Technology has made groundbreaking advances over the past decade. With companies like Apple, Amazon and Google, communication, research and shopping have all become as easy as the click of a button. Dominating most of everyday life, technology has taken us to the moon, provided electric cars and made it possible to visit with loved ones from afar.
Businesses have also used technology to continue to evolve and develop with the changing times. For corporations, being on the cutting edge of technology keeps the business competitive and relevant. For companies big or small, technology has helped to replace manual operations and decrease manpower making the day-to-day more efficient.
Technology has also paved the way for security networks across business platforms. Preventing an assault on vulnerable systems and securing confidential information, technology is also used to measure and analyze critical data needed to propel the business forward or check for areas of opportunity.
As technological advances have helped to create a surge in productivity, they also provide companies with a connection to its audience. No matter the niche, tech in business drives communication and allows products and services to reach a new demographic of clientele and reach new markets.
“Technology has allowed companies to connect with customers and clients across the globe. It has sped up their business processes, made things easier for their employees and customers to gain access to services and has increased the integrity of businesses via software versus manual work,” says Loren Bryant, a computer engineer.
Steve Robert, CEO of Autobooks, has experience working on the technical side of a business. As a technical co-founder at Billhighway, a company that builds software and payment systems for larger associations and labor unions, this CEO has a unique outlook on the relationship between technology and business.
“For starters, a business needs strong technical leadership. We have to encourage senior IT folks to get out of the engine room and onto the bridge. They need to understand the business, first and foremost, and then the technology,” says Robert.
As technology has helped businesses and CEOs execute their functions, it has also been the cause of replacing thousands of jobs. With the ease of technology, manufacturing has all but replaced the need for human interaction which directly affects a community’s employment and economic stability. However, companies continue to ensure space for humans.
Businesses both young and old face challenges over the course of their tenure. For young businesses, challenges stem from the freshness of the company and working towards learning the ropes. For older companies, adaptability and change present roadblocks for advancement.
“Young businesses have the advantage of not having legacy systems and technical debt, whereas larger businesses have systems that live, work and largely do what they were designed to do. Often, the challenge comes from change, requiring older systems to adjust to new business models or growth,” says Robert.
Additional threats to business security are hackers and those looking to bring the technical system down. Recently, the Colonial Pipeline paid nearly $5 million to ransom hackers. Controlling the flow of gasoline and thus affecting almost all aspects of travel, hackers were able to seize control of business systems leaving the company powerless.
“Technology can be a detriment when handled the wrong way. If a business is careless with its cyber security, doesn’t care about producing quality software or becomes too reliant on external services, it can backfire and cause a myriad of issues,” says Bryant.
As technology continues to evolve, businesses and their CEOs must work closely with their tech team to ensure the company is technologically competitive within its market, but can stay up-to-date and in front of the latest advances.
“They can ensure this by having a decent commitment to research and development. They have to stay aware of new technologies that are out there as well as give their IT departments enough freedom to explore new possibilities that could improve the business,” says Robert.
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