The Impact of Technology in The Workplace: How Will it Affect Canadian SMBs?

Published by Nexix on December 15, 2023

Why Is It Important to Keep Up With Technology?

Keeping up with technology ensures your business remains competitive in today’s rapidly evolving market. By adopting current technologies, you streamline operations and open doors to innovative new strategies. This approach boosts efficiency and can help enhance employee engagement.

Moreover, technology plays a crucial role in meeting customer expectations. You can use data analytics to understand customer preferences and digital marketing to effectively reach your target audience.

Keeping up with technology also aids in risk management. Investing in up-to-date cybersecurity software and practices protects your valuable data against rising cyber threats. This investment will also help your company’s reputation and build trust with customers.

Read More About The Difference Technology Can Make

5 Benefits of Technology in The Workplace

1. Enhanced Communication

Technology enables efficient, real-time communication. Communication tools like email, instant messaging, and video conferencing connect teams regardless of their physical location. This accessibility improves collaboration and speeds up decision-making processes.

2. Increased Productivity

Automating routine tasks with technology saves time and reduces errors. Software solutions streamline workflows and enable employees to focus on more complex aspects of their job. This shift not only increases productivity but also enhances job satisfaction.

3. Improved Customer Service

Technology enhances customer service by providing various channels for interaction and feedback. Online platforms, team collaborative tools, and customer relationship management (CRM) systems help you tailor experiences to individual customer needs.

4. Workplace Flexibility

Remote work options powered by digital tools allow employees to work from anywhere. This work environment flexibility often leads to increased morale. The Angus Reid Institute found that 81% of remote and hybrid work employees report that the arrangement has a positive impact on their well-being, compared to 54% of employees who work onsite.

5. Data Management & Analytics

Advanced technology and cloud storage provides sophisticated methods for data management and analysis. With these tools, you can easily store, access, and analyze large volumes of data. This capability leads to more informed decision-making and better business strategies.

Enjoy a Full Suite of Helpful IT Services From Nexix

5 Risks Associated With Technology in The Workplace & How to Reduce Them

1. Privacy Concerns

Managing customer data using internet-facing technology raises privacy concerns. Mishandling data can lead to loss of trust or even legal problems. To protect privacy, implement strong policies and comply with data protection laws.

2. Overwhelm & Burnout

The constant connectivity enabled by technology can lead to employee overwhelm and burnout. Being always ‘on’ often increases stress levels. To counter this, establish clear guidelines for after-hours communication and encourage regular breaks from technology to maintain work-life balance.

3. Overdependence on Technological Tools

Over-reliance on technology can be a risk, especially when systems fail. To reduce this risk, create contingency plans. Regular data backups and training in manual processes will keep operations running during technological outages.

4. Rapid Technological Changes

The fast pace of technological change can render systems and skills obsolete quickly. This challenge can be difficult to manage for small businesses. Stay informed about industry trends and invest in ongoing training to keep your business adaptable and competitive.

5. Technology Affordability

Small businesses often struggle with the cost of new technology. This challenge can limit access to tools that could enhance efficiency. Explore cost-effective options such as open-source software or scalable, subscription-based services.

Canadian SMBs can also access government aid if they are struggling to afford their digital transformation. The Canada Digital Adoption Program (CDAP) offers 2 distinct grants to support small and medium-sized businesses in enhancing their digital capabilities.

Boost Your Business Technology Grant	Grow Your Business Online Grant
Up to $15,000 to develop a Digital Adoption Plan 0% interest loan of up to $100,000 from the Business Development Bank of Canada (BDC) to implement the plan Up to $7,300 to hire skilled youth to implement the technologies	Up to $2,400 for setting up eCommerce May cover up to 20% of the total cost of hardware and software related to eCommerce Must be used to develop a new eCommerce website, enhance an existing one, install an eCommerce platform, or to hire an eCommerce consultant
Eligible businesses must be Canadian-owned, either a sole proprietorship or incorporated under Canadian laws, for-profit, have 1 to 499 employees, and annual revenue between $500,000 and $100 million in one of the previous 3 tax years.	Eligibility criteria include being a for-profit business, registered or incorporated, consumer-facing, and having at least one employee or annual revenue of at least $30,000 in the most recent tax year.

Reap The Advantages of Technology in the Workplace With Minimal Risks

Technology in workplaces is crucial, but that doesn’t mean you won’t worry about balancing the adoption of new technology with the risks it brings. Fortunately, most risks are avoidable with the right mitigation techniques.

Nexix can help you with these challenges. We focus on SMB budget-friendly technology solutions with the goal of making high-quality IT support accessible. Our tech services extend beyond IT and encompass software development, Magento development, SEO, and LIMS services.