What is technology and why is it important?



What is technology and why is it important?

Here at Consilium we receive many enquiries from entrepreneurs across the world who either want to start a business in the UK; require additional funding, or just require business consultancy to assist their growth.

For those wishing to obtain their Tier 1 visa we receive enquiries from right across all segments. We have developed a sector agnostic approach. It is however, interesting to note that over 80% of the enquiries received in 2021 were tech enabled businesses.   

Why is Technology so important?

Technology though can mean different things to different people. In this blog, we seek to highlight what it means in the broader sense, and how it has developed at a rate never seen before.

Owing to the applications of technology, our standard of living has gone up. Our needs are met with greater ease. There have been advancements in agriculture, due to which food produce has increased. Every industry has been boosted. Businesses have grown, creating more employment opportunities. The computer and internet technologies are universal and during the past two years never has tech proved a vital part of everyday life.

Technology has touched every aspect of life, making it easier, better and different. It has changed living. The world has become a smaller place because of its advancement, and even replaced the need to meet in person.

How technology has helped business

Businesses, small and large, need technology to deliver their products and services. It is technology that gives companies the opportunity to grow and expand at a fast pace.  With the digital age and the scope to communicate faster and easier across continents to other parts of the world (from the comfort of your living room), the possibilities for new thriving businesses are immense.

In the middle of every piece of technology is automation. It automates the most complex of processes, be it in communication, medicine, education, food, general business tasks or anything else.

With automation comes efficiency and speed. They save human effort and time to a great extent and make life easy and comfortable. Nothing else has changed living the way technology has. And that’s exactly why technology is so important today and will always be.

Support for businesses

There are many government initiatives to support the drive for technology, whether this be through funding, grants or specific programmes. These are typically specific to a market sector such as EIP Wales which is providing funding to 46 projects from across Wales. They are trialling innovative techniques and technologies at a practical level within the farming and forestry businesses.

The Welsh Government also has a Science, Technology, Engineering and Mathematics (STEM) delivery plan for Wales. They have recognised the importance of these key areas in education for children and their future.

There are many different types of technology, and FinTech is an emerging example which is where technology and innovation aims to compete with traditional financial methods in the delivery of financial services. It is an emerging industry that uses technology to improve activities in finance. The use of smartphones for mobile banking, investing, borrowing services, and cryptocurrency are examples of technologies aiming to make financial services more accessible to the general public.

A recent example of using technology for competitive advantage is from Mazuma, a South Wales based accounting firm. They have stunned the small business market by launching their own bookkeeping software as part of their subscription service. Naming the software MazApp, the software has all the great features of rivals like Xero, but with one advantage – there are accountants behind it that do all of the data entry and analysis for you.

How to get started

The primary goal of using technology within business is to solve a business problem.

Ideally, start with a low-risk project that has clear benefits. Once you have done this successfully you can become more ambitious as your expertise and support grows.

Whilst technologies such as AI, sensors, assistive technology, robotics, SaaS platforms etc seem futuristic, it is already making a difference to Welsh businesses and helping them make more use of technology.

Conclusion

The tech industry is quite unique compared to other industries. Some of the largest names in tech originated in their founders’ garages.  Microsoft, Google, Apple and Amazon and countless others began in garages.

Some of the largest companies therefore have started small, and now they are worth billions of pounds.

Using technology can provide competitive advantage; a faster pace of growth; and unique business opportunities for future entrepreneurs starting and building a business.

Consilium is an official coaching partner with Winning Pitch on the Welsh Government Accelerated Growth Programme, providing trusted advice to ambitious start-ups through to successful scale-up companies. If you would like to find out more, please contact us.