Technology Shaping The Way We Do Business

Technology in business

The commercial world mainly remained unchanged for about a century after the Industrial Revolution, but it’s generally fair to assume that will never happen again. The exponential pace at which technology is expanding, changing, and adapting, particularly between now and 2020, is so rapid that you can’t help but get swept up in a tidal wave of progress—whether you’re prepared or not.

At A Glance

You may believe we haven’t progressed that far, but if you had access to a time machine and travelled back fewer than ten years, you would be astounded to see:

  • A massive deficiency in centralised work communications would allow maximum efficiency regardless of location (think Slack).
  • The relative absence of modern marketing forms for firms such as Instagram.
  • There is no Internet of Things or voice-activated product and information searches.
  • Short-form video sharing is not used for personal or corporate purposes.
  • Technology has altered every part of how a company runs, and it has never happened at such a rapid pace in history. This can be seen in the sports betting world, among other industries.

The Way We Connect

Communication and information exchange are key components of every organisation. Today’s environment provides more opportunities than ever before, and accessible technology makes it quicker, simpler, and more efficient. With programs like Slack, Zoom, Microsoft Teams, social media platforms, and chatbots being used regularly, there are benefits and drawbacks for everyone. Deeper intelligence now makes it simple to collect and utilise consumer data to improve the customer experience. When technology is used to mine client data and assist us in creating customised messages, communication becomes more successful. Automated communications across a range of channels assist firms in increasing marketing productivity and acquiring new clients. However, everyone must remember that if we go too far, we risk losing our capacity to create consumer relationships.

AI

Artificial intelligence is transforming the globe in commercial and consumer industries and has become ingrained in everyday life. This use of technology has altered corporate operations in almost every sector and has become a need for companies seeking to retain a competitive advantage. There are several applications of AI, ranging from machine learning (in which large volumes of data are efficiently processed and contextualised for humans) to security, customer relationship management, and even the banking and real estate industries.

Artificial intelligence is utilised in the sales enablement market to follow customers and anticipate their purchasing proclivity based on their search behaviours, the content they read and open, and more. While some fear that AI will ultimately eliminate jobs, the consensus is that job creation and the emergence of new roles will be necessary to aid the transition to this new environment. AI is advancing at a breakneck pace. Although the full extent of its influence is unclear at the moment, it will almost certainly continue to have a substantial impact on the economy.

The Moves Towards The Cloud

The pace of change is increasing quicker than ever recorded before. Transformation to the Digital Age “transforms an organisation’s fundamental operations, optimises internal resources, and offers value to customers. Cloud technologies provide the groundwork for organisations to become more flexible, collaborative, and customer-centric “. Cloud computing enables organisations to outsource portions of their operations to third-party computers connected to the Internet. This enables changeable data packages, quick (on-demand) growth and mobility, eliminating the risk of outages, crashes, or permanently lost data. Businesses that utilise the cloud may develop more rapidly, grow more effectively, and even bring new market capabilities to market faster. This has enabled small and medium-sized firms to acquire previously unaffordable resources and levelled the playing field when competing against multinationals with far greater financing.

Access To Your Work All The Time

Although remote work has developed slowly over the last 15 years, but recent years compelled businesses who were not already encouraging remote work to accelerate the switch. Companies needed to react swiftly to ensure their staff had access to the appropriate technology and infrastructure to allow remote log-ins, enough bandwidth for video conferencing, and project management tools to continue working on projects and updating status collaboratively. Instead of tracking staff hours spent in the office, leaders were forced to follow employee production. There have been several advantages to this new normal. Not only is it simpler to recruit and retain personnel, but productivity is also boosted. A fascinating two-year Stanford research project discovered an astonishing productivity gain compared to a full day’s work per week for remote employees! Additionally, it has reduced costly real estate prices, reduced carbon emissions, and increased the agility and scalability of businesses.

The advancement of technology does have drawbacks. It seems as if there is no longer any break for folks to recoup. Even the cherished ritual of vacation has dwindled in popularity. We constantly have email, text messages, and “work” available to us through computers or tablets. And although your objective may be to disconnect for a while, you’re more than likely to succumb to the lure of “checking in” at least once. And once you do, the game is done.

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