After the advent of the Industrial Revolution, the business world remained the same for almost a century. But then, everything changed.
The technology revolution brought about some much needed disruption that the world wasn’t prepared for. It has levelled the playing field and enabled small-businesses to compete with the conglomerates to give them a run for their money. Be it streamlining operations or improving customer service, modern technology is a crucial part of it. The tidal waves of dynamism are reflected by the ever-evolving tech, especially in 2022.
In fact, even the entrepreneurs who have been in the game for more than a decade say that the present market is galaxies apart from the business environment during those days.
Just go back 10 years and think how different or non-existent things were such as:
– Digital marketing platforms such as Instagram didn’t exist.
– No Internet of Things(IoT).
– Voice searches for products and services were unheard of.
– Databases were not streamlined like they are today.
– Short-video style promotions for personal and business use were lacking.
– Mobile-First Business Environment wasn’t feasible.
Let’s look at a few ways in which technology has fundamentally changed business:
1.Communicate + Share Information
Communication is easier, faster, efficient and cheaper these days. There are infinite ways to communicate and share information. Zoom, Microsoft Teams, Shared Google Docs, social media platforms, chatbots and more are being used daily. Sales enablement provides the ability to track buyer-seller conversations and receive analytics based on user behaviours. Deeper intelligence makes it easy to obtain customer information and use it to enhance the customer experience.
Furthermore, collecting and analysing user data through tech makes it easy to create thousands of personalised messages in minutes.
2. Mobile-First Business Environments
Mobile-First is here for the long run because of its speed and convenience. Smart devices have the right software to allow remote management of every aspect of your business. Everything from content marketing, and customer relations through back-end processes like shipping and invoicing are all at the click of a button. But mobile isn’t just for you—it’s also for your consumers. The Generation Y has made the sale of smartphones go through the roof. People are able to instantly look at products and buy them through their phones. They also share their reviews, feedback and grievances across a plethora of websites which is available for the entire world to see.
3.Collaboration + Outsourcing Tasks
Tech has made the world a small place. National and international business environments are closely linked and easily accessible. This allows firms to outsource trivial tasks to save time and effort. Moreover, it leads to reduction of costs and ensures that firms focus on their principal business functions. Technical support and customer service are two common function companies outsource.
Small business owners may consider outsourcing some operations if they do not have the proper facilities or available manpower.Outsourcing technology also allows businesses to outsource function to the least expensive areas possible, including foreign countries.
Small business owners may consider outsourcing some operations if they do not have the proper facilities or available manpower.
Written by Gagan Dhawan
