In any business, there is a need to cultivate growth. Simply put, a growing business is likely to generate improved revenue streams that can lead to increased profitability and the ability to become more resilient against any unfavorable conditions that dominate the wider business marketplace. A growing company can also support a larger workforce, contribute more to the GDP of its host country, and has the potential to make a greater difference to the wider community.
In modern times, when businesses seek growth and expansion, technology will typically play a key role. Many forms of technology can offer improved working methods, efficiency gains, and boosts to productivity that can cultivate growth. In this article, there is an examination of how modern technology supports business growth, using three examples across industries.
1. The use of APIs in cloud-based services
In many forms of business, cloud-based services form a key part of the IT architecture. Today, millions of firms have made the transition from locally held IT services to the cloud, allowing them to enjoy efficiency gains and support a remote and hybrid workforce. The market for cloud-based services is estimated to be worth over $376 billion by 2029, demonstrating its significance in the business world. However, as cloud-based applications increase, there is a greater need for application programming interfaces to monitor and control them. Today, there are various types of API, but their purpose remains the same. They are integral pieces of tech that allow different programs and microservices to communicate together effectively. APIs also provide a secure endpoint for applications which can help IT security professionals monitor traffic and requests. Unusual API activity may indicate the presence of malicious online activities, so these systems can provide early indications of problems in the cloud. In short, as businesses grow, their cloud-based infrastructures will grow too, and the need to control them with APIs becomes more prevalent.
2. Digital communication tech supporting a decentralized workforce
One of the key business trends in recent years has been the move towards a decentralized workforce. A growing company can benefit from hiring remote and hybrid workers as they will not need to invest in new corporate premises or additional office buildings to support their additional team members. However, it is important to recognize that digital communication technology plays a key role in supporting effective working practices in a decentralized workforce. Technology such as video conferencing platforms enables staff to collaborate and attend meetings without needing to be in a shared physical location. In addition, task and project management apps such as Trello allow remote teams to work together on larger projects without duplicating work and always be up to date on the progress of specific tasks.
3. Robotics in manufacturing
Finally, in the manufacturing sector, robotics plays a key role in cultivating business growth. Across many production lines, robotic devices are employed to produce standardized products and components to the highest degrees of accuracy. Robots do not need to eat, drink, or take breaks. They can work continually to undertake routine tasks. This allows manufacturing firms to dramatically reduce the unit costs of items that they produce. In turn, this allows companies to become more profitable and fuels continued growth and expansion plans.
