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Technology was created to support and grow Business. Modern business thatuses technology efficiently, grows at a phenomenal rate (Statista.com, 2018).The assumption therefore is that businesses that utilize insufficienttechnology, or use technology inefficiently, experience reduced growth andpossibly, business decline.  Technological development holds great significance in most industriesparticularly in wastage reduction, process optimization and consequentlybottom-line revenue enhancement and price-leadership. We've seen revolutionarytechnological development during the 20th century / 21st century thus far,(Ivanovic et al, 2015) and it's led to drastic growth in fields likecommunication, computer science, monitoring of operations, remote working, highperformance analytics and many more. Some fields have even come into existencepurely due to technology.  Technological equipment cannot compensate for the skills, knowledge orcreativity of human employees. However, expertise of the average employee canbe greatly enhanced using intelligent software. Use of such equipment decreasesthe need for unskilled and semi-skilled workers - but can exponentiallyincrease speed of performance for skilled workers. Innovations are key definingcriteria for competitive differentiation - but some of these can be easilycopied, which basically means that innovation and improvement are continuousprocesses. Process standardization comes through in a big way whentechnological solutions are applied in the work. It regulates/optimizes thenumber of employees needed, power consumption, potentially reduces wastage,drastically improves hygiene process (where relevant). The natural outcome isgreater process efficiency and cost efficiency.  Keywords: technology, innovation, process efficiency, standardization ofprocess, waste reduction, continued improvement, business ROI.

Technology utilization patterns and business growth in Small/Medium Enterprises