Friday, April 7, 2017

Why Adapting to Technology is the Key to Raising Productivity

Productivity means almost everything. When a business can produce and accomplish more with the same or fewer number of employees, profitability skyrockets as competitiveness soars. Many firms have learned to trust evolving technology as a way of raising productivity, but others have shown reluctance. Time, however, has proven that technology adoption gives companies the advantages they need to operate in the modern global marketplace. The following tips will help you to raise technology by adapting to technology.

Overcoming the fear

Cost and obsolescence represent two of the biggest fears that keep companies from adopting evolving technology. New technologies often cost a premium at their onset and then become less expensive as they diffuse throughout the marketplace. Companies naturally balk at paying such a high price for uncertain results. Still, if they hope to boost productivity and surpass their peers, businesses must take some calculated risks.

Companies fear that their investment in evolving technologies could go to waste if the technologies they choose fail to gain traction in their industry and market. On the flip side, however, firms cannot afford to overlook the valuable tools that their competitors embrace. Overcome your fear of changing technology by considering it as a cost of doing business. Even if some technologies fail, others can supply you with a fantastic return on investment.

Boosting productivity

One of the biggest attractions of evolving technologies is the opportunity to accomplish more in less time with fewer human resources. Automation already speeds the processing of incoming phone calls and email messages in contact center environments. Technology has also improved back-office operations by improving the speed and accuracy of billing and providing self-service customer support options. Similarly, technology facilitates collaboration and file sharing via cloud-based applications and robotics have replaced numerous physical tasks.

Technology adoption can also indirectly improve organizational productivity. The cloud, for example, enables you to expand your pool of hiring candidates, so you can access the talent needed to improve the quality of your labor force. Technology also can unify remote, mobile, hybrid and on-premises workers into coherent teams that eliminate redundancy and improve collaboration. By leveraging technology, you also can improve the security and functionality of your data networks.

Adapting to technology

Some companies become wary of new technology when they invest in it and fail to properly use it. As a result, they hesitate to buy into future technologies, hoping to avoid wasting time and money. Adapting to technology requires that you properly train your team with the use of cutting edge tools. You can further improve your results by involving your team in the process of selecting the technology products that you buy. When everyone understands the capabilities of new technology and how to use it, you can experience fantastic productivity gains.

Adapting to technology is the key to raising productivity because it opens doors to improvements in the quality and quantity of work accomplished by your team. Although new technology might at first seem intimidating, you can create vital competitive advantages by choosing the best tools for your firm and then equipping your labor force with the training and education they need to properly use it.

David Milberg is an NYC investor.

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