How Technology had Impact on the Way We Conduct Business

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Technology has had an impact on almost all spheres of our personal lives and all sectors of the economy. It has changed the way we communicate, interact with friends and family including those that are thousands of miles away in real time. The education sector has also seen the transformation with the advent of eLearning and online degree and diploma programs being offered by institutions of higher learning. This has made education very affordable as it eliminates the maintenance fee charged by universities and colleges. Online retailers have also made use of customer relationship management software to record all the interactions that their consumers have with their business and used that information to predict future trends in customer tastes and preferences.

Machine learning and artificial intelligence to smart systems that can reason and make decisions like humans based on the information that they have been fed. That has gone a long way to improve the consumer brand and shopping experience which generates a loyal clientele and a more extensive consumer base. Consequently, retailers can boast of full profit margins and return on investment all thanks to technology. In this article, we are going to highlight the ways through which technology has improved and changed the way we do business as we dig deeper into the 21st century.

Cloud computing

Through cloud technology, both the small business enterprises and big corporations can migrate some of their business operations to third parties through remote servers. All these information is accessible at any time and anywhere just by having internet connectivity. Businesses have also eliminated the costs involved in the purchase of traditional hard drives and flash drives. Cloud computing allows for both the rapid on-demand mobility and expansion as well as variable data packages. Business owners and managers are now able to access critical business information such as their inventory and cash transactions from wherever they are.

All they need is a computer or a mobile device that can access the internet. Cloud computing has made it safe for companies and other business organizations to store their information in millions of virtual servers that allow accessibility 24/7 from anywhere. Employees are now able to work from home and meet the stipulated deadlines on time. This has given rise to a new trend where Millennials prefer working from the comfort of their homes rather than going to the traditional brick and mortar office set up.

Customer segmentation

The art of understanding your consumer base has been made easier and more comfortable by the advent of big data analytics. Analytics help any business to expand the target market and segment it into groups based on age, tastes, and preferences or even demographics which enables you to reach them and hammer the message about your product home more efficiently. Today, you can be able to tell where most of your visitors are hailing from by having a single Google account and even the browser they are using to access your business website and the frequency in which they log into your site. Big data analytics will enable you to come up with a strategy of giving the consumer what they want when they want it and do it all the time. You will also be able to refine your offerings, approach, and processes which will consequently increase your conversion rates significantly.

Communication

For both the employees and the management of a business, the internet has become a tool of necessity for the smooth operation of their company. The advent of mobile gadgets such as smartphones and tablets have become the lifeline business communication in the digital age. Sales representatives and customer care agents are now using mobile business communication to cater to the needs of all their consumers. Teleconferencing on both audio and visual has also made it possible for multinational companies to have boardroom meetings sometimes while in different continents to deliberate on the fundamental; issues and strategies of the company. Email marketing has also enabled firms to reach out to more consumers on a regular basis informing them about special offers and discounts and the status of their inventory.

3 COMMENTS

  1. The introduction of technology in any business makes its operations to run smoothly and it’s cost effective .

  2. Thanks for this–it’s good to ponder how we conduct business, communicate, and consume culture now compared to “the old days” of pre-internet. One thing beside what you’ve mentioned is to think about how businesses are found–of course this means Google and search engines but more and more other approaches are coming such as smart speakers.

  3. Technology really has helped us improve and excel in each aspect of our lives, may it be in businesses or even at home. thank you so much for sharing this wonderful information with us

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