We all know that today almost every aspect of our lives depends on technologies. You probably can’t deny that your daily life and activities rely on them too. Same goes for business: many modern businesses are technology-based, which helps the cost of labor, minimize the human error, and make operations more efficient. Most of the business technology was enabled by pervasive broadband internet access and integrated software development tools that make all of the business processes connected.
Technological advancements have had a significant impact on business operation. You might not realize how the development of technology has helped many business sectors but it is present in the majority of industries. Let’s take a look at how the technologies impact the business of today:
The most obvious industry, E-commerce even has an E for “electronic” in its name and is build on the use of the Internet and modern technologies. E-commerce used to refer to the sale of physical products online but now it can describe any kind of commercial transactions that are facilitated through the internet. E-commerce helps millions of people to satisfy their needs by connecting to them to numerous suppliers around the world. On their daily operation, e-commerce also uses many varieties of high-technology tools to help them run the business. With a wide range of e-commerce businesses, you can find a product that would be suitable for your specific requirements and budget.
The existence os Social Networks wouldn’t be possible without technology. Thanks to the rising power of social media, people now can exchange information much faster than ever before. It even helps us meet new people. Dating apps, meetup groups, and communities will help even the most introvertive people to find a soul mate. However, Social Networks benefit not only individuals but businesses as well. With platforms like LinkedIn, not it is much easier to network and builds long-lasting relationships online.
Traveling is booming as it’s never been more accessible to people than now. Travel is one of the highest demand sectors. Integrated apps like OTA (online travel agent) would help you book and manage your flight, hotel, and itinerary, making traveling easy, hassle-free, and enjoyable.
Before we needed to go through physical travel agencies to look for the best deals and hotels, and the entire process could take months. Now, everything can be done in a matter of minutes. Your whim to go to Bali could be satisfied in an instant.
This technology has helped many businesses to eliminate costs related to Customer Support Services. With chatbots you don’t need to have a real person to answer customers’ most frequent questions. In the future, chatbots will rapidly become more autonomous, dramatically reducing the costs of customer service activities, and improving the overall customer experience. It’s predicted in 2020, the average person will have more conversations with bots than real sales reps.
For what we know previously printing was one of those businesses that would take forever to deliver the product. However, modern technology made it gather different print shops to create a unified network of online printing services. The customer doesn’t know from which partner he’s ordering and can only see the specification options of the printed products (business cards, flyers, posters, etc.) and the delivery time. The system would automatically choose the most relevant and available supplier.
Seminars and Conferences
There are so many webinar applications making numerous seminars and conferences available for everyone. The idea behind those apps is the content distribution among different online communities. Thanks to the wide availability of useful information, education became available to masses. However, certain resources charge money for access to such information, which proves to be a solid business model.
The technology is currently capable of manipulating data from various sources. It helps all of the business people to make observations about the market behavior, and monitor even the smallest pieces of data that they need. There are limitless options available on the market that help businesses optimize their decision-making processes and improve performance.
Artificial Intelligence or AI predicted to make strides in industries like real estate, law, and most importantly, hospitality. Developers are constantly working on AI technology to help hotels deal with requests from guests on time. AI can help create bots that cater to each guest’s preferences by remembering and processing tons of information. The data ranges from the nearest restaurant recommendations to tomorrow’s weather. Bots will also allow guests to connect with the hotel staff from any location through their mobile devices.
Based on the research firm ABI, smart manufacturing as a transformative tech to keep an eye on. The ultimate goal is to create a hands-free, heads-up experience where information can be accessed right where the work is performed.
Manufacturing can be defined as the multi-phase process of creating a product out of raw materials. Meanwhile, smart manufacturing is a subset that employs computer control and high levels of adaptability. It aims to take advantage of advanced information and manufacturing technologies. There is increased workforce training for such flexibility and use of the technology rather than specific tasks as is customary in traditional manufacturing.
Blockchain on Finance
The blockchain is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Blockchain has significantly affected the finance industry. Many experts predict that in just two years, blockchain will become the disruptive standard in modern commerce. In the future, specialists expect everything from reconciliation and cash application to PO and invoice matching taken over by a distributed ledger technology.
There are many significant impacts technology has had on businesses. The past years have been an exciting time for technology innovations and there’s more to come. That is why we all need to adapt, plan and take advantage of it.