Information technology has transformed every industry, and it’s showing no signs of slowing down. The information revolution is speeding through every economy globally, and no country or industry is exempt from its effects. From reducing the cost of processes to helping transmit information, IT is rapidly changing the way business is conducted.
In 2020, the global IT industry will be valued at $5.2 trillion. Currently, the United States represents the majority chunk of this total as its tech market is valued at $1.7 trillion. This shows that the tech sector will continue to grow as spending and production, both expand.
Hence, it’s safe to say that IT is a driver of innovation and can help firms develop and reinforce their competitive advantages. IT has had a similar impact today as steam had decades ago on the industrial revolution.
Every business today has benefited from IT. Even a simple business with basic operations uses spreadsheet software to track expenses and other financial records. What’s become challenging is for firms to estimate the business value of IT and whether they should hire an information technology specialist.
It is not debatable that businesses today will find it incredibly difficult to compete without basing their operations on IT. As a business owner, if you’re still on the fence about the business value of IT and how an information technology specialist can help you, here is the benefit it leads to:
Improved Workplace Efficiency
Traditional business solutions, such as paper files and cabinets, led to time lags and made collaboration and teamwork more challenging. The IT revolution led to and normalized streamlined workflows, collaborative workspaces, and shared storage, strengthening overall efficiency and letting employees complete a significant amount of work in a short timespan.
For instance, cloud computing enables employees to work on one document or file simultaneously, ensuring time-saving. Apart from this, IT also helps automate routine tasks and simplifies data analysis.
Create better experiences for customers
No business can survive without getting its customers on board. As the heart of any organization, customers will analyze your organization based on whether you’ve delivered value to them and whether you can live up to your claims.
IT helps improve customer experience through several initiatives. Firstly, businesses are now more accessible as ever as IT has helped firms build mobile versions of their websites. Apart from this, online features and improved products for customers have increased customer retention and satisfaction and, hence, led to higher profitability.
Apart from this, with new and improved sales and marketing tools, firms can now adopt a more targeted approach and ensure their messaging reaches the right consumers. Lastly, firms can promptly resolve customers’ problems more quickly with live chat and automated customer service, thereby increasing customer satisfaction.
Secure your data
Data is one of the most valuable resources a company owns today, and a firm must take measures to protect it. Many businesses are under the impression that their firms will not fall victim to hackers and can make through with essential security tools.
These businesses are reluctant to invest in security solutions due to a sense of false security. Companies must rectify this by dedicated an IT team responsible for creating preventive measures for any potential security breaches.
Hence, a firm can utilize IT to implement security solutions that significantly reduce the chances of a security breach and limit their exposure to potential threats. Taking such measures not only improves overall security and decreases risk, but it also helps improve customer satisfaction by instilling and building trust.
Cost Reduction
Firms can utilize various IT resources to reduce their overall costs. Through IT infrastructure, a business can eliminate redundant tasks and centralize these in one location. For instance, payroll functions can be concentrated in a large company, thereby decreasing employee costs.
Additionally, a company can achieve economic efficiencies by shifting high-cost operations entirely online. For instance, firms can offer email support to customers, which is less costly than providing live support through a call. Moreover, a company can save costs in other areas through remote operations, outsourcing, and less expensive communication alternatives.
Enable mobile work
The advent of smartphones and the internet has made it possible for people to work anywhere, anytime. Globally, many businesses are switching their workforces entirely or partially online, which enables enterprises to conduct their operations from a wide range of locations.
Partners, employees, and clients can now have information available to them, allowing for flexible operations. The modern workforce wants the option of working from anywhere, whether that’s another country or from home. Hence, businesses need to keep up with these demands by planning strategically and upgrading their wireless infrastructures.
Builds competitive advantage
One of the most significant benefits IT offers is for businesses to build on and retain their competitive advantage through knowledge transfer and strategic thinking. By taking advantage of subscription databases and social networks, companies can transfer, interpret, and gather information in previously unknown ways.
These sources of competitive advantages have enabled firms to cater to their customers with unparalleled service and new and improved products.
Conclusion
IT is something every business must leverage today to remain relevant in a highly competitive world. GORDON, LLC. can help you add immense business value and can improve business functions in ways like never before. With the widespread availability of innovative tools and software, businesses can implement these solutions to grow their firms to new levels.
