How is technology transforming business management?

If possible to sum up, the amazing power that technology has bestowed on modern business managers, you might describe it as unlocking the potential to focus far greater resources on a clearer purpose and direction. And of course, Big Data is the driving force behind this. In this post, our guest author unfolds the impact of technology in reshaping the business processes.

Big Data transforms business management

Back in 2013, IBM put forward the view that 90% of the sum total of all global data had only been collected during the previous two years. That illustrates how technology has revolutionised the business world since the millennium started. The development of ever more responsive and adaptable hardware, cloud software, algorithm acumen and data science have created nothing short of an information transformation of epic proportions.

We now have huge data sets drawn from a varied range of connected devices – information collected from across the globe and down to the smallest sensor on a pallet of goods, a fridge or a milking cow. Thanks to the Internet of Things!

Technology to harness Big Data as a business strategy

Most experts accept that the current technology and skills are insufficient. It is difficult to sort, store and use all the available information to its full potential. Yet, data analytics have still reached hitherto undreamed of levels.

Business managers cannot only forensically examine in-depth sets and subsets of relevant data. They can also draw on new (and ever expanding) predictive modelling. This creates a far more solid information foundation for building business strategies. It also serves to take much of the risk out of new developments.

Automation of business management

Automation brings to mind robots replacing humans on production lines and in warehouses. It is true that technology is making it more and more possible to control production and logistic systems. Also, it makes them quicker, leaner and more automatic.

However, the ability of today’s technology to automate and connect more processes has passed quickly from the shop floor to executive offices and board rooms. Document management and financial automation systems integrated with other software are making the flow of data around a company incredibly smooth and controllable. Information coming in, the reports, letters and measurement systems that use that information, and then outbound material, is part of the same stream of data.

How much business management did you waste while finding the right information? Then going back and forwards across timelines and approval processes? Now any authorised person can see the most up to date information at the flick of a switch. Business managers can call up information throughout the product or service life cycle, from any location, within minutes.

Connectivity for business management

The increased connectivity is the result of the Internet of Things and modern technology. It has smoothed out many of the risks and sticking points. This has made managing complex or multi-site businesses simpler and easier.

Take for example world leaders such as Rolls-Royce, GE and Siemens. They have used incredible levels of connectivity for such things as “predictive maintenance”. They can track and control equipment anywhere across their global business operations. It helps in improving efficiency and decreasing waste without the decision makers ever needing to leave their offices.

From insight, comes clarity

Last but not the least, the arrival of Big Data has also made positioning and marketing products and services easier and more responsive. Business managers now know how to dig into new levels of understanding of customer buying patterns, preferences and lifestyles.

Wealth management control

This ability to reduce risk and revel in the well-supported predictive analysis has also arrived in Wealth Management Industry. Technology has created a far more fertile ground for finding purpose and direction for wealth management like it has for business control.

Bearing in mind all the new ways in which technology has begun to transform the world of business management, it is more important than ever to get a foothold on some of the revolutionary ways. In this way, you can make your company run in a smooth and efficient manner.