Technology Assignment
Introduction
Digital technology has played a significant role in solving some of the biggest business challenges. It has helped us realize that human labor, on its own, is not enough for any organization. For every big challenge that digital technology solves, hundreds of minor ones are eliminated every day. Some of the business problems solved using digital technology are task completion, administration costs, content discovery, and improved customer targeting. The COVID-19 pandemic has opened people’s minds to how much information technology is necessary for businesses and individuals. Recently, the use of technology has rapidly increased.
How can technology help solve business problems?
Technology has brought about an increase in productivity in the business world[1]. Tasks that previously took days to be completed are now accomplishable in minutes. The use of spreadsheet software, such as Microsoft Excel, illustrates how digital technology has increased productivity. The software is used to track business expenses and sales, account for expenses, and follow up on productivity. It has replaced the exhausting tasks of manually arranging, categorizing, and storing information with a simple systematic digital solution. It has helped organizations cut on time and money. Another example of a software that has increased business productivity is the conception of field service SaaS companies such as mHelpDesk. The company believes in and leverages digital technology through websites and mobile apps, saving significantly on time.
The internet offers a platform to access lots of content and create content. Businesses are benefiting from the search side of the internet[2] Search engines such as Google allow employees to access massive knowledge and resources whenever they need it. The relationship between customer and business has also benefitted from the use of digital technology. How businesses listen and interact with their customers has changed with the evolution of avenues like ZenDesk. It allows businesses to offer quick answers to potential client questions and quick response to positive customer reviews. It has shortened the bridge between businesses and their customers by making content easy to circulate and discover.
Business administration is an essential operation that is expensive. Often at times, it difficult to efficiently scale the administration cost. Technology has brought about the digitalization of the functions. Time-consuming tasks such as the signing of contracts and management of invoices are now done digitally. A company may continuously educate its employees, sign in their attendance, and record their progress towards meeting the general objectives online. Other ways in which digital technology solution is used is in automating financial processes, managing workload, and streamlining accounting services[3] PayPal has automated the payment process, Trello eases tracking one’s workload, and QuickBooks streamline the accounting processes. When the administrative function is implemented the right way, the business saves a lot. Digital technology translates into fewer errors and easily solvable problems.
Most businesses have a love-hate relationship with marketing and advertising. They love it when new customers walk into their shop but dislike the idea of not effectively spending their funds[4] A company might spend all its funds on a TV advertisement, yet only a few of the audience will be in the market for the product. Digital technology captures the customers’ information using data and software and then uses it to tailor people’s advertisements. For example, when someone searches for a handbag online, other pages that sell handbags will pop up on her screen on other social media websites that she uses. It enables the digital display of advertisements to the target audience depending on their location, age, and contextual information. Technology solves the problem of talking to the right people at the right time and has been very beneficial to businesses.
What are the main unexpected benefits of COVID-19 pandemic in the IT sector?
Sometimes, it takes antagonistic events to hasten innovation. Technology experts believe that responses to the coronavirus pandemic will stimulate innovation significantly, in terms of work, data, Artificial intelligence, supply chains, and health care[5]. The virus has imposed heavy demands on health care operations, strained international supply chains, and changed the way people work. Also, the traffic in cloud infrastructure has increased as people strive to access massive datasets. Technology advancements in the field of data and AI is anticipated to accelerate. It may be challenging to evaluate the long-term effects of an event, but it is evident that COVID-19 is reshaping information technology’s trajectory.
Despite technology making it possible for people to work from home, most companies hesitate to trust their employees to work outside work premises. For instance, software development, which is clearly a remote work, was still carried out on-premises during normal times. A recent survey shows that almost half of the developers are now working remotely. Covid-19 has dissolved the stigma of working from home.
Corona Virus pandemic has made us realize that the digital age is not as flexible as we presume. The recent shortage in commodities is an illustration of how supply chains are hardwired to business realities[6]For example, since most of the toiletry supplies are programmed to serve commercial customers, the supply chain did not readily adjust when people started working from home. Switching the supply mode will require new business relationships, modes of packaging, and routes of transportation, which is costly. In case things go back to normal, they would face a similar problem readjusting. Therefore, most companies prefer to open websites where clients can purchase their products, then use logistics companies to directly ship the products to the customer without involving suppliers and stores.
Artificial intelligence is now being used in areas where it can gain high visibility. The dislike that it was receiving for invading people’s privacy is now on the down-low. For example, Hospitals such as Mount Sinai in New York are partnering with Sana Labs to launch Project Florence[7] It is an artificial intelligence tailor-made channel for learning that aims to enhance nurses’ skills that are handling Coronavirus patients. The training channel is being made accessible to other hospitals worldwide to enhance medical response and care during the pandemic. When the nurses complete the AI-driven custom test that assesses their knowledge, the channel suggests personalized content to improve their skills further. Another example is how KPMG implements AI techniques to rapidly assess contractual responsibilities and termination provisions, as companies experience supply chain delays, cancellation of events, and other barriers[8]. KPMG is also establishing AI-based tools to supplement employees and customer call centers, hence better equipping them to assess issues and questions. It involves the use of chatbots in areas of high volume inquiries. AI also assists in financial forecasting in that it leverages curated data and advanced analytical methodologies to measure and predict the effect of the coronavirus on businesses.
Conclusion
Digital technology has tremendous benefits. It has enabled people to explore the world, come up with solutions to complex problems, and improve the world. It also assists in solving common, daily challenges experienced by businesses like marketing and availability of content. Teleworking, supply chains, and AI are just an illustration of how COVID-19 is changing technology. The pandemic has facilitated the use of modern technology in new and unpredicted ways.
Bibliography
Enginess. (2016, May 6). 5 Common Business Problems Solved with Digital Technology. Retrieved October 13, 2020, from https://www.enginess.io/insights/solved-with-digital-technology
McKendrick, J. (2020, April 17). 3 Ways The Covid-19 Crisis Has Opened Minds About Technology. Retrieved October 14, 2020, from https://www.forbes.com/sites/joemckendrick/2020/04/17/3-ways-the-covid-19-crisis-has-opened-minds-toward-technology/
[1]. Enginess. (2016, May 6). 5 Common Business Problems Solved with Digital Technology. Retrieved October 13, 2020, from https://www.enginess.io/insights/solved-with-digital-technology
[2]. Enginess. (2016, May 6). 5 Common Business Problems Solved with Digital Technology. Retrieved October 13, 2020, from https://www.enginess.io/insights/solved-with-digital-technology
[3]. Enginess. (2016, May 6). 5 Common Business Problems Solved with Digital Technology. Retrieved October 13, 2020, from https://www.enginess.io/insights/solved-with-digital-technology
[4]. Enginess. (2016, May 6). 5 Common Business Problems Solved with Digital Technology. Retrieved October 13, 2020, from https://www.enginess.io/insights/solved-with-digital-technology
[5]. McKendrick, J. (2020, April 17). 3 Ways The Covid-19 Crisis Has Opened Minds About Technology. Retrieved October 14, 2020, from https://www.forbes.com/sites/joemckendrick/2020/04/17/3-ways-the-covid-19-crisis-has-opened-minds-toward-technology/
[6]. McKendrick, J. (2020, April 17). 3 Ways The Covid-19 Crisis Has Opened Minds About Technology. Retrieved October 14, 2020, from https://www.forbes.com/sites/joemckendrick/2020/04/17/3-ways-the-covid-19-crisis-has-opened-minds-toward-technology/
[7]. McKendrick, J. (2020, April 17). 3 Ways The Covid-19 Crisis Has Opened Minds About Technology. Retrieved October 14, 2020, from https://www.forbes.com/sites/joemckendrick/2020/04/17/3-ways-the-covid-19-crisis-has-opened-minds-toward-technology/
[8]. McKendrick, J. (2020, April 17). 3 Ways The Covid-19 Crisis Has Opened Minds About Technology. Retrieved October 14, 2020, from https://www.forbes.com/sites/joemckendrick/2020/04/17/3-ways-the-covid-19-crisis-has-opened-minds-toward-technology/