What is the Impact of Digital Technology on Business?
The Impact of Digital Technology on Major Industries
In terms of work, nearly all major industries are seeing changes prompted by advanced pieces of tech, such as Internet of Things (IoT) and Artificial Intelligence (AI). In this article, you can read about how digital technology continues to impact major industries.
Workflow is Becoming More Automated
With continual advancements in technology, workflow automation is becoming more and more sophisticated and the range of tasks that can be successfully automated is widening. That’s why the implementation of automation is on the rise in many major industries.
The processes that are most suitable for workflow automation are repetitive tasks, such as sending invoices. A computer program can generate invoices and send them to clients at a scheduled time.
What is more, some areas of work can be automated with the help of IoT sensors, such as the supply chain. Some industries use a panel PC to facilitate automation. These PCs are special devices that are mounted on the wall.
These industrial PCs are being used by different industries, such as the oil and gas, and food industry. They are water- and dust-proof, and are made to be able to sustain rough use, high temperatures, and vibrations.
Productivity is Skyrocketing
Since workflow automation takes care of repetitive processes, this means that the employees can concentrate on more demanding tasks that require their expertise. Thus, the result is increased productivity.
Apart from the obvious, direct impacts of tech on productivity, automation was found to increase productivity indirectly as well. Automating repetitive processes has been shown to improve employee satisfaction.
This is significant because the results of a comprehensive study on productivity indicate that happy employees are 13% more productive. Therefore, tech increases overall productivity both directly and indirectly.
Digital Data Collection is Influencing Production
Digital technology has made advanced data collection and data analytics a reality. The ability to collect data, such as the potential customers’ search history influences production a great deal. That’s because by having access to such data, companies are able to cater to their customers more. They are thus creating products according to their customers’ preferences. This usually results in a higher amount of sales.
Earnings are Increasing
Another impact digital technology has is that earnings are increased. There are various factors that cause this, including:
- increased productivity,
- the ability to produce according to demand,
- the ability to promote the products and services online,
- the ability to sell products and services online.
Ultimately, by being able to promote and sell their products and services on the internet, businesses have access to a wider range of customers. That is a sure way to increase the budget. As a result, companies are able to give out larger salaries, resulting in higher worker satisfaction. Also, they have the means to make more investments. This can foster company growth.
In Demand Professional Skills are Shifting
Digital tech has caused a shift when it comes to the professional skills that are valued and needed nowadays. Since less human input is needed for routine tasks, such as writing certain kinds of emails, the job positions that are in demand have to do with more creative tasks that require human intervention.
In addition, given that digital tech can’t perform all tasks alone, digital skills, including programming, web design, cybersecurity, and social media marketing are held in high regard and generally well-paid.
The Chance of Major Errors is Being Reduced
Another major impact digital technology has had on businesses overall is the reduced margin of error. Namely, by investing in technology, companies are decreasing the chances of major mistakes happening during the work process.
That’s because technology is being introduced to carry out certain tasks and to monitor processes much more easily through software platforms. Since technology automation can’t get fatigued or distracted while taking care of mundane work tasks, there is less risk that mistakes would happen than when these tasks are performed by humans.
Also, by being able to manage and monitor processes through a software platform, managers can make sure that any mistakes they find are corrected. Apart from minimizing errors, technology can also make work safer in many safety-hazard-filled industries, such as the construction and oil and gas industry.
For example, drones are being used to check potentially unsafe areas before sending employees to conduct work there. All in all, tech is helping work be performed more accurately and improving work safety.
The Impact of Digital Technology on Business
As you’ve seen, the impact of digital transformation on business and major industries is extremely significant. Not only is it changing the way products are produced, promoted, and sold, but it is affecting the professional skills that are in demand.
What is more, digital technology is facilitating the rise in productivity, generating more income, reducing the number of mistakes that happen at work, and minimizing safety hazards. There is no denying that the impact of digital technology on business has been tremendous.