5 reasons why technology is crucial for business success

Technology has increasingly become an integral part of our lives—so much so that it’s difficult to imagine our lives without it. And as a result, the way we communicate, travel, shop, and ultimately, the way we live and work is constantly evolving in parallel to the latest technological developments, too.

More so after the pandemic. Studies show that the pandemic has accelerated the ongoing digital transformation by three to five years, with most businesses now relying on the digital world to operate and improve their competitive edge.

Even the most tech hesitant has looked at digital solutions to leverage their strategy and bolster growth in recent years. With the rise of hybrid work options, internet-based solutions such as the cloud, emails, video conferences and project management apps have become intrinsic to many workers’ day-to-day, making technology even more essential for most businesses now more than ever.

The following are some of the reasons why technology is crucial for business success:

#1: Better communication

By now, most of us are well-acquainted with our video conference tools, have planned a virtual meeting, or attended a virtual event or webinar. Technology optimises communication across businesses and manages to remove any geographical barriers, too. It’s easier to get your message across to the rest of the world, such as assigning tasks to your employees or announcing a new product on social media or through a newsletter—making it easier for employees and customers to reach out to a business too.

#2: Improved efficiency


Better communication is likelier to lead to improved efficiency. Project management apps, for instance, make it easier to keep track of projects, assign tasks, and monitor progress. And, with better organisation, it’s less likely for something to fall through the cracks—which is imperative for businesses today.

Similarly, companies can make even better use of the technology they have at hand through the latest advancements in technology, such as AI. For instance, chatbots have become the norm for most businesses to tackle customer queries—not only to provide customers with real-time support but also to allow customer representatives to focus on more complex and time- or energy-consuming tasks.


#3: Supports a positive and productive company culture


Work-life balance, teamwork—these, together with a strong workplace community are among the key elements of building a successful employee-first company culture.

It’s one of those win-win situations in the business world—the better the company culture, the happier your employees are, and the more empowered they feel to give their best for the organization they work for. As a catalyst for better performance, a strong company culture allows businesses to attract and retain the best candidates, which in turn improves productivity and revenue. That is not only essential to avoid employee attrition but also for the overall success of a business.


#4: Greater employee engagement


Employee engagement is necessary for any business to thrive. When employees feel like they belong in a company, they’re likelier to contribute to its success. This makes engagement a strategic business objective for most, particularly as The Great Resignation continues to uproot employees from workplaces they don’t feel part of or no longer represent their values or priorities.

Through technology, businesses can implement many incentives, and perks employees and candidates seek. With flexibility being among the most sought-after perk in the workplace, technology allows companies to move away from rigid office-based 9-5 setups and move closer to hybrid and flexible work. Plus, having the right tech tools means employees can work more efficiently, as more laborious processes can be simplified or automated with technology.

Similarly, technology facilitates employee learning and development. With numerous resources and courses available at one’s fingertips, employees can take any training they require or would like to work on in the comfort of their home or office, sitting at their desks.


#5: Opens new horizons

Using the latest technology gives companies a competitive edge—whether it means that they attract and retain the best talent or because it allows them to provide customers with products and services other companies don’t. Technology gives businesses the tools to constantly study new business options and discover new products or trends that can eventually improve their efficiency and competitivity, and as a result, make them more successful. 

Embracing technology with Avenue 77

At Avenue 77, we know technology is crucial for business success, so we offer our tenants cutting-edge solutions to optimise their efficiency and productivity.

All our services are integrated into the Avenue 77 app—such as access to office spaces and lifts, notifications of visitor arrivals, and deliveries. Through the same app, members may also book any meeting rooms, while keeping themselves updated with the latest concierge services available and community events being organised.

We also offer highly secure, redundant internet service for our tenants to operate their businesses. Complete connectivity is ensured across the entire building. Meeting rooms are equipped with latest technology that facilitates online meetings. 


Are you interested in running your business from a location equipped with the latest technology? Get in touch with us for more information about Avenue 77 now.