With technology having successfully influenced every aspect of our lives, it should come as no surprise that it’s completely changed the way we do business, too. The business world is often hit the hardest by technological innovations, as they can transform a process or even an entire industry. Just look at the computer.
Since the adoption of new technologies can bring astronomical change, businesses that don’t adapt are quickly left behind. Therefore, it’s important that entrepreneurs are aware of the current technological landscape and what they can do to leverage the power of today’s solutions. Read on to discover 8 ways technology has revolutionized business.
Modern analytics tools allow businesses to obtain a wealth of information about their customers. These tools are capable of transforming raw data into graphs, charts and other easily-digestible statistics that provide valuable insights into consumer preferences and behavior.
From here, the information can be used to formulate more effective marketing strategies and better customer experiences. This results in higher sales figures, greater return on investment from marketing efforts and happier customers, which naturally leads to greater retention and a better public image.
A large part of running a successful business, especially in the early stages, involves cutting costs wherever possible without impacting the customer experience. Quotes comparison websites go a long way in serving this purpose, be it to find a more affordable insurance, internet service and electricity provider.
For example, Utility Bidder provides instant quotes from Business Energy suppliers in the UK. By finding a new supplier, businesses can save up to 45 percent on their electricity bills. This has far-reaching effects on the business world as a whole. When service providers can’t bring their prices down as low as their competitors, innovation follows.
In the past, tech-savvy businesses had to invest significant amounts of capital into purchasing and maintaining on-site servers to store their data. This proved to be a significant money and time suck. Cloud computing has solved this problem and provided a host of additional benefits by taking all the hardware off the business premises.
Aside from the cost savings and efficiency improvements of cloud storage, cloud software has made enterprise-grade solutions more accessible to small businesses. Instead of charging hefty license fees, cloud software can be purchased through flexible monthly subscriptions. It’s also more powerful, connected, accessible and loaded with features.
The proliferation of cybercrime is a less desirable effect of technological advancement in the business world. On the other hand, today’s security solutions have made it easier for companies to ensure that their data is kept safe. Password management tools, antivirus, encryption, firewalls and device policies all work to enhance security levels.
Businesses in the manufacturing industry had long struggled to deal with the costs that came with developing prototypes of their products. Each new iteration was expensive and time-consuming to produce. For instance, additive manufacturing involves continuously cutting material from a solid block, such as metal.
Injection molding requires creating negative casts for each product. While both methods have their place, there’s some degree of wastage associated with their use in prototyping. But with 3D printing, it’s as simple as layering material to create a product based on a provided schematic. There’s no waste, and new iterations can be made effortlessly.
Conducting an overseas meeting before the age of digital conferencing tools was an extremely costly, time-consuming and wasteful process.
Can you imagine the amount of money spent and pollution created if a group of business owners from six different parts of the world had to fly to one location for a single meeting? Today, it’s as simple as tapping the “call” button.
Wearable technology, most commonly associated with smartwatches and fitness trackers by consumers, is starting to become more and more useful in the business environment. With employee well-being a top priority, business owners can incorporate wearable tech to promote and incentivize better health.
When equipped with specialized sensors, wearables can be used to keep workers safe in hazardous environments. In warehouses, handheld scanners and GPS devices act as an extra set of eyes, thus improving efficiency. As the technology improves, we can expect to see even more useful ways to incorporate wearables in the workplace.
It’s no secret that social media now makes up an incredibly valuable part of any company’s marketing strategy. Not only does it serve as an excellent advertising platform, it’s also an ideal channel for communication between businesses and customers. It’s also a great way to improve brand image and provide more value to the consumer.
Some of the most successful products to be released in the past few years were largely built upon their viral social media presence. No matter how big or small your business, social media is one tool that shouldn’t be absent from your marketing strategy.
These are just some of the countless ways that technology has revolutionized business in the past few years. If the current pace of innovation is anything to go by, we can only expect even more significant changes to occur in the foreseeable future.