The role of technology in business

Many modern businesses require vast amounts of technology in order to function, which is why having the best of what is available can be essential.


New research from Virgin Media Business has revealed that a fifth of the UK’s growing companies believe they could save an hour every day if they had better technology.


That quickly adds up during the course of a year, with the small businesses revealing they could be losing nearly three days every month as a result.


This would require the best technology on the market, and this may come at a premium cost, but it does increase productivity in the long term.


Finding the balance between available equipment and work achieved can be difficult, but saving hundreds of hours a year could make all the difference.


The figures from ComRes, which Virgin Media Business commissioned suggests that there is a potential gap between what technology is available and what is affordable.


For small businesses who lack the finances to invest heavily, this could potentially be holding them back from achieving their business goals.


While investing large sums of money is not without risk, plenty of thought should to be given to the potential benefits and issues that could come as a result.


Improving technology in a firm could seriously disrupt the cash flow, especially if any unexpected expenditure should be required.


In certain circumstances, insolvency advice should be sought if losses appear on a regular basis, especially if potential opportunities are being missed as a result.


Altering management styles or certain aspects of a company could put it on a much firmer financial footing and leave it in a position to push on for further growth.


With the right technology an SME can look to take advantage of the market place and exploit any niches that may be identified.


This process can be a lot more difficult without the right technology to assist, which is why initial spending if often seen to be highly beneficial in the long term – providing it is well managed of course.


By Phil Smith


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