Introduction
Profitability in business is largely dependent on its level of innovation. Innovation is the road map to business success since it makes the business gain a competitive advantage in its industry. Innovation in business has the same impact that steam had on the industrial revolution. Information technology is proven to be a driver of innovation across the globe.
In fact, it’s hard to imagine any business that has not benefitted from information technology since inception of the digital revolution age. Even agriculture uses computers in its operations. Farmers use computers / software for production records, financial planning, research on technical issues, and procurement.
Nowadays business success thrives on a simple formula: drive innovation with information technology. So, the first thing startups in any industry try to get right is making smart IT recruiting choices. Without a backbone of information technology, a business is not going to go far.
Story
Innovation in business is largely driven by Information Technology. Innovation births responsive(smarter) apps, faster processing of data, enhanced data storage, and wider information distribution. Innovation makes businesses run more efficiently as it increases value, enhances quality, and boosts productivity.
Innovation through information technology has created the following radical changes in business:
- Digital marketing is proven to be more efficient than high cost newspaper, television, and radio advertising.
- Social networking which involves the use of internet-based social media sites is more efficient than going to public events.
- Cloud computing is obviously more efficient than a private computer network.
- Online shopping is more efficient and convenient than shopping in a brick and mortar store.
Research shows that businesses that have adopted the paradigm shift in innovation tend to have the following characteristics:
- They offer instant customer support.
- They have more accurate business planning
- They have more effective marketing
- They have higher global sales
- They have more systematic management
- They use real time monitoring
In fact, it’s hard to thing of long term business growth without the push of information technology.
5 Reasons for Accelerated Business Growth according to Business2community
The technological revolution has improved businesses this century in the following five primary ways:
1. Information technology has given business the tools to solve complex problems.
Improved hardware (more memory, faster processors, sharper visual displays, etc) combined with smarter applications (Mindmapping software like X Mind, collaborative software like Kanban boards, organizers like Google calendar, etc) have made it easier to research data, analyze it, and plan scalability. Many tools available to solve complex problems.
2. Information technology allows businesses to make better decisions.
Good decisions in business are based on solid market research. This can be done through engaging teams through video conferences, reviewing public sentiment on social media and industry forums, and using online surveys to get customer feedback. There are also tools like Microsoft CRM Dynamics and Google Analytics.
3. Information technology has improved marketing.
Internet marketing using online advertising methods (SEO, PPC, Facebook Ads) are far more accurate ways than traditional marketing of finding target audiences, discovering their needs, and building a marketing campaign to persuade them to buy. It’s difficult to see how many people read a newspaper ad. It’s easy to figure out how many people clicked on an online banner.
4. Information technology has improved customer support.
Customers can receive support from multiple channels telephone, emails, social media platforms, webinars, and so on. Additionally, customer relationship management systems help businesses understand customer behavior.
5. Information technology has improved resource management.
Cloud computing allows a company’s employees to use any device anywhere in the world to access their enterprise level software.
Innovation is the Wave of the Future
If the purpose of business is to increase profits, then innovation is the way to make more profits, faster. The story of Jan Koum gives us a clue how much big businesses value innovation. He went from food stamps to billionaire because of his invention of WhatsApp.
Conclusion
Irrespective of your business status or type, embracing Information Technology in your business is non-negotiable. This is why we exist. Rhomicom has an already built ERP software and offer other IT services to help make your work, no matter how complex, simple. All our software are dynamic in nature and customizable to meet your business’ requirements.