The concept of businesses functioning without technology is puzzling today. Like all other spheres, technology dominates business dimensions too. Innovation, speed, and accessibility form the core principles of technology. As a result, business models are based on the principles of the ways technology has transformed business.
Technological advancements give businesses a competitive edge. With the number of competitors increasing every day, technology assures efficiency and time management. Today, businesses don’t follow conventional industrial methods. In fact, technology bears the responsibility of transforming every aspect of the business world.
However, it is hard to keep up with ever-evolving changes. This is why the list below of ways technology has transformed business summarizes all the tech trends that changed business dynamics.
Effective communication and the exchange of information make up a strong business model. Thus, communication channels have shifted from singular modes to many new and innovative forms. Today, Skype, Messenger, WhatsApp, Zoom, Microsoft Teams, and Slack are just a few examples of communication spaces. They offer digitized interactions and eliminate the need for in-person exchanges.
Moreover, chatbots act as useful tools for businesses today. Consumers find it easier to talk to chatbots online than to have lengthy conversations with human servers. Businesses that haven’t already shifted to chatbots are facing the threat of redundancy. Also, chatbots are effective, concise, and instant.
According to Facebook, Messenger has over 300,000 active bots. Similarly, Lyft also allows its users to use bots to book car services. These bots then display car and driver details including locations and license plate numbers.
Contrary to popular belief, remote working existed before the pandemic broke out. This form of working enables workers to work from the sanctity of your home. With technological applications like Google Teams, Zoom, and Skype, businesses can communicate through online platforms. Communication is also exceptionally easy with service plans like Altice Optimum.
Today, remote working has led to greater flexibility and even productivity. Moreover, the workforce avoids additional costs such as fuel, infrastructure, and transport. Additionally, the recruitment process also improves for employers. Work from home has greater chances of attracting and retaining talent. Here’s a list of world-renowned businesses shifting to long-term remote work.
- Capital One
- Ford Motor Company
Artificial Intelligence (AI)
Artificial Intelligence is slowly creeping into every aspect of life. While its influence in businesses isn’t always obvious, it’s transforming the workplace in several ways.
- Rebuilding business data and analytics
- Improving onboarding
- Changing the hiring process
- Modifying internal communications and support
- Reshaping marketing, sales, and customer service
- Reducing redundant administrative tasks
- Eliminating fraud and improving cybersecurity
- Enabling innovation
Additionally, with AI, businesses can study consumer choices and preferences. As a result, marketing is personalized and customized. As a result, companies use this data to drive effective marketing campaigns that ensure higher consumer traffic. Artificial Intelligence also makes use of tools that help in job creation and worker productivity.
Increased Use of Mobile Phones
The ongoing rise in mobile phone usage directly affects business dynamics. Mobile phones or any wireless handheld devices like tablets enable remote business management. Important aspects of businesses like marketing, sales, and customer services can be controlled by this device. Moreover, consumers, too, seek out businesses through their phones. This has also led to voice-enabled searches in businesses.
With the growing popularity of Siri and Alexa, voice search has become more common than ever. Most consumers use their smartphones for almost everything. Today’s average American, however, likes to avoid the strenuous task of tapping screens. This is where Amazon’s Alexa and Apple’s Siri come in.
In this context, consumers are likely to find businesses or products via voice-enabled searches. Therefore, businesses today ensure their strategy is familiar with this feature to avail greater customer outreach.
Technology Driven Globalization
The biggest shifts in business models are a result of globalization. Technology enables a more integrated business order where ideas, information, and networks are constantly exchanged. Moreover, it makes it possible for businesses to have a wider reach in the global market. Globalized businesses are more common than ever. Here are some prominent businesses in the global world.
- China National Petroleum
- CVS Health
Technology advances e-commerce which, in turn, constantly changes business globalization dynamics. In addition to this, advancing information technology has cheapened production networks. Furthermore, e-commerce acts as a channel for economic globalization, allowing businesses to grow further. The fast pace of global communications allows real-time trading and connections, increasing international trading.