Customer relationship Management:It is important for companies to make long term relations with their customer in order for them to keep of buying the company’s service or product. Moreover, it also provides the company with competitive advantage. Furthermore, CRM allow companies to store an immense list of customers and any essential data regarding them. Also accessing files is even more convenient than before due to the cloud. Similarly, every department in a company can now tag team to get the right information to the right team member. With this new found ease, teams can flawlessly work together to reach companies goals. (Salesforce, 2017)4. Reorganized administrative operations:The banking industry has reduced the cost of providing services its customers by using technologies such as automated teller machines, toll-free call centers, and the Web.
In early 2005, the cost of a bank transaction done by a human teller was about $2, compared to $1 for a telephone banking transaction, $.50-$1.00 for an ATM transaction, and about ten cents for banking over the Internet. Automated Clearing House (ACH) or “checkless” check processing costs were $.25-.50 per operation.
Moreover, this reduction in cost could be credited primarily to discount the amount of employees involved, which had an effect on employment and labor-management relationships in banking. (Advameg, 2017)5. Project ManagementOnce a firm starts making teams to help manage various aspects of the business, it is logical to get project management software. Rather than frequently needing to check in, and develop systems for a company’s team members, you can use project management software like WorkFlowMax.
There are many software programs out there that can help manage time and projects. (Manuel, 2015)6. Growth of the firm:The process of managing technology involves establishing, matching, and managing activities. If technology is well managed, an organization will expand on its operations and decrease their operational costs.
The technical staff of an organization will have a challenge of evaluating what customers need and state which technologies are necessary to be executed as well as spot the activities that are needed to be stopped.Additionally, after the process of analyzing what is required is that both the organization and its consumers will benefit which will lead to the development and growth of that organization. (Ramey, 2012)