Business Revolution – 6 Ways Technology is Changing How We Do Business
We are currently experiencing the most profound technological revolution humanity has ever witnessed. For thousands of years, the introduction of new technologies has been the catalyst for dramatic social changes. However, nothing in the annals of history can match the awesome power of the internet because it has radically changed virtually every aspect of our lives. Ideas and technologies are being shared at an unprecedented rate, affecting all aspects of our daily lives – especially regarding how we work. Here are six ways technology is changing the business world:
Today, many businesses operate mainly, if not entirely, online. This has enabled armies of employees to work from home, sparing them from the dreaded daily commute. Without the need for a permanent place of business, more companies opt to use a serviced office when meeting with clients or partners.
Serviced offices are typically equipped with everything a business requires, from fully-furnished conference rooms and workspaces to telephones, internet connectivity, and reception service. They are usually located in the heart of a city’s business district, giving you an impressive address without the associated rental bill.
The Facebook Effect
Social media outlets have irreversibly changed our world. Facebook, Twitter, Instagram, Tumblr, and others, are an indispensable part of life for over 81% of all Americans. Unsurprisingly, most successful companies have adapted their business model to integrate themselves into this market. Social media is now the most effective medium to build brand awareness and attract new customers, and a major part of the reason why businesses are spending more on digital ads than they do on TV advertising.
With the arrival of Cloud technology, it is now easier than ever for companies to store, share, and access data online. This technology reduces costs by eliminating the need for expensive hardware to store and process large amounts of data. Most cloud solutions are user-friendly, making them accessible to even less tech-savvy business owners. Most appealing of all, cloud-based software solutions can be accessed from anywhere with an internet connection. Larger organisations and international businesses can quickly and efficiently share data in real-time and gain enormous productivity increases.
With so much information digitized, businesses big and small can utilize advanced analytics tools to understand and interpret habits of their consumers and react in real time to developing market trends. The ability to collate and analyze data and turn it into meaningful information on which to base sound management decisions can have an inestimable impact on any business.
With almost universal access to the internet, boundaries between work and private time have become blurred. Email, text and cloud-based apps allow the office to follow us everywhere. It is important to disconnect from these devices once in a while, especially during weekends or vacations. Otherwise, we run the risk of burning out due to a lack of work-life balance.
Back in 2015, researchers at Harvard came up with an ingenious piece of software. This program, known as the iCEO,is able to take on the responsibilities of a company’s middle manager, break it down into many individual tasks, and then assign them to employees by making use of all sorts of apps and tools such as oDesk, Uber, Lyft, or Upwork. What’s more, the iCEO can learn from its environment and adapt to any industry, drastically increasing efficiency and lowering costs.
Resisting this unstoppable evolution is futile. Only by adapting to it can businesses hope to achieve success in an ever more connected and automated world.
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