after century, with continued, successive and growing business performances. No doubt, the key player for business efficiencies for 21st Century Digital Age is virtual technology, spelled with a capital T.
This article needs to consider how technology aids and abets modern businesses through four critical perspectives of modern businesses, viz., employees, clients, marketing and business generations and finally stakeholders.
- First, how business technology could be improved through heightened employee efficiencies: No business functions from an island and neither are modern businesses run by Robinson Crusoes and Man Fridays. A typical business, say a global one, involves interactions between thousands of employees functioning from major parts of the globe, even remote sites. But technologies has ensured connectivity between all of these employees through intranet, facsimile, email, Voice conferencing and Video conferencing, mobile technology and even Virtual Private networks. If this takes time, associates could be contacted within minutes over mobile in Business apps of Social media networkings like Facebook, Twitter, LinkedIn and Tumblr, to name just a few. Indeed, business communication and social networking is one major area where technology has made rapid, ground breaking and incredible strides is. The borders between social networking and business connectivity have indeed blurred, thanks to state-of-the-science technology and its pervasive influence on modern businesses.
- Secondly, clients are indeed very demanding lot, especially in terms of your time and space: An unsatisfied client could take his business to your competitor, and could leave you in a total lurch. Thus it is important to have a secure, reliable and sound networking that could take care of all client needs, not only by one employee, but perhaps using a team of them. Sharing of data and information with select employees through intelligent routers and pathways ensures that clients do not feel let down, remorse or regret having given his business to you, in the first place.
A unified system of user friendly collaboration, professional and standardized approach to work culture and using modern high technology software solutions like Cloud Computing, VoIP and Intranet could make things much more comfortable for clients, associates and business.
- Marketing begins when the customer says “No”. Data mining technology does help businesses to gain positive customer responses in a maze of data, statistics and an ocean of likely customer profiles. Gaining data on marketing today is like searching for a needle in a haystack of data. For instance, it goes deep into the core of databases, which is the nucleus of every intricate system and digs out critical and invaluable client data that could offer new insights and realign your business with better market segmentation and product penetration, yielding better revenue streams and greater profitability.
- Stakeholders are keen about increasing ROI and stock valuations. Technology offers an array of methods that could help gain these critical aspects of business, especially in terms of strategic tools and techniques that enhance business efficiencies in economic, fiscal and financial terms. With the use of modern technology, it is possible to compare firm performance with competing firms, within the industry or even on global basis. It is also possible to graphically portray business performances and efficiencies with that of other industry, regional or global players and get ranking placements. Slippages of rankings over time denote dwindling efficiency performance that needs to be reassessed and remedied in quick time using the aid of needed technology.
Indeed today’s businesses are known by the technology they employ and render. Critical aspects of quality, speed, accuracy and alacrity of service differentiates the winning horse from the ones in the ‘also ran’ category. It is indeed live technology that creates and builds the winning horse syndrome, now and for perpetuity.
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