It’s always been important for managers to be willing to adapt to new ways of doing business, but as technology improves, the stakes are getting ever higher. Failing to implement new technology into management can quickly render your company obsolete. Take a look at the ways management is being impacted, and in some cases completely changed, by new technology:
Communication: Decades ago, email brought a significant change to business communications management. Instead of waiting days for a document to show up through the mail or dealing with a frustrating fax machine, files could be shared immediately. Now, another revolution is taking place with Voice over Internet Protocol (VoIP), which enables companies to use the internet for video conferencing. Mobile technology now allows field employees to reduce transportation costs and more efficiently update data from their locations.
Inventory management: Every company that handles products requires a system that will allow them to carry enough inventory to meet demand while minimizing overstock. As data analysis becomes more available, companies are able to more accurately predict customers’ behaviors and buying patterns, enabling them to carry exactly the amount of product they will need to sell — and nothing more.
Data management: Like inventory management, data in more broad terms is becoming increasingly accessible for analysis. Companies can more accurately pinpoint their customers’ needs and anticipate them, providing discount campaigns and tailoring sales or other promotions to meet expectations.
Managers are also able to integrate data across a variety of systems so they are able to see how various areas of the company are impacting profitability. Stream processing allows managers to identify areas in need of improvement and optimize their return on investment across the organization.
Customer Relationship Management: Personalization is an ever-growing trend in attracting customers and fueling growth. Customer relationship management systems allow sales teams to target specific groups of customers for a particular promotion based on their buying history. Customer relationship management also helps sales reps detail exact information about their meetings with potential buyers and provide updates on how close they are to closing a sale. This allows managers to have updated information about what’s in the sales pipeline for each of their reps.
If you’re interested in the latest technology to improve the management of your company, talk with Truth Comm. We offer access to the best tools for improving business processes and keeping your company competitive.