Technology has become a fundamental element in our daily life. With technology, everything can be looked on the Internet from the long- lost cousin to the people in your neighborhood. As it changed our personal lives, it also changed the way we do business, the attitude and process of the workplace in the past few decades. The impact of technology on business is growing day by day.
7 ways technology changes business
1. Mobile Technology
The catastrophic develop in the mobile technology impacts the way business communicates, operate, and interact with customers. With the correct software, one can handle the business from any remote locations. Thanks to Google, for remodeling its algorithm to prioritize websites which make seamless mobile web browsing easier. Everything comes handy from the customer details to sales enabling at the tap of a button. This new prototype took marketing to a new level.
2. Social Impact
With the rise of social networking, users can now connect without regard to a geographical obstacle, financial background, or even social status. Before social media, it may be easier to avoid the problem if the customer service and product offering weren’t that good. But now you’ll likely experience a hateful rant on Facebook or a bad review on rating sites. Like the Quote says “what goes on the Internet stays on the Internet”. If you earn a bad reputation, it’s going to stick with you. That’s why you see businesses large and small worried about their digital footprint, their social identity. They have community managers and such on the lookout for potential “bad press” and out making the rounds trying to be proactive.
3. Rise of Cloud Computing
Cloud computing allows businesses and even the average user can now retrieve data from anywhere Via the Internet connectivity. It also allows rapid (on-demand) expansion and mobility without the fear of downtime, crashes, or permanently lost data. Also by leasing the software from the cloud, businesses only need to spend much less money. They pay for the software as it’s needed, and when it’s not, they simply cancel the subscription.There’s very little to actually install on the user’s computer.
With the modern technology, we can always stay in touch. And it’s helpful having your coworkers and employees available via text/video chat at a moment’s notice or be able to send targeted promotional email blasts to prequalified customers when they’re shopping at nearby businesses. The rise of mobile technology has blended almost seamlessly with communication software to create a hyper-real web of real-time information.
5. Ultimate consumer distribution
The availability of exponential data will let you understand the customers a lot better than before. A simple research will reveal the customer’s identity, like where they are from, what type of browser they use, how they found the website and the duration of their visit. In order get more attention to the product, they target the specific customer by segmenting the prospects into ever more minute groups. More in-depth services can allow you to shape that data down even further to incrementally refine your processes, offerings, and approach to dramatically increase conversions.
6. Reduction in price
The hardware and software to create the software solutions have become increasingly easy to use and afford. On the other hand, the number of techs savvy and entrepreneurial minds has multiplied exponentially. With the rise in technology, it doesn’t take a couple of weeks to create a back-end inventory system that once took a year to complete. These solutions are offered at affordable rates and are often simple enough to use that businesses don’t need to hire dedicated employees or sign long-term service contracts in order to make use of technology in business.
7. Changing consumer base
Generation Y are becoming the primary driving force behind business, the economy, and the world, really. These individuals are more numerous than Generation X and practically raised on digital technology. They are not only the most wired generation yet, they are the ones responsible for forcing business to get tech-savvy as well.
Like every creation, technology has its downside too. With a lot going on, it seems like there’s only a little time left for individuals to recuperate anymore. We always have access to email, text messages, or “work” via the laptop or tablet. And while your intention may be to get away from things for a while, it’s more likely than not that you’ll succumb to the temptation of “checking in” at least once. And when you do, it’s over.