The Role of Technology in Transforming Business

Business Technology  

Thirty years ago, making a video call thousands of miles away was impossible. Watching a movie while traveling was unheard of back then. However, things have changed today with the advancement in computer science and communication. 

Things have become easier and talking to your loved ones is just a button away. This changes have not only affected our personal lives but have also affected the way we do businesses. Communication has become easier thus collaboration and cooperation beyond borders. Business processes have also changed, and efficiency has improved. Read through this article to discover how technology is changing the way we conduct business.

Technology and Resourcing

Technology is changing the way businesses conduct their resourcing. When talking about resourcing, it’s important to consider two aspects that include cloud computing and outsourcing. Cloud computing is changing business as it allows businesses to access critical resources online at a cheaper cost. These resources include infrastructure requirements for a business such as processing power and storage. Other resources that businesses can acquire online include hardware requirements and software applications. With outsourcing, technology has allowed businesses to delegate some aspects to other small businesses that have specialized in these services. Despite the delegation, technology allows the businesses to remain connected to the whole process. Cloud computing and outsourcing helps businesses avoid the initial cost, and these expenses can be diverted elsewhere.

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Real Time Analytics

Technology is playing a crucial role in understanding the customer behavior by offering businesses real-time information. At the same time, technology allows businesses to conduct market research through the many resources offered online. With technology, it’s possible to analyze feedbacks found on social media platforms such as Facebook and Twitter. It’s also possible to analyze feedbacks found in various industry forums and public opinions. With technology, video conferencing becomes easier and so is conducting online customer surveys. Technology has also played a major role in the development of tech tools that a crucial in helping businesses make decisions. An example of these tools includes Microsoft’s CRM Dynamics and Google analytics.

Thirty years ago, it would require 30 scientists to solve a complex problem that can be solved by artificial intelligence today thanks to fast processors and improved hardware specification. This coupled with higher memory has led to the introduction of collaborative software, organizing tools, and smart tools. All these tools are geared towards one objective which is to make the process of conducting business easier. People can research faster, share tasks easily and analyze easily. Other than the mentioned features, technology has played an important role in the development of customer relations management systems that are geared towards understanding customer behavior.

Connectivity

Technology is making it easy for businesses to stay in touch. Whether it’s the management, a fellow employee or a customer, communication has never been easy like today. These technologies have been made possible by the advancement in satellite broadband. With the introduction of Ka Band satellites seven years ago, communication has enhanced, and the cost of doing businesses is has decreased. Technology has made it possible to text/video chat with whoever you choose. Also, it’s possible to send an email that targets a certain pre-qualified customer base. Social media has also shrunk the business world making it easier to conduct business with people regardless of their financial background, geographical background, and social status. This has resulted in the rise of review sites where dissatisfied customers can express their views. This has led to businesses being careful in the services and products they offer as one negative review is likely to affect their reputation and thus a decline in sales.

Regardless of the opinions you hold as a business person, the rapid growth in technology is going to increase in the coming years. The businesses that refuse to adapt to the changes in technology will be wiped out, and new ones will rise. If you have an existing business, you don’t have to build another business from scratch but you can incorporate technology and changes will be instant.

By  Lindsey Patterson	Embed
Author Bio - Lindsey is a freelance writer specializing in business and consumer technology.