By TP Sharafudheen
There are multiple factors enabling the unprecedented growth of ICT market across the globe, and each element is important to be analysed. As reports indicate from various sides, it is important to have focused approach for the every stakeholder in the industry—from manufacturers to end-users.
I am planning to cover this topic in a series of articles in this column.
Integration with legacy systems
The widely used term ‘legacy system’ means the outdated computing software and/or hardware that is still in use. These systems are not faulty or expired, but on the other hand, they still serve the purpose they were designed for. However, they don’t allow growth at par with the new trends in the industry. The older technology won’t allow it to interact with newer systems such as cloud computing and better data integration. It keeps a company in a business rut.
Such software is usually difficult to maintain, support, improve, or integrate into the new systems due to its architecture, underlying technology, or design. It compels the company to spend more and more on IT maintenance expenditure. Be it in maintenance or shifting to new technology, this scenario creates a lot of demands in the technology market.
Newer technology platforms often rely on third-party APIs to access capabilities such as geolocation, user authentication, data sharing, and transactions. Modern technologies are integration-ready by default. API vendors typically provide support for most of the programming languages and frameworks out of the box.
Connecting a legacy software to a third-party tool or service often requires a significant amount of custom code. It brings about buying of integration service or going for the latest technology as an upgrade. Indeed, it has become a strong enabler of the market growth.
Taking advantage of features in new technologies
In all walks of life, technology is advancing at a rapid rate, yet many businesses have not figured out how to use it to their advantage. Without much debate, we can agree the reality of the 21st century is that businesses that do not take advantage of technology fall short in the growth graph, relevance, and customer satisfaction. In other words, a business can measure its growth rate by the technological trends it adopts. The firms that refuse or neglect to implement relevant tools often die out as they lose their competitive edge, thus failing to maximise profits and meet customer expectations. But businesses that embrace these tools find themselves ahead of competitors.
According to Forbes, 55 percent of companies without the right technology to implement a digital transformation believe they would lose market share in less than a year.
It can be expensive to run a business from a physical space. Fortunately, with the internet’s fast and far-reaching arms, you can redirect the money you spend on rent each year to other areas of your business.
Statistically, remote work is less costly but delivers outstanding benefits for both employers and employees. For the former, the proven benefits transcend saving money on rent, furniture, computer devices, and other essentials that make an office space operational.
You would also have access to a larger talent pool and enjoy easier recruitment, streamlined production processes, increased retention, and improved productivity.
Productivity enhancement tools
Implementing productivity tools can have a significant impact on your profits and business as a whole. Start with time-tracking software to measure your team’s input. When done efficiently, the data can help improve accountability, productivity, and process improvement.
Dictation software, project management, and task management tools can streamline processes and help you stay on top of your operations. You can also consider a cloud-based storage solution, such as Google Drive, that allows you to save files online and access them anywhere from internet-enabled devices.
Newer communication tools
Effective communication plays an integral role in running a remote office successfully. Use Zoom, Skype, or other secure video conferencing tools to hold meetings with your team. It beats spending so much time and energy to organise in-person meetings.
The technological tools that facilitate communication can change how you coordinate and organise your operations. It can also bring you closer to your team and make you a hands-on leader.
The advancements in technology have made traditional phones incompatible with businesses. Landlines and personal phones do not have the capacity to handle voice correspondence within and around your business. That is where Voice over Internet Protocol (VoIP) comes in.
When you make the switch to VoIP, you stand to enjoy lower costs and increased accessibility. You would also have higher scalability, clearer voice quality, and complete portability.
VoIPs help businesses manage leads and existing clients as well as have better flexibility with softphones. In most cases, it supports multitasking, contact management, reminders, and has advanced features for all teams, big and small.
Indeed, still, there are many other factors to be analysed that directly accelerate the ICT market growth in a remarkable way.