Table of Contents
Businesses in all sectors need to ensure that they operate at high levels of efficiency and productivity. Organizations that suffer from inefficient or wasteful working methods will find it increasingly hard to compete in the modern world economy.
With the boom in e-commerce and the exponential growth of the internet, businesses may find that they need to gain a competitive advantage over firms in other countries. The global marketplace is becoming increasingly crowded, and it’s important that companies look for inventive ways to remain a key player in their industry.
Thankfully, many organizations can harness the power of the latest technological advances to improve their operations. Modern tech can help a business to make intelligent decisions that secure long-term growth and prosperity and enjoy improved efficiency and more effective collaboration between staff. This article will discuss three essential types of business technology that eschew these benefits.
1. API platforms
All forms of business are currently making, or have already made, the transition to cloud-based services. The cloud industry is now worth hundreds of billions of dollars globally and is expected to continue to grow at a rate of 20% CAGR between 2023 and 2030. This technology is now recognized as essential across many industries as it can offer efficiency improvements across the IT infrastructure of a business.
However, organizations must add a class-leading api platform to this online infrastructure. Such technology ensures that individual applications and programs communicate effectively with each other. This ensures that online systems function smoothly and efficiently and allows staff to operate them to high levels of productivity. In addition, the layers of security that come from an API platform (in the form of traffic and access request management) allow a company to be reassured that its online business architecture is protected from the acts of cyber criminals.
2. Collaboration software
In 2022, it was estimated that approximately 44% of the world’s working population operated remotely at least for some part of their jobs. Remote and hybrid models of work are proving to be popular with staff as many feel that it allow them to gain greater control over their work-life balances. There’s even evidence to suggest that remote workers may be more productive than their corporate office-based counterparts.
However, there’s a need for organizations to incorporate technological solutions that promote effective remote and hybrid models of working. Video conferencing software can help meetings take place without the need for a shared physical location. In addition, collaborative platforms such as monday.com and Miro help remote teams work together effectively. As these systems are located online, updates to projects and sub-tasks can be added so that all stakeholders have an up-to-date picture of progress and don’t duplicate activities.
3. Advanced Analytics
Businesses are increasingly relying on advanced analytics packages in the form of business intelligence platforms. Microsoft Power BI is an example of this technology and is widely used across many industries. This technology allows insights to be gained from complex and voluminous business data that couldn’t be achieved by human staff. Many firms now rely on this technology when making strategic or long-term decisions as it can reduce the uncertainty in this process and improve the likelihood of success.