Principal Technologies used in Small or Medium Businesses Essay Sample

This sample shall discuss the important technologies that can be used in small or medium-sized businesses and their effect. It will be of great help to the business and technology-related students.

Technology can easily generate greater revenue and profits that can expand the business which helps in attracting potential customers. The modern digital era has made business processes easy, convenient, and fast, and work can be achieved with accuracy.

For any business, it is very important to understand the newly introduced technologies in the market that can be used for gaining profit. Using technology has made the supply chain more manageable and efficient as the goods are delivered on time, to the right person, right quality and quantity, and in the right location. It gives the owner of the business a sense of control ensuring the smooth functioning of the business due to the effective usage of technology.

Important technologies used in small or medium businesses 

We will discuss the important technologies that can be used in businesses to grow and expand them.

Some technological advancement tools in small or medium-sized businesses are:-

Customer Relationship Management (CRM) 

Customer Relationship Management (CRM) is a cloud-based software that provides many benefits to the business of the company. It includes benefits like saving labor costs, the decline in the market cost, customer retention, CRM usage growth, generation of revenue, lead conversion, etc.

CRM is a very simple, economic, cost-efficient tool to attract customers to the business. Some CRM like Zoho, and Salesforce are very beneficial turning out to be economical for the business owners. It has advanced features of integrated project management and integrated google apps, emails, etc.

After comparing all the CRM software the most suitable one should be chosen which will fit the nature of the business.

Payment Processing 

Cash payment has become an age-old concept and it is getting slowly being replaced by online payment methods. All the customers who are seeking any service or product also look for online payment options these days.

If there is no provision or facility for such payment options in a business it creates a bad image of the company and decreases the market value of the business. Businesses must be flexible, customer-friendly, and must cater to the needs of the customers.

It will give them a sense of independence and help in creating a strong bond and relationship between the customer and the service provider.

Some of the online payment methods can be made through debit and credit cards, Paypal, Stripe, Google Wallet, Skrill, and Payoneer. It makes the process of payment easy as carrying cash is troublesome.

Social Media Platform

Social media is an advanced, modern, and effective technique through which communication becomes an easy process for the business. It is a great tool that can be used for marketing, selling, and advertising products online.

Facebook pages, Instagram pages, Youtube channels, and Pininterest are some of the social media platforms that help in the business promotion.

It creates a strong relationship with the customers as there is a regular flow of communication and information. It creates efficiency, customer loyalty towards the business, and building trust.

Small or medium businesses involve the customers directly in the business and direct marketing helps in customer retention and attracting new customers.

Website

A website or webpage is the introductory page of any business that creates an image of it by providing direct information about the company. It makes the business reliable and trustworthy for the people.

It is a very important and effective tool for small businesses. If it is not used in the business it kills the visibility and viability of the company.

New customers can be attracted easily by providing vital information about the company and its products on its website.

An efficient and mobile-friendly website must be made for the customers so that whenever they visit the site it must not crash and remain organized. Description of the company, details of products, nature of the business, history of the company, etc is all mentioned on the webpage.

If it can be used effectively by small or medium businesses it can turn out to be the most powerful marketing tool for the business.

Location-Based Tools

There are many location-based tools in today’s era that can be used by the customers to easily locate the business.

To be able to use such platforms one has to enter the contact details, address, details of the products offered, directions to reach the place, etc must be provided. Yellow pages and Citysearch are some location-based tools.

It is an important technologically advanced tool to grow business and help customers to identify businesses and services situated in nearby locations. Effective use of it can make small or medium businesses stand out from the crowd and create their brand name.

Time Tracking Software

It is an effective tool to map out where the time has been spent. It helps in time management in the businesses. Such time analysis in the business can create accountability, creativity, and productivity in the business.

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The above sample highlights the technology used in small and medium businesses and its relevancy.

Business, Management, Computer Science, Information Technology, Marketing, Sales, QQI Level 5&6 students can benefit from reading this essay and help them to write many such assignments on such subjects.

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