On May 22, 2024, our team had the privilege of attending the “Technology in Action” (TIA) event, held at the Kousioumi Estate. This conference, organized by the iMinder Academy with scientific support from iMinder consultants, brought together industry leaders and professionals to explore the pivotal role of technology across various business functions.
The Growing Role of Technology in Business
Technology is now a cornerstone in every department of a company or organization, including commercial, financial, production, logistics, human resources (HR), and research & development. Rapid advancements are providing more productive and intelligent solutions, enabling employees to efficiently manage their tasks.
In Cyprus, businesses are already seeing the integration of robotic systems, both semi-automatic and automatic, in their production and storage operations. Sales departments are leveraging real-time customer information software, while digital tools are enhancing employee performance, ultimately leading to better customer service.
The Rise of E-Commerce
E-commerce in Cyprus is booming, growing at an annual rate of 10%. This trend is simplifying daily shopping experiences for customers and becoming a preferred choice for many wholesale and retail companies.
The Necessity of Technological Upgrades
To stay competitive, companies must upgrade their software and hardware. However, each organization is unique, with different needs and market trajectories. According to a recent nationwide survey, the main challenges in technology upgrades are:
- High costs of technological solutions.
- IT/IS staffing shortages.
- Lack of appropriate culture.
- Lack of knowledge about new technologies.
Adopting new technology also means protecting business operations and transactions, as the risk of cyber-attacks is on the rise globally.
The Path to Successful Implementation
Properly diagnosing needs and evaluating options is crucial for successful and sustainable technological change. The TIA event provided practical applications of technology for retail stores, sales departments, purchasing, production, storage, distribution, HR, and data analysis.
The Impact of Technology Adoption
The degree of technology adoption will be a decisive factor for the survival of companies in an increasingly digital world. The speed of adaptation to new conditions will determine the competitiveness of companies and organizations.
Conclusion
The “Technology in Action” event underscored the critical role of technology in modern business and the need for companies to adapt quickly to stay competitive. Our participation has reinforced our commitment to leveraging technology to enhance operational efficiency and drive innovation within your organizations.
