Our modern world has a long history of very slow progression. Much of what we see around us today has its roots in the manufacturing tides that made its way out towards the shores of industrial processing and urban living of European cities in the 17thand 18thcenturies.
However, it’s pretty safe to say that what we experience in today’s age, the exponential growth rate of technology, has not ever been experienced in the long historical development of human economies. Technology has, to a large extent, transformed humanity’s lived experience and the inventions that are happening are likely to make many further radical changes.
Technology has also changed every aspect of the way our businesses operate. Below you’ll find five ways in which technology has fundamentally changed business.
1. Mobile Solutions
Mobile technologies are the most important aspects of business in 21stcentury. They have made a massive transformation in how producers and consumers interact. From a business’ perspective, almost all of its operations can either be performed or monitored from a remote location if the mobile device you use is equipped with correct application or software. Mobile searching and browsing has made such a massive change that even Google has reorganized its algorithms to prioritize websites that make seamless mobile web browsing easier.
2. Cloud Computing
Cloud computing is a service that has allowed businesses of all sizes to outsource their operations to third-party servers accessible through Internet connectivity. This has allowed small startups as well as multinational firms to store data and manage their records without the fear of downtime, crashes, or permanently lost data. Cloud computing has also managed to level the playing field between smaller companies and their larger, more resourceful counterparts.
3. Extreme Customer Segmentation
A move to online platforms has helped businesses in numerous ways; with an increasing amount of data flowing in, it is much easier to understand what your customer is looking for. Companies and consultants that offer analytics services are now helping firms gather insights that help them understand what the data means and segment their potential clients into specific groups. This helps in targeting such groups specifically and gets a higher return on marketing campaigns.
Technology has also increased the ability of people to stay in touch with each other. In the world of business, this means that employers are better connected with their employees; they can check the performance and progress of individual workers as well as group projects and campaigns. Employees are also better connected with each other and coworkers can work on projects together even if they are not in the same room/city. Businesses can also reach to their customers in a much more seamless way.
5. Social Impact
Social media presence of producers and consumers has made the online world much more democratic. This means that if a company has been continuously performing worse than expectation then online reviews on its Facebook and Twitter pages give an opportunity to its customers to reflect on its performance. Companies, due to technological changes, are now much more answerable to the public than they had been ever before.