It’s safe to say that technology has become an integral part of doing business these days. For instance, artificial intelligence makes it easier to gather information about customers and help make informed decisions, while the internet and social media provides a platform for businesses to reach their customers and partners. There’s also 3D printing, which makes it possible to carry out complex manufacturing within hours, as well as cryptocurrencies that are fast replacing fiat money as a medium of exchange. These developments are no longer newsworthy and businesses that make utilise them are operating faster and more effectively.
Here are five ways in which technology is changing the world of business:
Artificial Intelligence and Improved Efficiency
Artificial Intelligence (AI) is one of the biggest technological developments to have affected businesses in the past few years. It plays a vital role in every industry, from healthcare to hospitality, government, finance and even retail.
Organisations now more than ever make use of AI bots to carry out basic and sometimes complex workflow tasks. This has brought about an increase in productivity, efficiency and a reduction in errors. These automated software works diligently without rest to ensure your business operations are carried out seamlessly. The retail sector uses AI to analyse customer habits and create a better experience for their customers. In the banking and finance industry, AI plays a vital role in understanding decisions about loans and customer interactions.
Easy Access to Information and Data
The Internet has become the backbone of many businesses all over the world. Virtually every business has a website, via which information about their brand is displayed and in most cases, products and services sold. The need for speedy access to data – regardless of location or device – has made Cloud computing very popular. More and more businesses are now moving their infrastructure to The Cloud, which provides technology that makes it easier than ever to carry out research online without stepping outside your door. As everything from SaaS and IaaS to workflow management can be accessed on a device, businesses can operate more efficiently and productively.
Business owners who also need a platform that provides quick access to websites are choosing Cloud hosting platforms to provide the speed, efficiency and security they need.
The Mobile Game Changer
It’s no secret that more people prefer to use their mobile devices for internet access than desktop PCs. This is why running a website that is mobile friendly has become one of the main ingredients of business success. People are no longer interested in being tied to one spot all day long, as they prefer to get the information they need whilst on the move. Fortunately, different mobile platforms are making this possible. From building mobile responsive websites using WordPress to passing your existing website through Google Accelerated Mobile Pages, it has become easy to reach customers and business partners, no matter where they are.
The past decade has seen social media grow to become a very important and powerful business tool. Today’s customers are no longer predominantly found in marketplaces, offices and roadsides. They are mainly located on social media. In fact, some users spend as much as nine hours per day on social media. This provides a wonderful platform for targeting the exact people who need your goods and services.
Head of IT at Domains4Less, Brendan Wilde, stated that apart from offering a platform for promoting your brand, goods and services, social media tools also make it easy to search for and connect with your target market. “It provides the ideal tool for engaging them, conveying information, running promos and so on. In fact, there are organisations across the world that have no physical address, but do all their business on one social media platform or another; this means little or no overheads, but maximum profits. This shows exactly the advantage social media plays in business growth“, Wilde butressed.
Thanks to the popularity of various payment solutions, businesses can now have a presence in any market of their choice – even if it’s in a different country or region from where they operate. The usual restrictions have been completely eliminated with the advent of payment solutions such as PayPal and credit cards. Cryptocurrency has also become a very popular medium of payment, essentially taking away the need for a middleman and speeding up the payment process. Now, businesses can start and finish a transaction in as little as minutes for something that would normally take days.
Regardless of your level of readiness or personal opinion, technology is a train that has no intention of stopping. Businesses that fail to take advantage of the various technologies common to their niche will only find themselves at the lower end of the food chain. As a business owner, your job is to understand the technology that applies to your business and make it work for you.