The way in which business is changing because of technology, and how quickly it is advancing can be seen in different ways by different people and most people would agree it is a positive improvement on our lives and our business, as the advancement of technology progresses and it makes our lives easier it also creates new jobs and marketing for people to benefit from. Just over 10 years ago the first smartphones came out and now people can not imagine life without their smartphones as it is apart of their daily lives
From shopping online in your pyjamas on your bed to printing an object in a minutes to having calls, text and also listing to music through your smartwatch, technology has progressed dramatically over the past 10 years. But for businesses the increase in advancement in technology has been beneficial for some companies and a problem for others, for example in the manufacturing industry it has cause an issue as peoples jobs have been replaced by robots or their company has gone bust due to them not adapting to fit the new digital system like blockbuster which has gone bust due to them not adapting the increase in online streaming now Netflix have dominated the market due to people being able to watch whole movies or tv series in one go from their laptop, tablets or smartphones.
Facilitating Business Monetization
Development of apps for business has expanded opportunities in business monetization through digital payment technologies. Today, businesses are using applications such as online programs and mobile apps to make and receive payments. These monetization innovations have fueled the growth of online shopping. Since the invention of online buying, many people have embraced business monetization because of the efficiency it offers compared to shopping in physical stores. Digital payment apps offer quick payment solutions to users including facilitating handling of business transactions on tablets or phone, swiping credit cards, and use of points of sale. They enable businesses to receive payments fast, saving buyers and sellers time otherwise spent on bulky registrations or customized systems.
Enabling Business Real-time Analytics
Business apps allow users to get real-time information and conduct market research. This is made possible by analyzing public opinions and feedback available on industry forums and social media, conducting online customer surveys, and video conferences. Tech tools such as Google Analytics and Microsoft’s CRM Dynamics offer support to businesses when it comes to making business decisions.
Technology also empowers businesses to solve complex problems. Improved hardware specifications such as sharp visual displays, faster processors and higher memory along with smart applications such as X Mind, organizing tools such as Google Calendar and collaborative software such as Basecamp and Kanban, make the processes of researching, analyzing, sharing tasks and planning scalability easier. In addition, customer relation management systems enable businesses to collect real-time data from customers. This allows them to understand customer behaviour.
Fuelling development of Business Gadgets
As technology advances, many people spend more time on computers. Businesses have realized this, and they are finding innovative ways to make their goods and services available online to access to a wider market. Tech firms are tapping into this opportunity. They are developing business gadgets that allow businesses and customers to interact anywhere without necessarily having to use computers from a central place. Today, portable business gadgets such as mobile phones, laptops, and tablets have gained traction. This aspect alone has moved business interactions to a whole new level. In addition, businesses are increasingly embracing cloud computing to give employees access to business information from any location through business gadgets. This has led to better management of organizational resources. Business gadgets are also making it easier for businesses to provide support to customers by making multiple communication channels such as emails, telephone, social media, telephone, and webinars readily available.
So in conclusion the best way to adapt and optimise the usage of technology is to implement in into your day to day running of the company because it will effect your company one way or another and it would provide companies with a much needed benefit.