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May 31, 2017

How Technology Is Improving Business Management

Technology is an inseparable part of our lives in today’s modern age. We rely on smartphones and apps to do everything from communicating with each other to getting news and learning new things. The importance of technology is even more profound for businesses. All companies use technology to make maintaining smooth operations possible. Technology and the solutions based on it are helping business owners and managers control parts of their business operations better. There are different ways technology is improving business management and we are going to review them in this article.

Enhanced Record-keeping

A few years ago, maintaining a detailed record of business operations meant gathering paper documents and storing them in cabinets. For businesses that had been around for several years, the stored records filled several rooms and were expensive to maintain. The fact that some industries obliged companies to maintain years’ worth of records made the whole thing even worse.

The introduction of cloud technology changed that. Thanks to cloud computing, businesses have more storage space for millions of records at a fraction of the cost. As cloud storage gets cheaper, access to its features and advanced capabilities are more accessible.

Even smaller businesses now store 80% of their operations in the cloud. Invoices and quotations are sent and stored digitally. Records of other business activities are kept using a computerized system and backed up to several cloud storage solutions for maximum protection. Storing years’ worth of records is no longer expensive, considering 1 TB of cloud storage can be as affordable as two cups of coffee at your favorite local café.

Better Integration

Another interesting shift in trend when it comes to the use of technology in business is integration. In the old days, different systems were used to do different things. The finance and accounting software didn’t always communicate with HR and payroll solutions so manual entries had to be made to keep both systems in sync. Today, the approach to business solutions is the exact opposite. Integration is the primary focus and automation becomes a goal. The more things can be done automatically and accurately, the easier it is to run the business with the help of a single, highly integrated system.

Universities such as UAB Collat School of Business are making adjustments to their programs to suit the new approach. Students who are pursuing their online masters in accounting are learning to use a highly integrated system as part of the program. This means future online accounting degree holders are well equipped to take advantage of the latest technology in business.

Higher Efficiency

The primary goal of using technology, however, is efficiency. Businesses are trying to keep their operations efficient and effective, reducing costs while maximizing output at the same time. Technology is the perfect instrument for the job.

The presence of modern technological solutions doesn’t just help businesses run better and business owners manage their companies more effectively. It also allows improvements in almost every part of the operations. As technology gets better, businesses get better alongside it.

The views and opinions expressed herein are the author's own, and do not necessarily reflect those of EconMatters.

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