Technology in Business
In an age where 95.4% of Australian businesses are connected to the internet, using technology in business is more important than ever before.
Unlike medical, industrial and personal technology, business technology is designed to help businesses carry out their everyday business processes digitally. This makes Australian businesses more productive and efficient: driving Australia’s digital economy to $139 billion in 2020.
The types of technology you use in your business will vary with your industry, customers and employees, but there are many forms of technology that are essential to every Australian business. This includes:
When this technology is seamlessly integrated into your everyday business processes and systems, it will help your business grow.
How does technology help businesses?
Using technology in businesses allows you to solve three key problems: freeing up time, increasing your abilities and conserving space that would otherwise be wasted on storage.
This trio drives our economy and society by enhancing the everyday systems and operations through:
Cybersafe technology in businesses protects the organisation against cybercrime, which costs Australians over $1 billion each year. Advances in technology protect businesses by encrypting their data and allowing data and essential documents to be stored in the cloud. Simple cybersecurity solutions can also protect employees from phishing, ransomware and extortion scams by protecting their passwords, personal data and emails.
Improved communication & customer service
Communication technology in business allows organisations to use chatbots, live customer chats and customer relationship management (CRM) systems in customer service. This gives customers a more personal and prompt experience, decreasing customer churn long term.
Innovations in communication technology also allow businesses to build a robust online presence that works with their branding. According to the latest statistics from the ABS, 51.1% of Australian businesses have a digital presence while 40.4% of businesses use social media.
37.1% of Australian businesses also received orders via the internet, resulting in a total income of $394.3 billion in 2016-17 financial year.
Integration & automation
Advances in business technology allow businesses to embrace technology integration and automation. While small businesses were previously unable to compete with the efficiency of large organisations, automating simple tasks allows employees to work on more complicated tasks - increasing their productivity.
While this can be as complicated as automating an entire warehouse, most businesses embrace automation in simple (and affordable) ways, including automating:
Increased efficiency and reduced costs
Using technology in business increases your efficiency by reducing the amount of time it takes to complete tasks. The more efficient an organisation is, the lower their overhead costs tend to be.
Take smart offices for example. Smart office technology runs an office without human interference, controlling the lighting, temperature and meeting room bookings. This reduces the cost of office operation significantly, as the office will turn off power in unused rooms.
Smart technology also appears in other areas like manufacturing where it can predict
accidents, machine faults and manufacturing errors before they turn into disasters.
Organisations can still improve their efficiency and cost-management with non-smart technology like communication software. Communication software allows employees working remotely or off-site to communicate like they would in the office. This reduces the cost of travel significantly - especially in businesses who operate nation-wide.
Innovation in Australian business
Technological innovations in Australian businesses have developed significantly with the introduction of three key technological advancements: artificial intelligence, online faxing and 5G.
Artificial Intelligence (AI) was conceptualised as early as the 1950s but didn’t become a part of most businesses until machine learning, data mining and natural language programming (NLP) were developed. Machine learning allows an AI program to learn through trial and error without needing to be programmed, data mining allows AI to process large amounts of data and NLP allows AI to understand human language by its context.
Many Australian businesses use some form of artificial intelligence without realising it, as AI can be used in:
Help desk software.
Market research software.
Mobile devices and tablets.
In the next few years, AI will allow businesses to continue outsourcing basic tasks as new AI-driven software solutions develop.
Online faxing first became available to the public in 1996. Unlike a traditional fax machine, online fax allows businesses to receive, store, sign and send faxes over the internet. This removes the need for printing and filing faxes, freeing up office space and decreasing the cost of owning a fax machine.
Online fax is the backbone of many Australian businesses, as it allows businesses to process hundreds of documents a day without a ‘busy line’ error message sabotaging productivity. Over the next few years, more Australian businesses are expected to switch to online fax machines as the remote work revolution de-centralises traditional offices.
Australia’s 5G network is our newest technological advancement. In 2020, Australia’s network carriers Telstra, Vodafone and Optus have begun to construct the infrastructure needed for the network, including several major cities already. A $29.2 million investment has also been made under the 5G Development Initiative.
As the 5G network is rolled out, Australian businesses will have access to high-speed, low-latency internet, helping business technology work faster than ever before.
Future of Australian technology in business
Projections in a report from the Department of Industry, Science, Energy and Resources estimate that technology in business will boost Australia’s productivity and national income by $2.2 trillion by 2030.
While the Australian government believes that digital technology will transform all industries, the following industries are expected to experience the most change:
Australia’s Small businesses are also expected to continue embracing eCommerce, as internet income increased $108.8 billion from FY 2014-15 to FY 2016-17.
Case study: online fax in pharmacies
Australia’s pharmacies are a classic example of how innovative technology in business can change the industry. While pharmacies used to send documents with a traditional fax machine, online fax has allowed pharmacies to send documents to other stores, doctors, care homes and suppliers digitally - streamlining a process that once took hours.
Online fax also helps pharmacies keep information safe, as all faxed documents are securely stored in the cloud. Pharmacies can even send multiple documents simultaneously without a paper jam, reducing the daily workload.
Embrace technology in business with eFax
If you’re looking to ditch your fax machine, consider partnering with Australia’s best online fax service: eFax!
eFax is Australia’s best NBN-ready fax provider, with over 11 million happy customers worldwide. eFax can help you send faxes quickly through your email, computer, tablet or smartphone - no matter where you are. All eFax customers even get lifetime fax storage, meaning you’ll never lose another fax again.
eFax is a future-proof faxing solution that is compatible with the NBN. While many Australian businesses lose their fax connection when switching to NBN, eFax can help you keep your connection and your NBN fax number from day one.
eFax is passionate about helping Australian businesses succeed with a secure and reliable fax solution. Give eFax a try with a free 30-day trial or contact 1800 283 361 for more information.