Managing risks is part and parcel of proper company management. While it is impossible to eliminate risks completely, you can take certain measures to reduce the risks of certain unfavorable events.
Over the years, many new technologies have been developed to help businesses manage risks more effectively, and you can use them to achieve better results in various aspects of your business.
Here is a look at how the advancement of technology has reduced business risks.
Make Better Decisions
Nowadays, companies are becoming increasingly dependent on data analysis to make decisions. However, those that have generated vast amounts of data may find it difficult to gain accurate and profound insights from their data.
The advent of big data analytics has made data analysis a lot easier and more effective. This technology makes it possible for businesses to manage and analyze large quantities of varied data at unprecedented speeds, allowing them to extract previously unattainable value from their data.
By adopting big data analytics, you can make better informed decisions regarding projects, investments and operational activities to minimize risks. This can lead to improvements in many aspects of your business, as well as greater profits.
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Minimize Loss of Productivity
According to an article entitled “5 Ways Technology Can Help Facilities Managers Reduce Risk", advances in technology have enabled businesses to create greater organizational transparency, streamline their processes and make the best use of employee energy.
Some examples of these technological advances include Cloud computing, VoIP and mobile apps.
Cloud computing and VoIP allow your employees to perform a wide range of tasks over the Internet, meaning that they can carry out their work duties from remote locations.
As such, they will not lose productivity even if they need to travel or cannot make it to work because of emergency situations.
Mobile apps can help your employees save time on many tasks, including managing emails, scheduling tasks and activities, planning projects, collaborating, composing documents and others.
Boost IT Security
As cyber criminals are becoming more advanced, new technologies are constantly been introduced to help businesses reduce their IT security risks.
According to Gartner Inc., some of the most effective technologies for IT security include adaptive access control, Cloud access security brokers, pervasive sandboxing, IOC confirmation, endpoint detection and response solutions, machine-readable threat intelligence, big data security analytics, software-defined security and interactive application security testing.
Keep Track of Expenses
As a business owner, you need to keep a close eye on your expenses in order to maximize profits. However, this can be a difficult task if you have a lot of expenses.
New technologies such as asset management software and expense tracking apps can streamline the process of monitoring expenses and give you a clearer idea of how and when your expenses are incurred.
Prevent Theft and Burglary
If you have a lot of cash, valuables, expensive equipment or important documents in your business facility, it is essential that you install an advanced anti-theft or anti-burglary system.
Presently, there are many new technologies that you can use to prevent and detect theft, intrusion and burglary, including smart home security systems, motion sensor alarms, police-connected alarm systems and biometric identification systems.
Effective risk management can contribute significantly to the success of your company.
Other than developing a comprehensive risk management plan, you should also invest in technologies that can help you reduce risks.
About the Author: John McMalcolm is a freelance writer who writes on a wide range of subjects, from social media marketing to Cloud computing.