Technology Business Management is an innovative collaborative framework that helps companies align their IT departments to company goals, a necessary proactive practice for a modern digital business. However, it is not prescriptive in any way; as a matter of fact, it is highly flexible application-oriented, owing to its application-friendly feature.
There are a variety of technology-business initiatives, which can be used by businesses to ensure they reap the maximum benefits from their association.
This technology-based business strategy has proven to be extremely useful for organisations as a whole. All businesses have one thing in common: they all want to improve productivity and operate more smoothly.
By aligning all functions of the organisation under one roof, this approach allows them to achieve their goals. Here are a few key advantages of this architecture:
Creates a powerful opportunity for training.
Because technology businesses allow multiple functions to move into the cloud, training can be easily moved between employees. For example, a nonprofit organisation might want to train its volunteer leaders using web-based tools and video conferencing at the same time.
These tools could easily be deployed in the cloud, allowing the trainees to take a class at any time and from any location. Organisations then save money by not investing in purchasing video conferencing equipment, which can also be resold at a later date.
Creates a flexible revenue model.
Through a technology strategy, new opportunities for revenues can be identified. Because this application model enables organisations to run operations more efficiently, more people can be employed, and there is greater efficiency in costs, companies will realize more revenue. This flexible revenue model can ultimately prove to be very helpful to a struggling business needs to increase its operational and organisational capabilities.
Provides a competitive edge.
Many businesses invest a significant amount of capital into researching and developing new technologies. A technology strategy allows these organisations to cut back on the costs associated with technology research and development. In addition, companies can use these savings to expand their business.
Increases employee productivity.
A good technology strategy will require that managers train their staff in the new technologies being implemented. Additionally, the trained staff can then implement these technologies in the workplace. This increased employee productivity will result in a higher profit margin, as well as increased profitability.
Creates a winning business plan.
As technology drives every organisation to become more efficient, the goal of every organisation striving for excellence is to capitalise on this trend. To do this, they must develop a successful business plan that coordinates all aspects of their organisation to meet the new technology requirements.
Managing the technology requirements of a business can be challenging. To help businesses effectively manage their technology requirements, organisations should develop a comprehensive baseline to which they can assess the progress of each department. Additionally, business partners can provide additional advice and information to make managing technology more effective.
Technology business strategy
To successfully execute a technology strategy, an organisation must first identify business objectives. The objects of the organisation’s goals and objectives are critical to the success of the business. This enables the organisation to align its actions with the objects and to define a clear path for its future growth and development.
By establishing business objectives, the manager can align his or her activities with the overall business objectives. Then, the manager can initiate the implementation of strategies.
Achieving business objectives
Achieving business objectives requires an organised approach to technology strategy execution. This begins with developing and maintaining a comprehensive written tech strategy.
The strategy describes the expected functionality, key constraints, and estimated opportunities for future improvement. A tech strategy also identifies the resources necessary to achieve these objectives.
A business can implement a tech strategy either on its own or through a third party. Implementing a strategy through a third party requires more focus and attention. A third party can be brought in to help the organisation achieve its business objectives by implementing specific measures and processes.
Examples of a third party include a consulting firm, an IT team, or an external software vendor. However, in some organisations, departments may have more success in implementing the strategy than others.
Business Management Tools
Business Management Tools is the systems, software, processes, planning instruments, mathematical techniques, methodologies, and so on used by businesses in order to cope up with changing markets, improve business performance and ensure a strong competitive position in it.
Today, all business people from all walks of life including managers and owners use some or other kind of Business Management Tools in order to get better results for their business ventures. However, in any business, there comes a time when one needs to implement a better Business Management Tool that would take the process of Business Management to a higher level.
In this article, I have cited some of the Business Management Tools that can help you in taking your business to the next level.
8 essential tools every successful business needs
- Mobile Marketing Tools.
- Email Software.
- Content Management System.
- Social Media Management Tools
- Hiring Software.
- Timesheet Applications
- Accounting Software packages
- Task Management Software.
- Strategic Planning.
- Customer Relationship Management.
- Employee Engagement Surveys.
- Benchmarking.
- Balanced Scorecard.
In order to implement the best business management software solutions, there comes a time when the users need to analyse the current requirements of the company. To do this, one must understand what exactly the company does and what its future goals are.
At the same time, the users must understand what are the challenges facing the organization in its current endeavor. After doing this analysis, the users then have to come out with a list of possible solutions that can address the challenges in the best possible manner and which can help to bring the company out of the rut it is in.
Thus, the process of analysis and decision-making should be carried out very carefully because it could make the difference between success and failure. For this, there are certain steps that a good project management software application must follow.
Accounting
Accounting is the language of business. This is because accounting serves as the mechanism by which businesses form and maintain relationships with other entities such as suppliers, stakeholders, tax authorities, other businesses, and other agencies/organisations.
A degree in accounting provides broad knowledge in accounting theory, accounting principles, managerial economics, and accountancy. As a business administration degree, an accounting degree prepares students to be effective managers in business organisations. An Accounting degree focuses primarily on teaching students how to problem solve in accounting and finance.
With the advent of globalisation and liberalisation, there has been growing demand for educated professionals who can manage and operate in global environments. In response to this growing need, many schools have established Accounting programs in response to meet these needs.
Business Administration degree is one of these degrees. An Accounting program prepares students how to problem solve, consult, analyse, and recommend solutions to internal and external financial problems. Graduates of an Accounting program can expect to be competitive in their employment options.
Types of accounting packages
- Free accounting software.
- Small business accounting software.
- Enterprise accounting software.
- Online accounting software.
- In House accounting software
- Custom accounting software
There are different concentrations in Accounting. One concentration is public accounting, which is conducted by professional analysts from outside of the accounting profession.
Public accounting is concerned with monitoring and correcting the accuracy, completeness, and timeliness of public financial information. The second concentration is project management and business administration, which are concerned with analysing and managing projects in order to ensure their completion within the allotted time and budget.
Branches of Accounting:
- Financial Accounting.
- Management Accounting.
- Cost Accounting.
- Tax Accounting.
- Auditing.
- Forensic Accounting.
- Fiduciary Accounting.
- Fund Accounting.
Managing a tech business
Technology businesses that have an emphasis on the development and implementation of software applications can benefit from hiring a technical consultant to help them effectively manage their technology businesses.
A technical consultant has both technology and non-technical skills in addition to specialised business know-how. The combination of a technical background along with a non-technical background allows the consultant to help the company strategically plan its IT budget and helps the organization to achieve key business goals. Below are some of the benefits of hiring a technical consultant for your technology business:
As a technology enterprise, a startup may face many complex challenges that lie ahead and it can be difficult to anticipate and plan for these issues. A lense board meeting with the CEO, CFO and the COO can address some of these issues and offer a vision for the future of the company.
In addition to a vision for the future of the company, these meetings also provide the CFO an opportunity to meet and confer with potential funding sources to raise venture capital for the company.
Meeting with funding sources early on is important for a startup because securing additional venture capital can be one of the most difficult components of operating a successful technology business.
In addition to seeking venture capital, a startup may need to tap the local business community to fund its business ventures. Meeting with local business leaders and soliciting their support may be a wise decision as business partners.
Meeting with government officials, members of the technology industry and investment groups can also prove to be beneficial for a startup in its effort to secure additional venture capital. Managing a tech startup involves many complex issues that should not be overlooked. Therefore, it is crucial that a business owner to seek the advice of seasoned entrepreneurs who are skilled at managing technology companies.
Managing employees
Much of a company owner’s time is consumed managing employees, which often requires an advanced knowledge of employment law, communication skills, and the skill to keep a harmonious office environment. One way that companies can improve their employee satisfaction is through a technology-based approach to management.
Some companies have replaced their human resource departments with computerized employee scheduling systems, which has increased staff satisfaction as well as saving money on labor costs. However, keeping human resources involved in the process of technology implementation may not be the best approach for the long-term health and welfare of the company.
Managing employees is something that should be left to someone who understands the ins and outs of employee management. Outsourcing this duty allows a company to focus on the core business aspects while its technical experts handle the day-to-day technical issues. However, outsourcing to the wrong company can create problems for the company.
For instance, a technology company that fails to properly implement employee management software can cost the company thousands of dollars in lost time and ineffective processes. On the other hand, a company that outsources improperly manages to save money.
A good manager understands that keeping human resources in the loop helps to ensure the success of any business plan. Therefore, it is important for a business owner to work with an experienced employee management consulting firm.
By working with a business consulting firm that understands the issues of managing employees effectively, a business owner can find ways to implement effective employee scheduling systems and eliminate the potential for employee conflict that can result in poor customer service and a diminished company reputation.
Outsourcing these types of services is a smart business decision that can help grow and expand a business into new markets and increase employee productivity and pay.
Implementing a cyber insurance policy
Implementing a cyber insurance policy is becoming more common in order to protect companies from potential losses due to cyber attacks. cyber insurance is an insurance policy that protects organizations or enterprises from potential losses incurred due to cyber attacks.
Such insurance policies cover not only the business but also the individuals or the users who have been affected by the cyber attacks on their computers. Different types of coverage are available and they include reimbursements for certain expenses, including loss of data, repairs, fees and other out-of-pocket expenses.
The process of incorporating a cyber insurance policy begins by defining the types of risks to be insured. Potential threats can be divided into three major categories as discussed below.
The first category includes threats to information, data and technology systems; the second category includes threats to telecommunications systems and personal computer networks; while the third category includes breaches that affect systems used for business, government, institutional and financial transactions.
Based on the type of risk, the cyber liability insurance coverage is designed. Some types of these policies cover only financial losses, some may provide coverage for property damage and other damage not exceeding prescribed limits.
When a business or an organisation is considering the purchase of a cyber liability insurance policy, there are several considerations to keep in mind. First, the coverage levels should match the type of risk. For instance, an insurance policy for web security will have different coverage requirements than one for email security.
Second, the types of users who will be covered by the policy should be determined. Most often, businesses are advised to insure individual users, whereas some business may be advised to insure organisational users.
While the cost of the insurance policy is considered, it is also important to keep in mind that as soon as the business has purchased a cyber insurance policy, it becomes a legal requirement to provide proof of the security measures undertaken to protect the organisation
Information Technology Service Management
Information technology service management are basically the activities which are carried out by an organization in order to design, develop, deliver, manage and operate information technologies provided to clients. It is the process by which companies, organisations or even individuals develop, deploy, optimise and enhance IT solutions to meet the requirements of their clients.
The term is generally applied to the whole gamut of the IT service management process and encompasses a wide variety of activities, such as planning, designing, deploying, optimization, maintenance, upgrade and modification.
The process however is not that simple and there is a lot of effort, hard work and energy that goes into it. Thus, the basic need of every organisation, whether small, medium or large needs to have its very own IT service management department so that the entire process of its IT operations can be managed effectively.
In the IT industry there are several frameworks which are widely used by professionals and organisations to manage their IT services. The most popular among these is the IT foundation framework, which is generally used by companies and other organisations as a whole to design and structure an IT services framework.
This framework covers all the basic and essential functionality areas such as deployment of IT solutions, maintenance of those solutions, upgrading them when required, monitoring those solutions, security aspects, interaction and collaboration with other users and many more. This framework also ensures that all these activities are carried out in an organised manner, thereby making the IT solutions more effective and efficient.
Information Technology Infrastructure Library (ITIL)
ITIL stands for Information Technology Infrastructure Library, which is a global professional association of information technology infrastructure specialists.
The benefits of adopting ITIL include: It helps businesses align their IT, human, and social resources, helping them to identify and create shared IT services, which are more effective at meeting business objectives. It improves employee engagement, thereby improving productivity and reducing staff turnover.
ITIL encourages information technology departments to openly communicate with one another and contribute to its development. It improves quality and standards across the board, making ITIL easier to administer and understand.
ITIL has helped many organisations achieve many common goals that other frameworks have failed to achieve. In fact, studies show that ITIL itself has helped businesses achieve several out-of-the-box goals that were previously impossible to implement without this comprehensive framework:
It has also made information technology services far more accessible and affordable to small and medium-sized enterprises, increasing competitiveness across the board; it has increased employees’ understanding and utilisation of technology, making IT an integral part of the business and allowing employees to reap greater benefits; and it has helped ITIL become a more flexible and dynamic framework, able to respond to changing market trends. With these benefits, many organisations are looking towards ITIL as a way to greatly improve their business.
8 different types of technology that are being used in today’s world.
- Communication Technology.
- Construction Technology.
- Product Technology.
- Medical Technology.
- Architecture Technology.
- Business Technology.
- Educational Technology.
- Information Technology.
Concluding
There are many ways to implement a technology strategy. Every organisation is unique and so the methods that work for one company might not be the best way to work for another.
In addition to implementing technology in business processes, technology should also be implemented in every part of an organisation as a whole.
Every business model, every functional function, and every piece of technology should be examined closely to ensure that the most cost effective, technically feasible, and beneficial technology are actually being utilised.
