Technology

Diversity and Technology Have the Power to Boost Business Revenues – Entrepreneur

Summary

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Although companies have adopted technology to automate roles, maximize productivity and add more intelligence to their work, we’re still missing a piece of the puzzle. Sprinkle diversity and inclusion on that, and the result is “diverse intelligence,” which fosters innovation and creativity an…….

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Opinions expressed by Entrepreneur contributors are their own.

You’re reading Entrepreneur United States, an international franchise of Entrepreneur Media.

Although companies have adopted technology to automate roles, maximize productivity and add more intelligence to their work, we’re still missing a piece of the puzzle. Sprinkle diversity and inclusion on that, and the result is “diverse intelligence,” which fosters innovation and creativity and skyrockets the company’s profitability.

Did you know that the most diverse companies are now more likely than ever to outperform less diverse peers on profitability? 

Diversity has been a hot topic over the last few years and has gathered favorable responses. The importance of diversity in business cannot be overestimated: About 70% of diverse companies are better positioned to capture new markets.

The reality is, a diverse environment is a breeding ground for creativity and innovation as diverse people from different cultures, backgrounds, orientations, digital views and creative spirits come together to make it work. Now, isn’t that a good recipe for maximum technological development?

Related: Improving Diversity in the Technology Bubble

It’s time to rethink the way we do business and re-strategize.

Why diversity matters

We keep affirming that there is beauty in diversity. So, intuitively, we already know that diversity matters, especially in business. Diversity and inclusion in the workplace have gone beyond being politically correct and following the crowd. Over the years, it has become no longer just about age, gender and race, but also about hiring a vast range of talents to pump more value. Homogeneous environments cannot foster creativity, variety, innovation and empathy in ways that diverse ones do.

Diversity brings innovation and creates a more prosperous work environment. This explains why Singapore ranks highest in the world for digital readiness and is currently recognized as the world’s most technology-ready country. Singapore is a multicultural melting pot, and this diversity has served as an asset for the small island, adding massive value through innovation and disruptive technologies. Its well-integrated populace values meritocracy over race, gender and religion. Diversity is not just a concept: It’s an asset for both businesses and their employees.

The case for technology in business

Money makes the world go round while technology makes businesses survive and outlive expectations. Imagine a company in this current generation without investment in technological infrastructures such as computers, automation tools and virtual-meeting platforms. What are the odds that such a business would survive?

The role of technology in business has become indispensable to modern-day companies. Multinational companies like Amazon and Apple and small companies worldwide increasingly rely on technology to drive innovation, strategy, growth and competitive advantage.

Technology in business boosts employees’ creativity and improves communication. Seamless communication platforms such as Slack and other customer-relationship platforms create personalized business experiences for your customers. For example, Salesforce can better connect with your customers, track their activity across …….

Source: https://www.entrepreneur.com/article/396905