Technology and success in the business world
Every business uses some form of technology to accomplish more. Modern technologies have enhanced business growth in countless ways. Things that were once impossible due to the required work hours are now commonplace.
Technology is not nearly as cost prohibitive as it once was
There was a time when a simple computer with little processing power cost as much as a car. Cell phones were expensive when they first came out, and service was only available in certain areas. Cell phones are practically given away and have more processing power than any early computer. Personal computers and tablets are cheap enough for people to replace rather than repair.
While some technology and software costs a lot when they first hit the market, the price decreases rapidly. Even the smallest business can afford technology that was only available to those with a big budget in the past.
It is now common for employees to work from home. Plenty of people have been doing it for over a decade, but it was not until the COVID-19 pandemic that many top companies turned to remote workers to keep business going. This forced experiment in remote working has led many companies to realize that they do not need the expensive offices and business spaces they used in the past. Cutting out the rent and upkeep of business space frees up money to expand the business itself.
When a business opens itself up to hiring employees to work from home, they also have the advantage of picking and choosing from a larger group of potential workers. If a talented person lives 2,000 miles from company headquarters, there is no need to provide extra incentives for them to relocate. Instead, the person can start work quickly and add value to the company.
When morale is high, companies get higher quality work. Companies can sometimes get more jobs from employees via a home office because they do not commute daily. At the very least, employee morale is often higher because even if the person operates a regular shift, they still have more personal time for themselves or their family because of the lack of commute.
Computer databases and secure company site logins allow remote workers to do their job while keeping company and customer data safe. Many firms have custom-designed software for managing their operations and bookkeeping.
Data mining and analysis
Today, businesses have more access to data and information related to their business and customer demographic. Even if some data is lacking, acquiring it is much easier thanks to online polling, surveys, electronic sales figures, etc.
Computers can process large data sets and look for specific information that helps businesses make the right decisions rather than wasting time on marketing or developing products and services that are not profitable in the long term.
Data processing – which used to be impossible due to how much time it took – can now be processed in a day or two thanks to parallel computing and advanced computers. Small companies can hire a data analysis firm to get the needed information. In contrast, large companies sometimes find it worthwhile to employ a full-time analyst to stay ahead of the competition and increase their market share.
AI has become more approachable and affordable over the last few years. More businesses are using some form of AI or automation to free up human workers for other tasks. Data input and some customer service-related tasks take a lot of time and cost companies money without generating a return that makes it worthwhile, especially if AI can do the job more efficiently.
Larger companies like Amazon have long offered customer service chats where customers can chat online with a real person. Typically, the wait time is very short; however, Amazon has sped up how many customers it can serve per hour by using AI to handle some basic to moderate questions or product returns. This allows representatives to take the more serious tasks and reduces how many people are on the payroll for simple tasks.
Online employee training and educational opportunities
Employees no longer need a regular classroom for extra training or an advanced degree. Online seminars and universities have allowed business professionals to take advantage of many opportunities to gain new credentials that can help them lead their companies to success.
An online DBA degree from Aston University can be achieved entirely online while you continue to work. That means you can apply your new skills and knowledge beginning with the first classes you take. This program is excellent for those with five years or more of professional business experience. Graduates will be empowered to advance their skills and solve complex business problems that stand in the way of success at any company.
Protecting a company’s computer system and stored data is more important than ever. Hackers have used ransomware to hijack and extort money from more companies than ever before. Shutting down a business for days can cost a lot of money, and paying a ransom encourages more hackers to commit cybercrimes.
A general hack where information is stolen can result in customers losing their trust in the company. When this happens, it can take a long time to regain that trust, and if the data breach causes some customers serious problems, the company may see a permanent loss in market share.
Cybersecurity companies have to work hard to stay ahead of the methods and tools that hackers use to commit crimes and steal data and funds. More companies are investing in better cybersecurity software and IT experts to prevent productivity and customer loss.
Remote collaboration is easier than ever before
The ability to connect people via the Internet has revolutionized collaborative efforts. Now businesses and experts can work together no matter where they are based. Companies can put together talented teams from throughout a scattered workforce by using technologies such as Zoom, Google Meet, and Loom to collaborate. Workplace software like Slack and Airtable allows workers to update each other and chat in real-time via any tablet, computer, or smartphone with internet access. This will enable them to get continuous updates. Having access to the same information and updates simultaneously reduces mistakes and lets everyone get more done in a shorter amount of time.
There is no longer a good excuse for poor communication between employees, supervisors, and customers. Thanks to smartphones and tablets, even employees not at a desk all day are within reach of their colleagues. Private, secure communications platforms allow companies to protect information and data. Video chat software allows for meetings to be easily recorded for reference at a later time or for those times when not everyone can be present.
Better communication between business managers and their employees helps reduce mistakes and increase efficiency. Another asset is that when transmissions are better, employees are more innovative and likely to share ideas that can help the company.
CAD (computer-automated design)
They were developing a new product or idea that involved designers and engineers creating countless painstaking, hand-drawn blueprints. Sometimes, these blueprints had to be duplicated in multiple sets by hand. This part of the design process took an enormous amount of time. After all, if a mistake was made, it was back to the drawing board.
Computer-automated design software changed everything. Now engineers can quickly put together designs and even run simulations to see how these designs will perform once they’re built. This eliminates the cost of making multiple prototypes that need extensive testing in the real world before a single method is selected.
When there is less risk and cost to designing products, it encourages innovation. Companies do not have to invest nearly as much time and money into an initial design. This means great new products can reach the target consumer faster than ever before.
Social media and influencer marketing
Social media advertising plays a big role in many marketing campaigns, from small start-ups to larger companies. Most people have at least some social media presence. Even those who don’t post often will likely spend time browsing social media.
Influencers can help companies sell a product or services at very little cost to the company itself. The only price is often a few free products and a commission. This gives the influencer a lot of incentive to try to get their followers to take notice of a company. If they don’t, all they get is a free product.
Online stores and selling
The Internet has allowed companies to sell products and services to customers worldwide. The ability to reach such a large number of customers has made it easier for new companies to come on board. Of course, there is a point where the market is saturated with companies making similar products or services, but overall, the ability to reach customers is a positive thing.
Businesses can also access large retail sites like Amazon to sell their products. The ease of ordering and shipping offered by Amazon, eBay, and even Walmart, can encourage customers to buy products they otherwise would not have.
A good organization has always been an important factor in any business. As the business world has become more global and complex, the organization has become even more important due to the sheer volume of data required. Providing good customer service means keeping track of customer information and interactions. In the past, businesses relied on paper notes and filing systems, making accessing information much longer. Thanks to computers and database software, companies can keep accurate notes and records electronically and back up the data to off-site servers, reducing the potential for lost information. If a client calls, associates can have the customer’s information at their fingertips.
Online ad placement and cost-per-click advertising
Fewer companies are using print advertising simply because it is being largely abandoned. With some customer demographics, a company won’t reach them unless its ads are online. Many businesses use Google or other ad services to place their ads strategically on the web. Businesses often pay per click, so setting an advertising budget ahead of time is necessary.
Of course, plenty of companies buy ad space on websites that appeal to their target customers. Ad rates vary greatly depending on the site and the traffic it receives.
Technology has made it possible for businesses to do more in a shorter amount of time. Worker productivity is higher due to some automated tasks that once took up a large part of the workday. Remote workers have enabled companies to access a larger pool of potential employees to find the most talented people to hire.
Access to more customers via online marketing and selling has made it much easier for companies to launch with less capital, thus encouraging more start-ups and innovation in practically all industries.
Better access to industry-related statistics and data helps businesses stay competitive with others selling similar products and services.
In the future, more automation and artificial intelligence will be used for tasks that do not require a lot of innovation or skills. While it could be argued that automation takes away jobs that people could be doing, it could be used to free up workers for more complex or enjoyable tasks.
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