Technology has become an integral part of running any business in today’s fast-paced world. Small business owners and management boards of multinational corporations who have embraced the era of technology understand the significance of information technology (IT) in optimizing production for better efficiency in operations and improved profits. Here is a look at how management in various businesses is utilizing technology:
Communications done through email have been around for quite a while and are believed to be one of the early drivers of the age of the internet. Managers in various companies use email to communicate to their employees, suppliers and customers on a daily basis because it’s inexpensive. However, over the years, companies have also adopted other communication media such as the Voice Over Internet Protocol (VoIP) for video conferencing, live chats and smartphones that have enabled operations to run smoothly without encountering glitches. Employees, especially field officers, can use mobile forms to communicate with their supervisors back in the office and consequently cut down on the costs of transportation which also minimizes downtime. All these technological advancements in the communication systems of a company have promoted efficiency and increased productivity dramatically.
An organization needs to manage a reasonable amount of inventory that will enable it to meet the market demand without investing on what it doesn’t require. By utilizing big data technology and analyzing the various human trends that are changing rapidly, a company will know what to invest in and what to avoid. Technology has come up with inventory management systems that enable managers to track the quantity and quality of items the business maintains so as to help them initiate an order whenever the inventory falls below the predetermined stock amounts.
The inventory management systems work well when integrated with other software such as the point of sale (POS). The POS software will communicate with the inventory management systems by removing an item from the inventory count every time an item is sold. Analyzing this data helps managers know what to invest in and the right time to spend money on a depreciating inventory.
The human resource departments utilize information technology when executing various tasks such as recruitment. In order to save time in narrowing down a pool of recruits into few qualified candidates who can be invited for a face to face interview, it uses data management software. Moreover, other companies opt for recruitment process outsourcing to save time and overhead expenses that come with conducting an entire recruitment process.
Most businesses are slowly phasing out conventional systems of filing documents in huge cabinets and rows. There are more reliable ways of storing data in servers and mobile devices for faster accessibility. All employees of a company can easily gain access to various files or reports instantly regardless of the geographical locations. Furthermore, the storage devices and the cloud computing technology has enabled managers to handle tremendous amounts of data without too much hassle as it used to be in the past.
Management of information systems (MIA)
The way data is being stored has made it easier for companies to not only access it with ease but also apply it in executing strategic planning processes. The MIA enables businesses to track sales targets, expenses, and levels of productivity more efficiently. By managing the collected information a company can easily maximize return on investment (ROI) by tracking its profitability trends. Managers can also use stream processing to identify the areas of improvement and initiate various changes in the running of the business whenever it feels that the productivity of the company is lower-than-expected.
Customer relationship management (CRM)
Modernized CRM systems have enabled managers in various companies to better their interactions with customers in order to improve customer service. When a customer calls the customer service support department, the call center rep will immediately get to see what the customer purchased and shipping details before responding effectively.