Ways Technology Is Changing the Business World

For about a century after the Industrial Revolution, the business world essentially remained the same. It’s no exaggeration to say that this will never happen again. Especially in 2021, the exponential speed at which technology evolved, changed, and adapted, swept away by a wave of progress, whether businesses are ready or not.

Technology has changed every aspect of how a business works, but it has changed more rapidly than ever in history. Here are eight ways that technology has fundamentally changed the business world.

Communication and Information Sharing

Communication and information sharing are important to any business. Today’s environment offers more possibilities than ever before, and the technologies available make it faster, easier, and more efficient. Everything has pros and cons as apps such as Slack, Zoom, Microsoft Teams, social media platforms, and chatbots used on a daily basis. Sales Enablement tracks buyer-seller conversations and offers the possibility to receive analytics based on user behavior. Deeper intelligence makes it easier to capture customer information and use it to enhance the customer experience. Communication is useful when technology permeates customer information and helps create personalized messages. Automated communication across different channels helps businesses increase marketing productivity to reach their audience.

Mobile-first Business Environment

Mobile First is here to stay. With the right software on your smart device or tablet, you can now remotely manage every aspect of your business. From sales enablement, content marketing, and customer relationships to back-end processes (such as shipping and billing), everything is done with one click. But mobile isn’t just for you, it’s also for your customers. With the rise of Generation Y (the millennials), people who use mobile devices every day to buy, sell, shop, search, and share their retail experiences with friends, acquaintances, prospects, and Instagram strangers are increasing rapidly. Technology has also improved the ease with which we can all stay in touch. The rise of mobile technology is almost seamless, whether it’s available via text/video chat with colleagues or employees, or if qualified customers can receive targeted promotional emails when shopping to create a hyper-real web of real-time information.

Enabling Remote Work

While telecommuting has grown steadily over the last 15 years, COVID-19 forced companies that had not yet promoted a telecommuting environment to move faster than expected.  Sara Sutton, Founder, and CEO of FlexJobs said: “Given the technological advances and the growing demand for employees in the tough labor market, we expect the momentum surrounding this important task to increase.” Sutton concluded that the organization needed to move quickly to give teams access to the right technology and infrastructure to support remote login, video conference bandwidth, and project management tools. This allowed the team to continue working on projects and update their status together.

Reeds had to switch to measuring employee performance rather than managing the time spent in the office. This new normal brought many benefits. Not only is it easy to attract and maintain talent, but it’s also easy to increase productivity. An interesting two-year study at Stanford University has shown an incredible increase in teleworker productivity. This is equivalent to a full day of the week. And there are more positives. It saves high real estate costs, reduces CO2 emissions, and improves corporate agility and scalability.

Use of AI

AI is changing the business world and consumer markets and is the mainstream of everyday life. The application of this technology has become an essential strategy for those seeking to transform business processes in almost every industry and maintain a competitive advantage. There are many things you can do with AI. From machine learning (where large amounts of data are processed quickly and put into a human-digestible context) to the security, CRM, finance, and real estate sectors. Sales enablement uses AI to track buyers and predict purchase intent by looking at search patterns, what they see and what they open. Some worry that AI could eventually force joblessness, but the general thinking is there will be a need for job creation and new roles to facilitate the transition to this new environment. For example, AI has replaced long-standing workflows and people are needed to integrate them. AI is moving at an astonishing speed, and its effectiveness is currently unknown, but it will have a significant impact on the economy, too.

Cost Reduction/Functional Improvement

When it comes to software solutions for your business, two things have come together to create a “buyer’s market”. First, the hardware and software needed to develop these software solutions have become increasingly easy to use and affordable. Second, the number of tech-savvy entrepreneurs who can take advantage of such collapsing barriers is increasing exponentially. In the not-too-distant past, a back-end inventory system that took millions of dollars to create a million-dollar company took weeks to attract a few young college graduates. If sellers keep their buyers’ needs as their top priority throughout the buying journey and position themselves as a trusted advisor, they will be nailing buyer enablement.

Technology Is a Wave: You Can Ride It or Get Wiped

Whether you’re a Luddite or a tech enthusiast, regardless of your opinion, the rapid progress of technology will not stop.  Companies that fail to adapt will be increasingly left behind, and smarter companies that learn to catch up will be rewarded. You don’t have to build your business from scratch; leverage the areas you’ve succeeded in so far. You need to understand how technology is impacting your business (good or bad) and how you can apply progress to your advantage.