For a lot of people, opening a business is one of their long-dreamed goals, and the reasons are very simple: they can grant a lot of financial stability and become very good long-term investments. However, when it comes to opening and managing businesses, things have changed over the years.
From simple grocery stores to the most complex IT companies, all industries worldwide have evolved, which is all thanks to the introduction of technology and the internet to our society.
Not only that but even the way we, as potential consumers of said industries, changed the way we enjoy everything they might provide. Even things like music, movies, videogames, and presentations from people involved in the entertainment industries are done differently.
But why does this matter? Well, for those who are already business owners, or are planning to become one, it is important to understand the way several aspects of management are done, and how specific technologies have improved the way they are handled. Of course, for the sake of improving performance and keeping up with how fast-paced and innovative the world is.
In this article, I will talk about several processes which technology influenced, and how they are beneficial to various industries. Let’s start with two very straightforward yet important aspects of business management: Bookkeeping and accounting.
After that, we can discuss other aspects of business that have been heavily influenced by technology, such as customer relationship management, customer service, digital marketing, and robot process automation.
The Evolution of Bookkeeping and Accounting
Bookkeeping and accounting are very similar since they are aspects of business management that focus on the records related to financial transactions, operations, and other important events, as shown over https://en.wikipedia.org/wiki/Accounting. But there are differences! Simply put, bookkeeping is the process in which a company records and organizes its financial data, while accounting is the process in which said data is used for different purposes, from presentations to decision meetings.
Now, when I talk about bookkeeping and accounting, it is very common for companies to rely on old paperwork, printing, and physical recording and organization of this data. This, of course, is outdated but necessary for certain industries, especially the ones that handle a lot of legal paperwork that needs to be presented to others. Very good examples of this include lawyer firms and legislative organizations.
There’s nothing wrong with it, but often, man-made errors are made, and this can lead to problems that can heavily affect the data of the records. Finding the data necessary to make a financial statement is also more tedious and time-consuming, so some people are beginning to rely on technology for this.
A good example of the technologies that can be applied to bookkeeping and accounting are programs that register the data (even paperwork) in the form of digital information, which can be easily organized and found. Paper files can be scanned then uploaded to a server that can be accessed by multiple people at the same time, speeding up management and decision-based processes.
Digitalizing the financial data also becomes much less likely for it to be lost, since servers tend to be very safe and hard to access as long the necessary security measures are taken.
Ever since the idea of stores, businesses, and companies rose inside of our society, marketing has been present along with them. We can say that, through marketing, a company is capable of showcasing the good side of their products or services to people that haven’t so they can catch their interest and increase the chances of them purchasing something.
Different forms of marketing exist globally, but there are some specific forms of marketing that work incredibly for businesses. However, a couple of decades back from now, marketing was way too different than how it is today, and that is because of technology. More specifically speaking, the internet and electronic devices like computers and smartphones.
Here’s where digital marketing becomes so important. Digital marketing is a very specific form of advertising that relies on the use of software, programs, and applications to advertise their products and services through electronic devices like the ones I previously mentioned.
Just so you know, it is said that more than 60% of the current world population owns a phone or smartphone, and adults spend from 3 to 4 hours on their hours on average. This makes smartphones a very valuable asset for those who want to showcase their goods and increase their sales.
Similar to traditional marketing, digital marketing has different approaches, but it mostly relies on visual or audiovisual ads, like banners, pictures, and even videos, features on websites with different niches, including social media, video-based websites, forums, among others.
Nowadays, digital marketing is absolutely necessary to build a presence in the current market, and without it, the growth of a small business will be seriously inflicted. Although most digital marketing campaigns require knowledge, training, and tools, some companies hire digital marketing specialists and create a section solely composed of marketing specialists. Another option is to hire service providers, which is also viable and tends to be more effective, but more expensive as well.
Customer Service and CRM
Customer Service is another aspect of business management that has changed incredibly over the years. Back in the day, the most common method of customer service included calls and phones, but now, with the introduction of new technologies, customer services are evolving and becoming much more efficient with each passing day.
This is important, just because of something known as CRM, or Customer Relationship Management. With the introduction of new technologies and methods of showcasing products, services, and information about the company (including things like Websites, YouTube channels, and social media accounts), the way customer service is handled also changed exponentially. Even more, if we being to talk about RPA, or Robot Process Automation.
With it, companies noted that even with the introduction of these technologies that efficiently evolved customer service, the way customers experience it and perceive it (as well as other services companies provide) can greatly influence the way they react to them.
Here’s where CRM enters the play. It can be described as the recollection of the data obtained through various aspects of business management to make changes that would greatly improve the way a company is perceived. The importance of CRM and customer service is that they heavily affect the reputation of any business, so making sure they are handled as neatly as possible can make big changes.
RPA, or Robot Process Automation
One of the ways customer service, and other aspects of business management are being engaged, is through the use of Robot Process Automation, RPA for short. RPA englobes all aspects of programming (which is the act of creating software like computer programs or phone apps) that solely focus on the creation of bots that can handle simple and repetitive tasks.
This, of course, can be a huge improvement for any company, since it allows them to reduce its expenses on man labor and the time they need to spend at certain activities. I can provide very specific examples of various processes.
- When we talk about digital marketing, a bot can be set to handle the hours in which specific posts are posted inside social media accounts.
- RPA for customer services can be used to create bots with a set amount of options to handle FAQs about products, services, and policies.
- Bots can also handle the management of data linked to various aspects of businesses, from financial data to employment information.
When it comes to RPA, the possibilities are incredible, but here’s the problem: they require the use of a programming language to be created, which can be very complicated to learn. Hiring an RPA professional is often needed for a company to automatize their procedures, but a lot of businesses out there end up service providers like RPA USA company, which focuses on the implementation of RPA procedures to streamline and improve the performance of various processes involving management.
Beginning the Technological Adventure
Now that you understand how technology can greatly influence the creation, management, and successful entrepreneurship of any company out there, regardless of its industry, you can now adventure yourself into the world of choosing which type of service is most needed to fulfill your company’s goals.
This can be a little tricky since you have to have a general grasp of your company’s needs as well as understand what are the problems affecting performance and time efficiency. This can be done with enough time and research while paying attention to how your company works, but if you are not knowledgeable about it, you can always hire a manager that handles these aspects of your company’s management.
You can also advance step by step and improve various aspects of your company slowly but steadily, but ideally, you should target the most urgent needs to fulfill them as soon as possible to improve the company’s chances of success. Most of the time, aside from creating a reliable product or service, digital marketing tends to be the most urgent thing after creating the foundations of a company’s management.