Fed Chairman Bernanke said that technology played a key role in the productivity boost this decade compared to past decades. The Internet and increasing use of other computing technologies causes companies to BOOST their productivity – to do more with less than ever before.
Sadly, there are so many companies, however, who are NOT using technology the way they should be using technology. Every business by now has computers to one degree or another but many are still not leveraging the power of databases, mobile computing, web sites and many other money/time saving technologies.
Take a look at how we all use Microsoft Office. It has MANY powerful features but because we don’t know how (and some reasons because of the lack of need) to use them we only use a limited amount of what Office can do.
Let’s consider a web site. Many businesses have basic web sites which still serve as digital brochures for their business, but web sites can do SO MUCH more. They are effective tools for communication, enhance customer service, sales collaboration and more.
The Washington Post writes “The current productivity revival still has some legs, as the full economic benefits of recent technological changes have not yet been completely realized,” Bernanke said.
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