Internal factorsTechnology currently used in the organisation

Examples of technologies that businesses rely on can include:

• specialist software
• top of the range hardware
• access and control of social media
• apps
• robotics
• artificial intelligence

A business can use new technology to ensure efficiency and also to boost its profile. Savings can be made by having staff using video conferencing technology instead of travelling to meetings. By using smartphone and tablet technology, staff can also work while away from the office.

A business can use social media platforms to establish a close link to its customers and to spread the word about its products.

Businesses need up-to-date technology to keep up with customers’ ever-changing requirements. For example, those that do not provide an option for customers to buy products online are likely to lose out on valuable sales.

If a business doesn’t upgrade its hardware and software, then any advantage they have over rivals who do invest in technology will eventually be eroded.

Robotics

Robotics and automation are already used in manufacturing to standardise products and increase efficiency in output.

Artificial intelligence

Businesses are harnessing AI to improve the effectiveness and efficiency of their operations:

• AI-powered chatbots are being used to handle customers' online enquiries, providing instant support at any time of the day.
• AI is also being use to automate repetitive tasks such as data entry or inventory management. This frees up staff to concentrate on more complex tasks.