In working for over a decade in the tech industry and being Co-founder and Managing Director of a leading software development company, I’ve personally witnessed the rapid evolution of technology and the impact it has today on businesses in general.
Back in the old days though, the businesses stayed pretty much the same. But today, technology has literally changed the way almost all businesses operate. In fact, never before in the history such kind of change has occurred so fast.
The self-driving car, the ride hailing app, Artificial Intelligence, and Virtual & Augmented reality experiences are making headlines every day. The big brands that are using them, are running better, faster, and more efficiently. Not only that, but technology is also enabling small businesses to level their playing field with the big brands.
In this post, I’ll share in what ways technology is fundamentally changing businesses for good.
Mobility is not a “NEXT” big thing anymore! It has already become the ‘BIG THING’ of right now. Whether you like it or not, but this is the reality.
In fact, Google has already revamped its algorithms to prioritize websites that provide smooth mobile experiences. Moreover, with the rise of Millennial generation, it has become a kind of necessity to build an app for your business.
Reason? – Well, it’s mainly because the Millennial generation mostly use their smartphone devices to shop, sell, and find local businesses and share their experiences with friends, family, and even strangers. As far as the cost of creating app is concerned, building a simple, functional app does not cost a fortune anymore.
In fact, a mobile app can drastically change every aspect of a small business and can be handled from remote locations as well.
2. High Customer Segmentation
With more and more data being available to capture about prospects online, it’s easier than ever before to understand customers’ behavior. With the right analytics system, you can easily segment your customers into categories and target them specifically.
You can simply begin with Google Analytics to find out from where visitors are coming from, what device they’re using, and how they got to know about your business website. Not only that, but you can also monitor how much time they spend on your website and at what point they decided to leave.
Such data can help you refine your approach, offerings, and processes to increase sales.
3. Reduced Cost
As mentioned in the first point, the hardware, software, and engineers required to create your business solution or mobile app have become surprisingly easy to find and afford.
For instance, a business inventory system that once took an IT company a year to develop now takes only a couple of weeks to get it up and running. These solutions are not just available largely in the market, but they’re also being offered at affordable rates nowadays.
4. Cloud Computing
Cloud Computing is also a recent trend that largely affected how businesses operate.
Cloud Computing simply allows businesses of all kinds to move their data, operations, and services to a third-party server that is accessible via internet. Not only does this make it easier to expand any business, but it also reduces downtime, crashes, and permanent loss of business data.
As a result, small businesses have access to the resources that actually would have cost fortune in the past, but now they can easily level their playing field against large corporations without needing much funding.
5. Social Media
This one’s obvious. We all know that the rise of Social Networks mainly the Facebook, Instagram, and Twitter has increased the ease with which we can connect with anyone regardless of geographical location.
Years ago, this was not the case. But today, you can connect with your coworkers and employees for a text or video chat at any moment’s notice. I remember the days of good old dial style phones when, if you called someone and they didn’t pick up, you had to keep calling and try to catch them in real-time.
But now, if you someone doesn’t pick up the phone, you can easily leave a text, a voice mail, or even better a tweet, facebook message for them. Not only that, but you can also easily find out what others are doing within a minute of them doing it, assuming that they’re sharing it on a social media network.
In a nutshell, social media has made the world a better place in many ways to get and stay connected online.
Despite your personal opinion, the technology growth isn’t going to slow down anytime soon. It is a wave that you can either ride or get wiped out. The businesses that haven’t adapted technology have already found themselves left behind, while the businesses that adapted technology are reaping the radical rewards.
All in all, you don’t need to build a new business from the ground up to adapt technology. You just need to figure out how technology affects your business and how you can leverage it to your advantage. That’s it!