While the shadow of Brexit continues to hang ominously over the UK and global economy, there are some sectors that continue to thrive. Global IT spending is projected to total $3.7 billion in 2018, for example, with this number set to increase by 4.5% from last years’ figures.
This should not come as a major surprise, as we live in a digital age where businesses are increasingly reliant on remote communication tools and innovative software programs.
How has digital technology actually benefitted businesses? Here are some of the best and most prominent examples:
- The Rise of Payroll Software
They say that 96% of businesses fail within 10 years of their inception, with a number of common issues capable of undermining commercial growth.
One of these is payroll management, which can become extremely challenging as businesses scale while having a negative impact on productivity and talent retention over time.
In the digital age, however, payroll software providers such as Moorepay have developed a viable solution to this issue. This exists in the form of innovative systems that automate payroll management within growing companies, increasing both accuracy and transparency in the process.
This software is becoming increasingly accessible too, enabling small and medium-sized firms to compete with more established rivals.
- Remote Communication Tools have Empowered Flexible Working
While employment trends vary from one industry to another, there’s no doubt that we’re moving increasingly towards flexible working in the digital age.
This reflected by the rise of the freelancer in the UK, with an estimated two million Brits now working independently and optimising their value within the labour market.
This trend has been empowered by the development of remote communication and storage technology, including platforms such as Skype and Cloud-based solutions such as Dropbox. These tools combine to connect employees regardless of where they base themselves, while also allowing for the real-transfer storage and transfer of files.
Arguably, this type of innovation has helped workplaces to embrace the principles of flexible working, making them more competitive in rapidly changing job market.
- Resource Management and Labour Savings
On a similar note, digital technology has also improved the way in which businesses operate and manage their core resources.
This is embodied by the emergence of the Internet of Things (IoT), through which communicative devices are embedded in everyday objects for the purpose of storing and sharing data in real-time.
This is enabling companies to manage multiple sites and resources from a single location, with the global market expected to achieve a value in excess of £2 trillion by the year 2020.
This type of technology can also help businesses to make considerable labour savings, with automated devices and learning tools reducing the reliance on human employees. This has already driven huge savings in sectors such as manufacturing, where technology can be deployed to improve efficiency and create a more cost-effective workforce.
Of course, there’s some controversy surrounding automation and its impact on unskilled workers, but from a business perspective there’s no doubt that technology is dramatically reducing labour costs across a host of industries.