Technology benefit is a broad concept that has come to refer to stepping forward in science that allows for an automated solution. While the most obvious technology benefit in micro business is improved productivity. This transforms into a lower cost structure.
There are some other advantages that can help the bottom line as well. The ease of disseminating and storing info and a reduction in human error through computerization. This has added up to a reduction in costs and rise in revenue.
Technology benefit in Nigeria business
1. Speed and Time
Speed and time are one of the technology benefits. Most Micro businesses strive with large-scale businesses by being more swift and responsive. Additionally, a micro business can respond to change rapidly than a large scale business. Many years ago, e-mail did not exist, and the only way to converse with someone else was through postal service. The distant away your client is, the longer the communication will take. Today, with the arrival of information with technology benefit, information is disseminated at an astounding rate. This technology benefit has helped to save time, offering the capability to make decisions faster.
2. Easier Storage
Technology benefit has been able to eliminate the necessity for double or triple access systems. It has also lessened the need to file huge amounts of paperwork. Now, bonds and customer info can be kept in virtual data warehouses and located in minutes. This reduces the need of buying or renting space storage.
3. Improved Sharing of Information
Technology benefit allows information, whether on paper or broadcast, to be shared more rapidly and with fewer resources. Marketing can be done by placing adverts that can reach millions of potential buyers on the Internet or social media.
E-learning and other forms of online teaching are another technology benefit. That has reshaped the willingness of the ordinary small business labor force as employees can listen to lectures in classrooms. They can also share various ideas with contemporaries from the comfort of their home or workplace. This eradicates the need for micro business to hire training staff.
4. Automation
Technology benefit allows micro businesses to computerize certain functions that historically have demand the need to hire an employee. For instance, bookkeeping functions now can be controlled by software apps such as Quicken and QuickBooks. The sales function is programmed through contact management sites such as Salesforce. This gives the micro business owner the capacity to center on approach and cut down on work expenses.
