7 Ways Technology Changed the Business World

Advancements in technology are necessary for innovation, growth, and problem-solving in almost every field.

The business world has transformed significantly with the invention and mass-adoption of the Internet, as it has shaped the way the entire industry functions in today’s world. Hardware and software advancements have revived dying industries and completely reinvented old business practices. for example, https://mlsdev.com/services/business-analysis

In order to remain successful, businesses need to stay on top of technological trends and advancements. Innovation is what drives positive change after all, so here are the biggest and most influential ways technology has changed the world of business. 

1. Global connection

There is no doubt that the biggest change is how everyone communicates. The Internet has made global communication possible, but also incredibly easy. Businesses can get in contact with any other business anywhere in the world at any time on a variety of platforms comprising of text, voice calls, or video calls. Getting in touch with worldwide companies means the door is open for collaboration, and companies can work with or do business with people or other brands from anywhere. 

This also makes remote work possible, and allows companies the choice of doing business in multiple countries from a flagship office. A company can open a location in one city, then open more locations around the world and still maintain contact and operative control without being there physically. 

2. Finding the right employee

Finding the perfect candidates for positions is much easier with thanks to the Internet. There are a large number of websites that act as job boards where employers can post available positions and wait for applicants to submit their resumes. To aid in the screening process, software has been developed to automate the process entirely and make it more efficient. These programs will pick out the applicants who have relevant skills and experiences to the posted job and sort them itself in no time at all. 

If a permanent position isn’t on the table, freelancers are also much easier to find these days, thanks to websites like Upwork or Dribbble. Companies looking to hire can browse by the freelancer’s work individually, or post an available job and wait for people to apply. 

3. Reduced business overhead

Technological advancements are also great at cost saving. Automation software streamlines time-consuming processes to be more efficient and has less human error, resulting in more productive workers, less wasted time, and fewer costly mistakes.

The Internet also introduced the concept of telecommuting, which can significantly help a company’s bottom line. Telecommuting, or working remotely, is when an employee works from outside the office and communicates via email or internal messaging. Many traditional companies are allowing their employees to work from home, while quite a few new businesses have chosen to be completely remote offices. This way, these remote businesses can save on renting or buying an office space, buying equipment for staff, and spending on utilities. 

4. Availability of information

The Internet is full of information, and there truly isn’t anything you can’t learn online these days. There are so many resources online specific to business trends, insider information, and tips and tricks, anyone can do a bit of research to understand and learn about the industry. Maybe your career goals require you to further your education because the current level of post-secondary isn’t enough to get you to the top. Online learning and graduate programs from reputable schools like Suffolk University Online exist so you can continue your career and upgrade your education at the same time. 

Furthermore, there are ways to help make informed spending decisions on things like shipping and logistical costs, hotel and airfare for business trips, and business insurance. Websites dedicated to saving you money exist so you can compare costs before deciding to purchase.

5. Ways to offer better customer service

Brands and businesses are always available for customer assistance now, changing everything about how customers interact with businesses. Because of the mass popularity of social media as an advertising platform, customers can reach out on multiple channels if they need any help. Facebook, Instagram and Twitter are all instant ways to get in touch privately and publicly to address any concerns. Customers can also email companies or brands, and some businesses even have 24-hour online chat help on their website to offer on-demand assistance. Everything is instant, and the expectations are now set at that level, so every company has to offer similar channels in order to give satisfactory customer service.

6. Ways of advertising

The Internet revolutionized how brands advertise, especially with the social media movement. In 2018, social media revenue was forecasted to be at $51.3 billion USD, so clearly there is a lot of value in advertising on social platforms. The conversation has shifted from, “why should I advertise on social media?” to, “how should I advertise on social media?” because frankly, if your business or brand isn’t on Facebook, Instagram, LinkedIn, Twitter, or all of the above, it doesn’t exist to the vast majority of your audience or target market. Influencer campaigns, native advertising, and pre-roll videos are just some of the new strategies businesses are using on social. 

The amount of data available to marketers—thanks to the Internet—is greater than ever before. Brands can track the online journeys and habits of their target demographics in order to gain insights on how they search and purchase products and services, and then target ads directly to them for greater conversion rates. The size of the audience available to market to is much greater as well, since you aren’t limited to a physical geographic area the same way a billboard or newspaper ad is. 

The only drawback is users are experiencing content overload since there is an overwhelming amount of content being published at any given time online. To combat this, brands are pushing out more and more unique and engaging content in order to cut through the noise and be memorable.  

7. How people shop

Brick-and-mortar stores seem like they’re becoming a way of the past. More companies are offering e-commerce as a primary or even sole purchasing solution for customers, and Amazon could be to blame. There is a big plus to this though, as e-commerce stores are much cheaper than physical stores. 

The world of e-commerce has created this need for instant gratification among shoppers. The process is so quick and easy – all you have to do is search for the item you want online, add it to your cart, and a few clicks later, you’ve purchased it and it’s on its way directly to your door. This has raised the bar in terms of delivery times and product availability, because people no longer have patience for items that are out of stock or slow to arrive – they simply will find it from a competitor rather than wait for it to restock. 

While there are some negative aspects to drastic changes brought on by technological advancements, the majority of change is positive as it solves problems and generally helps society progress. Slow, outdated practices are upgraded to be more efficient, gaps are bridged, and opportunities never thought possible are now the norm.