The technological advancement has taken place all over the world, the artificial intelligence, robotics and even autonomous automobiles are also the frequent changes that have taken place at our workplace at a rapid pace. There is the software that changes the whole process overnight. From real-time interactions and the accessibility of the tablets and the smartphones to cloud-based small applications, everything is growing at a faster rate. It is quite essential to know the technical know-how of being a student of MBA as it is of utmost necessity to keep yourself updated.
In such situations, where technology has a vital role in business too, the managers and professionals have to maintain technical know-how of the business. This article offers tips for managers to keep pace with new technologies in the marketplace.
MANAGING THE DATA
The volume of data we can collect in our organisations is remarkable. In most of the firms, there is a lot of customer interaction which includes sales, customer service, technical service and marketing and also the promotion of activities. Managers understand the importance of mining and using the data to improve decision-making in support of customers and for beating the competition. The managers need to invest in the cultivation of following skills:
- Learnt the use of latest data analytic software products in their firm so that they can recognise the latest trends and spot the opportunities.
- There should be the use of leveraging data and data analysis tool to make the business able to grow by having a visualisation of the software and making the things presentable and easily consumable by the users.
- Leveraging the real-time monitoring capabilities of many marketing automation software products for assessing and adjusting promotional activities.
- To take advantage of dashboards and automated scorecards that measure and report on critical key performance indicators in real time is also the important process. Many managers feel it challenging to define their scorecards and leverage their firm’s software packages to create what is called a dashboard.
- Management and the access to data in the different system is also something which is to be learnt. If we talk about the sales manager, they are critically dependent upon the quality and the timeliness of the data input by the representatives of the sales into the system. Learn to monitor and interpret this data; the manager can strengthen forecasting and spot the trends when they emerge.
- Managers can also strengthen their data and the technologies related skills by exploring the capabilities of their software or regularly exploring industry or professional publications. Also, there are some organisations dedicated to sharing the latest technology trends as they relate to data for interested professionals.
COMMUNICATION IS THE KEY ELEMENT
- With the advancement of the technology and various software platforms, the ways of the communication have been increased, and it is easy to communicate which is viable with the internet connection.
- Various software applications have inbuilt chat functions that enable individuals to see who is available to connect. These tools provide instantaneous messaging and also offer the ability to share screens and collaborate.
- Managers are required to have face-to-face interaction with his team and colleagues. And it is quite easy today to have video calls wherever you are that too at low-cost. Our smartphones, tablets and computers all offer some form of the technology.
- There are remote collaboration tools and document sharing repositories that simplify the sharing and joint development of the ideas.
- In all the circumstances before using new technology, managers and employees are encouraged to check with their technical department to discuss any potential security concerns with the applications they are considering using with the team members.
TIPS THAT HELP MANAGERS TO IDENTIFY AND MONITOR THE BIG TECHNOLOGY TRENDS
These are the tips that will help you to know that how managers have to keep them updated and it will help you solve certain queries of the curriculum while pursuing MBA.
- Managers are required to be updated with the major advancements in the technology, and it has been the biggest role of the manager today. The best managers are on the lookout for the new capabilities that will enable them to serve their customers more effectively and efficiently or to improve the working to reduce the cost. There are certain tactics that a manager need to take to strengthen his or her knowledge.
- Managers to remain updated should read publications that focus on how innovative firms are applying the latest technologies to serve their customers and to communicate with the employees that are far away from them in a creative manner. Mainstream business invests their time and space in the newspapers and periodicals to cover the advancement of technology.
- A manager needs to expand their vision. They need to monitor the leading firms outside their industry to apply new technologies and help them win while competing. The best will take place outside the boundaries of the industry.
- You can also attend some events that are outside the industry and apply new technologies. Attending work sessions and visit booths where firms are displaying their technology can also help.
- The best tools on the social platforms help to curate your content via smartphone, tablet or computer, offering quick snapshots of articles that you can click on and expand for more detailed consumption.
- You need to follow technology and business experts, including experts at the balance, who are exploring and reporting on the latest trends in their vertical and vocational markets.
- You can also ask your customers and business partners what new technologies they are exploring or using in their firms.
- Visit your counterparts in engineering or research and development and ask them what advances in technology they are monitoring are.
- Taking advantage of training opportunities offered by the software and technology vendors of the firm in their latest releases.
- There are the technology tools available for the use of the employee; the managers can take advantage of every training opportunity offered by the firm.
WHY IS IT NECESSARY FOR A FIRM TO BE UPDATED WITH THE TECHNOLOGY?
When we are tucked behind the walls of our organisation, it becomes quite obvious to lose the track. The manager often develops a limited view, when it comes to sharing insights and ideas with their colleagues and customers. Effective managers recognise the danger of developing a small, narrow view of what is a big, ever-changing world. They take the initiative to pursue many steps, and they also strive to translate their insights and observations into the analysis.
The history is full of examples of the firms that ignored the major challenges unfolding in front of them, only to see their business and even entire industries disappear in front of them. It is imperative to remain current on the latest and greatest new developments in technology and that you work with your team to explore, experiment and adopt new technologies when they can be beneficial for the business.
We live and work in a remarkable period of ever-advancing technology. While these tools are potent assistants in our drive to manage, lead and compete, the pace with which they change creates stress and more work for everyone. Strive to remain current and not let your skills and knowhow grow old. The regular diligence in this area, much like regularly attending the gym will pay dividends for you as a manager, your firm and for you in your career.