Technology in business

How has technology helped businesses adapt?

What is Technology?

Technology is the application of scientific knowledge for practical, especially in industry.

What is a Business?

A business is usually a commercial or mercantile activity engaged in as a means of livelihood.

Can Technology help businesses adapt?

Yes! Technology can help businesses adapt and has always.

How has technology Helped Businesses Adapt?

In just a few months’ time, the COVID-19 crisis brought about years of changes in the way companies in all sectors and regions do business. According to a new McKinsey Global Survey of executives, many companies have sped up the digitisation of their customer and supply chain interactions and of their internal operations by three to four years. And the share of digital or digitally enabled products in their portfolios has sped up for a shocking seven years. Nearly all respondents say that their companies have taken up at least several temporary solutions to meet many of the new demands on them, and much more quickly than they had thought possible before the crisis. What’s more, respondents expect most of these changes to be long lasting and are already making the kinds of investments that all but ensure they will stick. In fact, the impact of the crisis on a range of measures, they say that funding for digital initiatives has increased more than anything else—more than increases in costs, the number of people in technology roles, and the number of customers.

To stay competitive in this new business and economic environment requires new strategies and practices. Many findings suggest executives are taking note: most respondents recognise technology’s strategic importance as a critical component of the business, not just a source of cost efficiencies. Respondents from the companies that have executed successful responses to the crisis report a range of technology capabilities that others don’t most notably, filling gaps for technology talent during the crisis, the use of more advanced technologies, and speed in experimenting and innovating.

Digital adoption has taken a quantum leap at both the organisational and industry levels. During the pandemic, consumers have moved dramatically toward online channels, and companies and industries have responded. A survey result confirmed the rapid shift toward interacting with customers through digital channels. They also show that rates of adoption are years ahead of where they were when previous surveys took place and even more in developed Asia than in other regions. Respondents are three times likelier now than before the crisis to say that at least 80% of their customer interactions are digital. Hence, technology has helped businesses adapt.

It has helped with efficiency, accuracy, numeracy, literacy, voice help, data entry, logistics, bookings, scheduling and simply keeping records of transactions.

Conclusion.

Lastly, I must ask the question. Would technology continue to be a great aid to businesses for them to adapt to the changing world? If so, when is it forecasted to end? Also, would there be changes in current technology to help businesses adapt to the changes in the world? Also, how often would there be changes to current technology to help businesses adapt?

Contributor: Maurice Young

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