The Role of Technology in the Future of US Business

Financial transactions can be easily recorded and analyzed using a bookkeeping system. Small companies have become the primary customer base for QuickBooks. It's easy to set up and maintain. Meanwhile, bigger companies frequently opt for SAP Business One or Sage Accpac, two accounting software options that offer increased flexibility and compatibility. The best bookkeeping solution for a business will depend on the company's scale and specific requirements. It's important to consult with a bookkeeper to explore the available options before making any final decisions. Financial bookkeeping software is essential for effectively managing the company's salary. An organization's accounting system serves multiple purposes, including monitoring income and predicting future cash amounts. Through meticulous record-keeping, accountants can minimize the risk of theft and ensure that all employees receive their payments promptly (Emma, 2019).

An inventory management system can efficiently handle a company's entire stock. It keeps detailed records of product information

including inventory levels and sales data, and automatically updates for new arrivals and sold items. Businesses must have a well-organized system to manage their inventory effectively. This allows them to keep a consistent stock level, track their available items, and assess their financial position (Emma, 2019).

A customer relations management (CRM) system enables businesses to easily monitor and manage their interactions with customers. Once a client's data is acquired, the CRM system will begin to record and monitor all future interactions with that client. When a customer reaches out for assistance, whether it's to place an order, seek guidance, or get a technical query resolved, our service representative can easily access the customer's information in the CRM system. This allows them to quickly retrieve details such as the shipping status of an order, any items on backorder, and a history of previous interactions with the customer with your organization. A CRM is a powerful tool that allows businesses to efficiently manage and track customer information and interactions. A client relationship management system begins collecting data about a potential buyer as soon as they are identified. When a client makes a purchase over the phone, the CRM software promptly notifies the relevant departments about the products that need to be shipped and the corresponding delivery address. The CRM acts as a bridge of communication between the client and the staff, ensuring that everyone is constantly informed about the progress of the order.

Justification for the implementation of technology

Several factors play a role in an organization's choice to adopt new technology. Several factors contribute to the need for technological advancements in organizations. These factors include increasing productivity, enhancing products, reducing dependence on specialized labor, staying current with trends and developments, and keeping up with other organizations that are also introducing new technology. It is fascinating to witness the evolution of technology and how it can reshape the dynamics within a company (Yee and Oh, 2012). It is possible that those responsible for justifying new technology investments may not acknowledge all of these reasons, but research has still uncovered them. Computer and technology prices and performance have been decreasing rapidly, which is often mentioned as another reason to keep investing in new technologies.

In recent years, with the rapid expansion of the internet and the globalization of economies and industries, businesses have been allocating significant resources towards technology. Based on the IS literature, organizations worldwide are encouraged to utilize information technology (IT) to enhance their operational management and coordination, as well as explore new global marketplaces and ventures (Ives and Jarvenpaa, 1991).  If an item is unavailable, the CRM system will promptly notify the buyer and prevent them from placing the order. Building strong connections with customers can be achieved by utilizing customer relationship management systems. These systems gather and analyze valuable data about individual clients, enabling businesses to deliver exceptional service and support.

Thanks to advancements in technology

Organizations have become increasingly adept at managing and controlling complex and global operations with greater precision than in the past (Bartlett and Ghoshal, 1989). Here are some common reasons for incorporating technology into business operations. Especially in the realm of technological applications, e-commerce and e-business are quite notable. The significance of technology can be assessed from two perspectives: the establishment and improvement of essential standards and the achievement of a competitive advantage throughout the value chain. We have thoroughly examined various aspects of technology projects and the potential challenges that may arise during their execution. The success or efficacy of an information system or innovation proposal is evaluated based on how effectively they meet the business needs and align with the company's objectives. While there is some agreement that this issue can be resolved, many experts find it challenging to find concrete proof of the advantages of investing in technology (Smithson & Hirschheim, 1998). These factors have contributed to the ongoing investment in new technology by organizations. If a company is operating in international markets but is struggling to effectively manage its business on a global scale and maintain strong control over its global activities, the company will face a considerable strategic disadvantage.