Technology: A key component in business strategy

510 min


2048
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Today the word ‘technology’ can send chills down the spine of employees. There’s fear across the board that the adoption of technology will make workers redundant. And therefore there’s industry-wide wave among workers to re-skill themselves or upskill themselves. Looking at the bigger picture, the adoption of technology will benefit both—employers and employees.  

For instance, sensor-enabled industrial robotic arms increase the output and perform much better than a human worker. The precision in work achieved by industrial robots is far greater than a human. Similarly, imagine a machine in a manufacturing plant that sends signals as it malfunctions. This enables workers to repair the machine before it breaks down, improving efficiency.

Considering that technology essentially is helpful in making processes more efficient, it can bring immense value to the business. In the long run, it can directly impact the bottom line of a business and add great strategic value — a key point that business strategists should consider.

Moving to industry 4.0

Cloud computing, artificial intelligence, blockchain, machine learning are leading towards automated workplaces. It is creating smart factories where the need for human workers is nearly obsolete. In other sectors, technologies have taken the burden off manual processes. Collaboration and communication are easier. Cloud computing is enabling powerful customer insights, propelling organizations towards building better products and improve their marketing strategies. Customer behavioral data available with organizations can be analyzed to make better marketing strategies.
 
How technology can help execute the overall strategy

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Technology has the potential to give a boost to the overall business strategy and achieve goals fast. It can ease operations, optimize longer processes and achieve results faster.

Market Research – Big Data and data science can help with market research. Market research is an integral part of product development.

Operations- Collaboration, project management tools and technologies make communication easier among teams and increase the efficiency of business operations. Business strategists should be looking at how new applications fit into their existing processes.

Transparency and security – Blockchain-based applications lend transparency and security which takes away the need for other security measures to bring more clarity and keeps business transactions secure, avoiding fraudulent activities.

Cloud Computing – Cloud computing has immense power to derive valuable consumer insights by analyzing consumer data. The human capital, technological resources required for cloud computing reduce the need for physical data centers. Reduced cost and more efficient systems, cloud computing takes away a lot of pain in managing servers.

Taking technology into consideration

Technology is a key aspect to consider when building a business strategy. Strategists, however, have to be mindful of the fact that technology reduces cost and optimizes processes and deliver results. In the end, businesses can’t entirely depend on technology to deliver intended end results. But it has the potential to assist companies to reach their goals faster and conveniently than it used to be. Like all things related to business, the decision to incorporate technology in business strategy should be based on cost and return on investment.

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2048
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