Management students and young professionals wonder if adapting technology is an option or a necessity. Simply put, for business excellence, technology is imperative. In order to flourish at any job, one needs to understand and appreciate the role of technology around them at various levels. Without a doubt, people/human skills are of utmost importance, but it is technical prowess that can help a manager increase her competence multifold. A few ways are stated below:

• Develop solutions faster and more efficiently
• Envision the roadmap with more effectiveness
• Increase productivity and better workflow
• Automate the frequent and highly repetitive tasks.
• Communicate with the entire team in a much more coordinated manner

and many more…

Technology for managers

Tech can help create business resources, simplifying business operations, and proceedings. This can have massive impacts on increasing business efficiency and profits for the managers. Moreover, technology can help increase the productivity of a firm and make business processes more swift, convenient, and easier.

At a rudimentary level, it is essential to understand how technology impacts our daily lives. Simple concepts like data storage, cloud infrastructure, how programming works, and what is the logic that functions on our digital devices are essential. Along with that, a broad understanding of the latest technologies like Artificial Intelligence, Blockchain Technology, Chatbots, Internet of Things, etc is important to stay ahead of the curve.

Impact of technology on business

Let us assess the impact of technology that would help us appreciate technology better. So here we mention the impact and cases of technology for managers to analyze and delve further into the fields most relevant to them.

• Automation: A lot of our processes are automated using technology including connected platforms, revenue management, risk management, audit, and business development. This helps save a lot of time and a lot of disruption in the workplace.
• Data management: Tech enables us to manage humongous amounts of data, manipulating it for the customers, fast and easy accessibility to the data, and derive insights from it.
• Communication: Communication through video conferences, virtual offices, and note-taking and sharing has never been easier. A manager needs to use these tools for their particular needs.
• Cybersecurity: We are able to protect the humongous data; a firm deals with every day. Sensitive information including transaction details and user profile are guarded against the ever-increasing cyber-attacks.
• Real-time availability: Every information is available at the fingertips. One can infer all issues, targets, and goals in singular platforms. Additionally, there are multiple tools that provide one with the capability to increase performance and aid decision making.
• Analytics and predictability: Technology enables us to better read and understand our data. We could use these insights to make better decisions, and analyze products. These analytics can give us a deep understanding of the current state and the future course of action for our business and products.
• Integration: Often information with varied decisions, insights, and inferences can be scattered all over the place. Tech tools provide us with the cross-functional capability to integrate and hence leverage all available information better.

Conclusion:

We see that technology has far-reaching consequences in management. It has helped us create a robust link between the management and businesses in terms of collaboration, communication, and execution. Additionally, we witness, how globalization has enabled businesses to expand beyond geographical limitations with technology being at the forefront of this phenomenon.

Businesses can operate on a global scale, have customers and employees across nations and scale faster than before.  For these reasons, it has become imperative for managers to be well-versed with technology and its implications on the management world. There is an abundance of recommended tools for every manager, but they should make the best choice according to what excites them the most and what would help them make their jobs more effective and efficient.

Recommended links:

1. Use of technology in management https://online.stmary.edu/mba/resources/use-of-technology-in-management
2. Learn technology online for free: https://www.codecademy.com/catalog/subject/all