The invention of internet opened doors for the corporate world to leverage the power of technology; the impact of this development on the efficacy and ease of doing business is clear for all to see.
For beginners, technology has made it effortless to make new business leads through social media and search engine optimization, made communication easy through smartphone apps, and made data management seamless through cloud technology. No serious business owner or manager would downplay the role of technology in business growth today. In this post, we discuss five of the main ways that technology has revolutionised the business world.
Network-based access to data and communication, better known as cloud technology, has made it super easy to store, access, and share business information with different stakeholders. Simple smartphone applications such as WhatsApp, for example, have completely changed how staff members communicate. The app allows people to chat as a group and then stores those chats in the cloud. This allows the group members to access those chats from anywhere in the world and from any internet-enabled device. Other cloud-based tools such as Microsoft’s OneNote allow businesspeople to use their phones to take notes, store ideas, save images, and capture moments that shape the business world. Using Microsoft Office 365, business managers can remotely share documents with their staff members and even collaborate with them to edit or improve the shared document. On top of enhancing teamwork and increasing productivity, this technology eliminates the risk of data loss even if one device within the shared network is damaged, lost, or stolen. And speaking of data loss, cloud technologies such as Google Drive and Dropbox give businesses invaluable data backup and recovery options. These technologies are cheap, do not require regular maintenance, are secure, and are very flexible when it comes to storing huge amounts of data.
AI has greatly impacted nearly all business industries in the world. Autonomous cars, for example, are already on the streets and according to tech futurists, these vehicles will soon take over the world’s entire transport sector. They are faster, accident-free, and the most secure form of transport that the world has ever experienced. The travel and tourism industry, on the other hand, is relying on AI to study their customers’ online behavior in terms of their airlines, tourist destination, accommodation, and restaurant preferences and consequently tailoring products and services in the way that appeals most to travelers and tourists. That’s not all. Customer service departments across industries are using artificial intelligence to respond to frequently asked questions and to collect customer data that later helps in improving their users’ experience. In the fashion industry, AI enables online shoppers to virtually try different products before placing their orders. The technology is also able to use predictive reasoning to establish a shopper’s tastes and preferences and then suggesting which products best suits a given shopper. In a nutshell, artificial intelligence is helping businesses to better serve their customers and to increase revenue.
Companies are increasingly developing specialised software in a bid to stand out from competitors and to impress the modern clients who are more tech-savvy than ever before. Millennial clients want to associate with businesses whose marketing strategies are cool and trendy, prices and quality notwithstanding. Many businesses have invested in mobile applications, for example, through which they reach out to mobile users and persuade them to buy their products and services. Audio and video software, on the other hand, helps businesses to edit and design their visual content in a way that best represents their brand. In the healthcare industry, practice management software have made medical practice efficient by centralizing different functions under one command. These software harmonize patient data and streamlines the administrative hierarchy, consequently making medical scheduling, billing, and claims processing easy and accurate. Another example, is the use of legal software within the legal industry. This allows various legal personnel within a firm to work on a single client file, and retain all case details, client invoices and communications within one central location.
Cybersecurity helps businesses to safeguard their own and their customers’ data, both of which are vital for any business to succeed. Modern customers understand the value of their data and most of them will demand that a company first invests in the most sophisticated cybersecurity technology before any further engagements. Businesses who have installed strong firewalls and antivirus software that hackers cannot bypass or infect stands a better chance of gaining the trust of new customers than those without. Managed IT services, on the other hand, have helped businesses safeguard their data and in the process cultivate strong reputations without breaking the bank for sophisticated IT infrastructure and personnel.
Mobile browsers- smartphones, tablets, laptops, and such- are now popular than desktop browsers, consequently necessitating businesses to go mobile as well. Mobile technology enables businesses to leverage the marketing powerhouse of social media; creating and uploading visual content to Facebook, Instagram, or Twitter using a smartphone is very easy and convenient. Mobile banking, on the other hand, enables distributors to handle a huge amount of money without fearing for their security: It is actually possible to take credit card payments at points of sale thanks to mobile technology. Real-time communications between mobile sales teams and their head offices are now seamless, while marketing departments are now able to interact with prospective customers via mobile apps.
Technology is, without doubt, the tool that leveled the playing field for both small and large business entities. It has helped businesses across industries to communicate effectively, reduce their overhead costs, broaden their customer bases, improve their user experiences, and increase productivity. This has led to consistent revenue generation and an overall friendly business environment for both seasoned and startup business.