We are living in an era of technology. Various technological advances have entered into the marketplace, be it Artificial Intelligence (AI), Cloud Computing, Augmented Reality (AR), Blockchain, Virtual Reality (VR), or the Internet of Things (IoT). These technologies are changing our lives by mitigating the existing challenges and bringing forth newer opportunities.
But, can we say the same about its impact on the business environment too?
Let’s find out in this article.
1. Enhanced Accessibility
Traditionally, all the business records were maintained either in files or on local computers. So, it was not possible for anyone to access those files outside the office premises.
But, with the advent of mobile applications and cloud computing, businesses are able to transmit some of their operations to third-party servers which can be accessed online. This has helped in performing all the tasks remotely and ensuring business growth even in the time of server downtime, cyber-attacks, crashes, and data loss.
2. Seamless Connectivity
The technology has also added the power of connectivity in the business ecosystem. It has aided coworkers to connect with each other anytime and anywhere in the form of text, audio files, video chats, and more using mobile apps. Also, by blending the power of the Internet of Things (IoT), it has empowered the businesses to keep every device connected to each other, which further helps with ease of maintenance.
3. Higher Productivity
Another way technologies are transforming the business world is by ensuring higher productivity.
Let me explain how.
Various technologies like Artificial Intelligence (AI) have automated a major fraction of the business processes. This has provided employees with ample time and effort to focus on more productive tasks. Something which has further encouraged entrepreneurs to explore more about the AI impact on businesses and plan around introducing the technology in their existing business model.
4. Fewer Errors
Earlier, almost all the tasks were performed manually by the human workforce. Because of this, multiple errors were found in the data records which were further resulting in a huge business loss. But, thanks to the rise in the involvement of AI-enabled chatbots and Blockchain-powered Smart contracts, the risk of errors has been minimized.
5. Better Customer Relationship
The different set of technologies have also bridged the gap between brands and the targeted audience. They have made it possible for brands to gather and analyze user sensitive information in an efficient and effortless way, and later use it for understanding their changing needs, wants, and complaints. This is eventually helping them with offering personalized services to the users and this way, fostering healthier customer relationships.
6. Effective Marketing
When it comes to marketing, technologies are opening new doors of opportunities. For example, Augmented Reality (AR) is enabling organizations to introduce virtual objects into their real environment that offers extensive information and details of the offers and discounts to the user base. Likewise, AI-based chatbots are gathering and analyzing information from different databases to know exactly what a consumer needs and show the same services/products.
By the same token, push notifications and other features of mobile applications are letting businesses connect with the target audience at regular intervals and encourage them to purchase a particular product/service.
7. Robust Security
The technological innovations have also made it easier for startups and established brands to ensure high-end security. Let me explain with an example.
Suppose, you are a healthcare organization with sensitive patients records that hackers might try to steal. AI-enabled chatbots and tools based on machine learning, in this case, keeps an eye on every users’ activities and alarms when found any change in their behaviour. Something that helps in finding out the unauthorized login or related activities and prevent any harm to the database.
Likewise, blockchain-based software comes loaded with the characteristics of immutability, which ensures that no data stored in the blocks could be altered or deleted anonymously and in an unauthorized manner.
This is yet another benefit that businesses are enjoying by embracing cutting-edge technologies in their processes.
The technologies are cutting down the third-party intermediaries, automating the processes, reducing the errors, ensuring security, and more. This, in the long run, is reducing the investment required to be considered for running a business without affecting the sales. Aka, making the process economical.
9. More Sales
Lastly, the introduction of technologies in businesses is paving the way for more sales. The technologies, be it GPS, Push notifications, Beacon, or IoT, are helping brands attract a wider audience, show them the products they want in an irresistible way, and much more. This is again adding to the increasing sales.
As we have seen in the aforementioned pointers, the technology is developing, evolving, and remodelling at an exponential rate. It is entering different aspects of businesses and changing them like never before. This has made it nearly impossible for anyone to not get swayed by the wave of its progress. And if even now, you are confused about introducing the latest technologies into your business, you might lose the market.
So, clear the clouds of doubts and hire the right tech expert today itself to leverage the advantages of integrating state-of-the-art technologies into your business and outshine the competition.
Smith Johnes is a Content Marketer who loves to decode the changing landscape of disruptive technologies. He likes to stay up to date with the latest tech trends. Being writing as his hobby, Smith has come out with many interesting topics and information that attracts readers to unravel his write-up. @smith_johnes