We all are well aware of the saying that necessity is the mother of invention and it holds a lot of relevance today, considering how far we have come as a species that once lived in caves and hunted to feed itself. We have advanced in different walks of life and have created an ecosystem of technology that can benefit society as a whole.
As technology is gradually surpassing every impossibility, we are becoming more and more desperate to know what’s next! From machine learning augmenting the resourcefulness and usability of AI to businesses relying on technology for better customer support, the desperation to invent is giving birth to numerous innovations.
Commercial organizations have evolved incredibly due to the accelerated transformation of business technologies. A few decades back, businesses were relying on a database stored in floppy disks and physical documents, but look at now, they are all over the cloud. Cloud management platforms are helping businesses work efficiently, enhance data availability and a lot more!
Let’s explore how technology is enabling businesses to function better and adapt to the ever-changing dynamics of the market.
Communication – Cogent & Convincing
First and foremost, technology is the reason behind business communications becoming more cogent and convincing. Whether it is the internal communication within the organization or B2C interactions, technology has made it all so seamless and impactful.
Mobile apps, social media platforms, chatbots, and highly responsive websites have led to a paradigm shift in the way businesses communicated. Apart from this, business process outsourcing has also enabled a smooth transaction of information within organizations and outside them as well.
Outsourcing has been a major game changer in the business world that is driving enterprises of all sizes towards better revenue generation and success. How are these services and collaborations growth-centric? Well, they depend on an effective amalgamation of skills acquired through years of experience and new age technology.
Outsourcing services are shifting businesses towards more efficient customer support and are empowering various other processes. These services offer enterprises the support to not just counter competition, but pioneer in their respective operational domains; whilst amputating obstacles that bar their growth and success.
Positioning Enterprises In The Digital Realm
As digital platforms became the meeting point for people and businesses, positioning your business online became more crucial than ever. Enterprises today, irrespective of size and operational vertical strive to maintain an online presence to stay relevant to the modern customers and grab their attention via various online platforms.
Technology has also helped organizations anticipate the changing market trends more efficiently. This, of course, is the reason behind businesses getting ahead with better opportunities whilst securing improved sales and profit figures.
Engaging new customers and retaining loyal patrons, who don’t just come back but recommend them; tech innovations enable businesses to thrive by leaps and bounds. The amalgamation of technology and business is an infallible concoction to achieve success.
Apart from it all, certain software and business solutions available online help enterprises analyze market trends and know the needs of customers before they realize. These software and solutions assess the purchasing patterns and customer lifecycles to render metrics that can be deployed to improve strategies and tactics, helping businesses channel the resources meticulously in order to be more productive.
Influencing The Customers
As discussed afore business process outsourcing and the associated technologies are dramatically changing the way businesses interact with customers. However, most people aren’t aware that technology isn’t just changing the way businesses interact with customers but also influencing their decisions.
Have you ever wondered why Google Ads popup on webpages suggesting you to purchase products that are similar to your search history? It is no coincidence, the ads that appear on webpages and your social media timelines are as per your recent searches online.
The advanced artificial intelligence of Google’s search engine is keeping a track of your searches and is suggesting you products and services that you might be interested in. This is how businesses with the aid of technology are influencing the purchasing decision of buyers and guiding them to avail certain services and buy products.
It is an undeniable truth that technology is the most sophisticated form can influence our decisions and businesses are turning to it for better sales and profits. The heavily influenced modern buyer is depending on the content that he is presented with online, where businesses pit against each other to grab his attention.
Business Process Automation
Business processes like accounts and HR earlier drained a colossal amount of money from enterprises. However, this has changed rapidly over the course of a few decades; as technology automated business processes.
Process automation started basically from the cost centers of enterprises i.e. the processes that do not directly contribute to the profits yet indirectly are a resource for revenue generation; for example the customer support, it isn’t a profit center but its operations can drastically affect the profits generated by a commercial organization.
Automating the cost centers with software and business applications immensely contributed towards the overall operational efficiency of organizations across diverse verticals. Business process automation today is the reason behind the success of numerous enterprises that are spinning money due to not just enhanced efficiency but also due to the decrease in the requirement for human resources.
Automation is one amongst the major reasons that have helped organizations economize on human resources that are certainly more expensive than technology in the long run. Today, commercial organizations operate with a harmonized symphony between human skillsets and automation capabilities.
Globalization & Communication Technology
Globalization is a product of communication technology that grew rapidly after the invention of the telegraph in the early 1800s. Alexander Graham Bell in 1876 gifted humanity with the telephone, an invention that formed the base of modern-day smartphones. Soon after that Guglielmo Marconi in 1894 invented radio.
All these innovations helped our world become more connected than ever and changed the way humans interacted with each other. The BPOs that render outsourcing services wouldn’t have even existed today if pioneers like Graham Bell wouldn’t have actively worked towards developing and improving communication technology.
As the barrier of geographical location receded with these technologies, businesses entered the era of globalization. The market reach of commercial organizations grew remarkably as communication technologies and the World Wide Web bridged the gap of time and space.
Today, no matter what part of the world you live in; finding a product sold by a multinational giant online is no big deal. Everything is just a click away and whatever you want can be shipped to you within a matter of days, even when it’s from the other end of the world.
These are just a few ways in which technology has changed the face and altered the very existence of the business world. However, they sure are enough to elaborate on how technology is an intrinsic part of the commercial realm. Businesses in the modern world cannot thrive without it, no matter what.
Today, a startup cannot even penetrate the market without technology and as innovations continue to surprise us; we might be the generation that will witness miraculous inventions in the coming years that will bring about unanticipated modifications in the way businesses operate.