What's the Secret to Workplace Success?

It's not something that most entrepreneurs want to think about, but there's a very high risk of failure in the world of small businesses. According to the U.S. Small Business Administration (SBA), approximately 80% of small businesses in the United States fail within two years. Granted, success/failure rates vary depending on the industry, but the fact remains that running a profitable business is no easy task. As a business owner, though, you can increase your chances of success by embracing technology.

According to Adobe's Future of Work APAC study, technology is the secret to workplace success. Researchers from Adobe say technology is rated higher than all other amenities in the workplace, including a relaxing environment, attractive office design and access to food and beverages.

This begs the question: what makes technology such a vital component of a successful workplace? As explained by Adobe's Abdul Jaleel, it allows businesses to attract the best possible talent. Successful business owners know the importance of hiring the right talent. Regardless of the niche or industry in which a business operates, it needs highly skilled and qualified employees to succeed. This, of course, is something that the right technology can assist with. Using artificial intelligence applications, Big Data analysis and other tech tools, business owners can scour the marketplace in search of the right talent.

That's not the only benefit of using technology in the workplace, however. Adobe also says that technology allows employees to telecommute instead of forcing them to work in a single, static location.

According to the U.S. Bureau of Labor Statistics (BLS), nearly a quarter of all U.S. employees perform at least some of their work from home. In comparison, only 19% worked from home in 2003. Given the rise of Internet jobs, it's safe to assume this number will increase even higher in the years to come.

"In the current Experience Business era, smart organizations are realizing that outstanding customer experiences hinge on their ability to attract the best people," said Abdul Jaleel, vice president of Employee Experience at Adobe India

Adobe's APAC study also found that 95% of respondents were optimistic about the use of AI in the workplace. Additionally 48% of respondents said they would continue to work in their current position even if they won the lottery.

So, what should you take away from this study? Perhaps the biggest takeaway is that technology is no longer optional in the workplace; it's a necessity. If you want to succeed in turning your vision of a profitable and successful business into a reality, you must embrace technology. Failure to do so is a serious mistake that ultimately gives your competitors the upper hand.