In the past, technology did not really matter in terms of how it could improve a business. Now, it is about whether the latter could perform without heavily relying on the former. Regardless of how ready you are, technology is developing, progressing, and adapting at a great exponential rate.
For instance, purchasing online was not a possibility before until Internet technology and smartphones arrived. A lot of companies – particularly startups – barely require print ads to promote their products and services; they would rather market themselves on social media.
Forbes, however, suggests that technology can still be a make or break depending on how a business capitalizes on it. The publication further insists that no matter how robust it is business owners should prioritize customer relationship management.
How Technology Is Changing Businesses?
Here are ways technology is changing businesses.
#1. Better IT Management
Let’s say you tried replacing or fixing a server during business hours. Unfortunately, it unintentionally results in critical service downtime, leading to customers making complaints. This is where the birth of effective configuration management and a CMDB becomes more beneficial. Not only does this technology help you track every IT component, but it also lets you have a look-see at the relationships between various aspects (e.g. people, assets, business service, etc.).
To put it simply, technology has helped improve the database and IT configuration management of many businesses. And give its significance, it is impossible to see beyond its indispensable existence.
#2. Mobile Solutions
Have you heard of the phrase, “mobility is the next big thing?” This is absolutely true these days. In fact, Google understood the necessity behind it and, thus, revamped its algorithm in order to prioritize sites that offer seamless mobile web browsing experience. Every aspect of your company can now be accessed and handled from remote locations, especially if your mobile device is packed with the right software.
From content marketing to sales enablement to customer relations, everything can be processed at the click of a button. With the continuous rise of smartphone usage, more and more businesses are jumping on this paradigm shift – and so should you!
#3. Extreme Customer Segmentation
Technology has it made it possible for data to flow better. And as this happens, it becomes much easier now than before to understand what people are looking for. For instance, there are analytic tools and/or services that allow you to segment your potential customers to target them specifically.
Creating a Google account is enough to give you an overview of where your visitors are from, how they land on your site, what type of browser they are using, how long they stay, what they do, and when they decide to leave, just to name a few. You can even whittle this data down, so you can refine your processes accordingly. In other words, you are able to dramatically increase conversions.
#4. Cloud Computing
This is arguably one of the best things technology offers. Cloud computing enables any business of size to move some of its operations to third-party servers, all of which are accessible via Internet connectivity. For starters, it makes variable data packages and rapid or on-demand expansion possible. Plus, you can have mobility without the burden of crashes, permanent data loss, and downtime, among many others.
The technology behind cloud computing is even more beneficial to small businesses. Why? That is because it gives them the ability to access resources which are likely to have cost them big in the past. Ultimately, this allows them to even the playing field and go toe-to-toe with corporations that have more funding.
Technology has given humanity the convenience of staying in touch. In a business perspective, you may now talk to your co-workers via text or video chat even at a moment’s notice. If you are in a remote location, it is still possible to connect with someone in the office as long as there is Internet connectivity. Businesses are able to send promotional emails to potential customers, allowing them to increase conversions. And with the rise of mobile technology, seamless communication has never been this superb. It is now possible to create a hyper-real web of real-time data and/or information.
#6. Social Impact
Operating a business anywhere in this world is no longer a dilemma. Geographical-related issues nowadays are not as problematic as before, thanks in part of Internet technology. The rise of social networking, in particular, seems to have shrunk the world. People can connect without worrying about a geographical obstacle or even financial background.
There is the other side of the coin, though. In the past, people would not really care about leaving a review or comment. But with social media sites like Facebook, a simple “okay” before could be a huge rant or bad review. In other words, if you are going to earn a bad reputation online, it is definitely going to stick with you. This is the main reason businesses must find ways to improve their digital footprint. This could mean deploying community managers to tackle customer-related issues online.
#7. Labor Savings
Technology is like a double-edged sword. It helps businesses improve their various processes and, at the same time, cut significant labor costs. The latter, however, is controversial. Instead of hiring and deploying people to handle a certain process, there are various digital tools and platforms capable of doing so. Meaning, businesses are beginning to replace human resources with digital resources. As a result, they are able to decrease labour costs. Most of the work done is through machines. It is even possible that, in the future, humans will no longer work for a living.
Regardless of your views or opinions toward technology, there is no stopping it from advancing. It only moves forward – and it has no signs of slowing down. And just because a certain tool or platform works in a business it does not mean it could also work for you. It is really important to determine and understand which one positively impacts your business.