In the world of banking and finance nothing stands still. 48. Use Technology to Simplify communication in an organization: For any organization to be organized and be efficient, they have to use communication technology tools like emails, e-fax machines, videoconferencing tools , telephones , text messaging services , internet , social media and so much more.
During the industrial age, companies with large sums of capital had the potential of employing expensive technological tools to gain the competitive advantage ; small businesses had less potential because they could not afford expensive manufacturing or processing technology tools.
23. Respond to customer needs on time: Every business survives on its customers, the more clients you have the more successful your business will become. An audit can have the positive effect of opening channels of communication between an organization’s business and technology management.
Company V introduced 4G products prior to Company A and while it may have had a short term advantage, as soon as Company A introduced their 4G products, the advantage due to technology disappeared. These are not the only ways but just a few of the popular means that have impacted e-commerce and the businesses online.
Businesses can use communication technology tools like electronic mail â€˜’email”, mobile videoconferencing, fax, social media networks, mobile phones and text messaging services to communicate with everyone in a single day. 47. Use Technology to Speed up the transfer of information and data: The rate at which information flows within a business will determine how first things get done.