8 Ways Technology Is Changing Business
Business and technology tend to go hand in hand. When one starts rapidly evolving, the other follows suit and tries to catch up. This connection often results in one of the elements significantly changing the other.
The latest technological advancements are becoming more and more prevalent in businesses all around the world. In communication, for example, many companies are switching to hosted PBX or conducting meetings online on platforms like Zoom.
Here are some of the most significant changes that are happening to businesses right now:
Technology has become more than just a means to get things done; it has become an integral part of our lives. Most people use it to communicate with others, shop, and even read the news. One thing that's inherently human is our desire to do things faster. Technological advancements have allowed us to do this.
Companies are looking for ways to improve their productivity and efficiency. And more and more, they are turning to technology to help them with this goal.
One of the biggest factors that has contributed to the rapid digital transformation is cloud computing. In a nutshell, cloud computing means storing data on the internet rather than on a computer's hard drive.
Many companies are switching from traditional ways of hosting their data and going all-in with the cloud. Over 85% of midsize businesses have adopted cloud computing or to do so in the future.
Blockchain technology is slowly but surely becoming more and more popular, especially when it comes to cyber security.. Many companies are investing in it because they believe that it will revolutionize the way we do business. Organizations like IBM and Microsoft are working on blockchain-based products that could potentially replace some of the current tools that people use on a regular basis.
AI is another technological advancement that's becoming more prevalent in business environments around the world. While most people associate AI with automated customer support services or robots helping them at work, its potential goes far beyond that. For example, chatbots are getting increasingly advanced, and many business owners are using them for customer support.
Some AI software, such as Weave, is so advanced that it can schedule meetings or send reminders to patients and customers concerning their upcoming appointments..
There are a number of platforms that cater to business and their need to connect with remote employees, stakeholders, investors, and contractors. These platforms allow businesses to extend their reach to every part of the world without the need to set up a physical presence in multiple regions.
Even job interviews are now frequently conducted via video calls, which is especially useful for companies that hire remote employees from other parts of the globe. In addition, these platforms or apps have significantly reduced the need for long distance phone calls due to their reliable voice quality and lower rates compared to traditional phone services.
Despite what its name implies, today social media isn't exclusively social. All the popular social media platforms are being used by businesses to promote their brand and engage with their customers.
Having a strong social media presence is so important for a company these days, that the task of maintaining, monitoring, and improving on a company's social media presence is either outsourced to a dedicated contractor or done in-house by a dedicated member of the marketing team.
Technology has advanced to such an extent that employees are often not required to come to the office to carry out their daily tasks. People can work from home and connect with their coworkers on dedicated platforms such as Slack or TeamWork.
Having such a large percentage of the workforce working remotely means that a company can save money on office space and other expenses such as transportation and food allowances for their employees.
For employees, being able to work from home means that parents don't necessarily have to choose between work or their family. If they're well organized and ambitious, it is increasingly possible to do both.
More and more consumers are doing their shopping online. Retailers cannot ignore this trend. They have to adapt. This means that although a retailer might have a physical presence in a shopping centre, for example, they still need an online presence. And they need to offer their customers the possibility to buy online.
The added benefit for a retailer is that they can drastically increase their reach and are no longer restricted to customers within a certain geographical limit.
This trend in business has a ripple effect on auxiliary businesses. It's a good time to be in the shipping and delivery industry, for example.
Business and technology are inextricably connected - one feeds off the other; one nourishes the other in a symbiotic relationship. Although, it's more apparent nowadays than ever before, this is not a new phenomenon. And there are no signs to suggest this will change in the foreseeable future.