There’s no denying that technology is a major advantage in today’s business world. The continuous updates and innovations help businesses to take their communications and processes farther faster than ever before- and we’re all growing because of it. Is it all positives, though? Here’s what two top executives had to say about the impact of technology on companies- the good, the bad and the ugly:
The Pro’s:
Cost Effective
Technology has certainly made its impact on the financial burdens of companies who are now using new ways of delivering memos, contracts and even training to employees or clients virtually. To put this into perspective, consider the costs associated with training: transportation, event spaces, resources, speakers, etc. These costs are incurred every time a new training is held, making the hiring or continuing education an expense aspect for companies- until now. In recent years, companies have streamlined their trainings, holding virtual webinars or pre-recorded podcasts that cut the costs of in face gatherings and reduce the initial overhead of bringing in new talent.
More Efficient
Everything from collaboration efforts to organization to workflows has been made more efficient with the help of technology. Now teams from across the world can work in real time together despite the typical barriers of things such as geographical locations and time zones.
Faster Communication
Thomas Deneen, Senior VP at Willis Tower Watson says that through technology the “communication with prospects, clients and colleagues is better and faster than ever before. Now we’re using things such as social media and e-mail to engage in real time.”
There’s no doubt that reaching and engaging prospective clients through various channels faster is a welcomed capability for companies- after all, the need to continuously secure new business will never cease to exist.
The Con’s:
Less Face-to-Face Networking While Deneen certainly appreciates the rapid forms of modern communication he does acknowledge “a decline in face-to-face meetings. There’s less getting in front of people than there used to be in business.”
Impacts Quality of Life Haranath Lokanadham, Vice President at Genpact, agrees that technology “has made life easier in the business world, but with obvious drawbacks. It has made people insecure and impacts the quality of work/ life balance for many people.”
Hard to Keep Pace With Technology Additionally, Lokanadham says, “The constant need to keep pace with technology is difficult for companies. There’s always something new coming to play on the tech forefront and that can be problematic for companies trying to keep up.”
To his point, it can be advantageous for companies to hold off on adopting freshly introduced technology to their systems and processes until the initial versions have been run through trial and error. For a company to immediately implement every new product or service they would inevitably be opening themselves up to the pitfalls and obstacles that occur after updates to the technology have been made.
Sitting here in the beginning of 2018, it’s hard to imagine a world where technology doesn’t impact- and mostly improve- businesses across the globe. While there are obvious negatives to relying so deeply on technology, there doesn’t seem to be an end anywhere in sight- and most are thankful for the continued developments. Improvements and updates to the capabilities that companies now depend on will likely only continue to strengthen teams, stimulate growth, and increase profits for those willing to cautiously embrace the changing world of technology.