How Technology has changed business

Technology has changed business in the evolution of making more profit in business with high speed, to get more customers, to be able to serve more people worldwide, to improve the product and services quality, speed up a business process, less use of human power in high-risk intensive works.

And the desire is to improve the living standard of humans on the earth we’re using technologies in our business.
Technology has changed business the way we plan, start, operate, manage, market, sell, repeat, hire, communicate, and make a profit in business. Cloud computing, Driverless cars, product delivery through drones, 3d printing, artificial and business intelligence tools, collaboration tools, CRM, use of robots in manufacturing and receptions works and internet of things are the example of how technology has changed business.

But before learning about how technologies have changed business, let’s learn about what are the reasons behind the evolution of business technologies.

The reasons behind the invention of all kinds of business technologies are our daily business problems and passion for innovation. In negative ways, it is a global compulsion and greed to innovate to live more and better. You can also say that it’s the practice of deep science to meet with god faster through technologies. And from a business point of view, it’s about optimization of innovation on humans & every living and non-living element on the earth.

The following are the example that will help you to understand why the development of technologies is so adaptable for business and why they are invented? How technology has changed the way we do business and make profits.

How does the change happen through technologies in business?

1. Communication Technologies in Business:

Traveling for the meeting inside and outside of the city was very time-consuming and lower down the productivity. It’s still today managers and teams have to travel for presentations and deals. But technologies changed the way we conduct business meetings, communicate with teams and present ideas.

The use of video conferencing technologies in Business is now common.  It’s easy to use a video conferencing system in which we can communicate with partners, trained employees, participate in webinars/hangouts from the office with high definition HD Audio and Videos.

Even small businesses can use video calls, live streaming, google hangouts, and various other methods on the internet from anywhere on any device. Now the use of video conferencing, video calling technologies, and tools that it’s changed the ways we communicate with customers, partners, teams, and people.

That’s why video conferencing, calling and business communication tools are created, developed, and marketed by companies. It’s because of the higher demand for the one-click solution to conduct and attend meetings from anywhere or without living in the office.

This is how video conferencing and communication tools have changed the business.

2. Simple and faster method to get paid by customers for product and services:

Cash flow is an important part of the business. If it is slow it will impact business growth. And for that, it’s very important for all kinds of small and midsize businesses to get paid by their customers as quickly and as easily as possible.

That’s why online banking, mobile apps, payment gateways on the website, payment wallets, debit cards, and credit cards were born. It’s because customers can pay for products and services, the customer can pay bills by using mobile apps, debit cards, internet banking, and digital payment wallets and business owners can receive payment for goods and services on time. That’s why business owners are integrating online payment methods on their website and business.

Now the use of banking technologies transforming the way businesses handle, receive, and invest money. Now the business is moving towards the digital economy faster than ever because of the advancement in information technologies, improved living standards, and current problems that businesses and customers have to face in their daily life activities.

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3. Information technology also changed the way we create and use business documents in daily official works:

It was not so easy without Microsoft Office to create, edit business documents, spreadsheets, and presentations. I think, Almost 90% of business and government offices use Microsoft office around the world offline and online. It’s because of the extraordinary functions and features of Microsoft office.

Most businesses need to write and use letterheads, service invoices, credit memos, business letters, and reports, expenses report planners, project presentations, billing reports, business trip planners, business newsletters, and various other documents in business. But information technologies and Microsoft office changed the way we do these works.

Now you don’t need to write and create documents from your imagination and knowledge, there is almost all kind of templates available on Microsoft office template libraries. You can save your documents directly to the cloud from office 365 and the online MS office and you can synchronize files across devices. You can create, edit, and share and collaborate with team leaders and subordinates through the use of online Microsoft office to create and maintain business documents in real-time.

Google also providing google docs for document works, google sheets for data management, and google slides for presentations in Google Drive is a great example of how technologies change daily official works.

The impact of a word processor, spreadsheet, and presentation application with the use of computer and internet technologies improved productivity, reduced the cost, increased collaboration, ease of handling, and sharing of business documents. Such as now you can share the file directly from a word processor to a person, without a file attachment in the email. Even you don’t’ need to use Pen drive now to carry your files for printouts in cyber cafes. This is how technology revolutionized the methods we use to create and share business documents.

Related: Importance of computer in the business

4. Real-time support for customers:

Customers are now the real asset for business after information technologies and the rise of online business. It’s because of the perfect competition in the market for products and services, where many sellers for one product and many buyers. And they know about the features of each other’s products.

Information Technology eliminated the monopoly from the market. Customers have many options and they value their money more than ever. Still, there are many businesses trying to create a monopoly and many are successful due to the unique experience in their product but maximum fails.

That’s why it’s so much important for a business to change the way they deal with customers. Nowadays business wants to retain customers, they want to build a long-term relationship and they don’t want to ignore even a single customer.

The basic example, when you visit a business or blog website, they ask you to subscribe for more updates. Why they do it, it’s because it’s tough to find customers and that’s why they produce subscription boxes within 2-3 seconds. So that they keep the connection with those customers for the future.

Even big companies like Facebook wants you to keep sharing information mean to keep using Facebook, such as 1500 people liked your page, they want the next update. Hosting companies informing or sending you an email 1 month ago to renew your domain or hosting packages. Almost all are trying to do it so that they can sell more with the help of technologies.

Its top-quality business practices that happened after technology and I think it’s great to care for customers. The other reason behind this care is the fear of losing customers, losing money. And that’s why everyone starts trying to sell as soon as possible you visit the website. And it’s very important to engage website/advertisement visitors quickly and convert them into the customer. These days it’s tough to get traffic to the business website due to competition for keywords on the search engines.

Artificial and Business intelligence technologies behind the customer support and selling system make it easy for businesses.  And most of the notification is automatic and based on user behaviors on the website. Now businesses have to build trust with customers, they have to value their money and need to build an easy and simple system and that’s why they are using AI, Cloud Computing, and collaboration tools.

They are able to track the activity, location, age, behaviors, referring source with the use of business technologies so that they can provide 100% satisfaction and personalized experiences to customers.

There are IT tools ready to help all types of business with artificial agents and bots, ticket support systems, CRM tools, Data Analysis Tools, Data collection, business phone systems, and reporting tools.

Why these all tech things matter? It’s because the customer is important for the business. Even big brands have to provide high-quality products, support to remain in the market. And this is the change in business that you can also integrate into your business.

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5. Marketing is food for business after evolution in information technologies:

Technology created the most powerful techniques, methods, and tools to promote business online.  And that is called digital marketing in which we include search engine marketing, search engine optimization, social media marketing, and email marketing by using the internet.  Online marketing is more effective than traditional marketing because of the wider reach, data analysis, location targeting, keywords targeting an advertisement based on users’ behaviors, and browser history.

Marketing and promoting business online is the fastest method to find potential customers. Many offline businesses are trying to promote their business online. Many companies are providing personalized campaigns, lead management insights, free templates for small businesses, subscription forms, sales, and CRM automation, and social media marketing automation. These technologies and online marketing methods changed business promotional practices.

But it’s also a challenge for a business to keep connected to customers without content marketing, social media pages, press releases, email marketing, and SEO. Challenges, online marketing opportunities have changed the business but also complicated the life of small business owners. But as you know every problem comes with a solution, so there are options to automate sales, automate marketing, and promotion on the internet.

And marketing automation is less stressful and required less human power. But to succeed in this change, it’s very important for the small business owner to keep upgrading tools and online marketing techniques. So that they can get benefits in technological transitions.

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6. Fastest hiring and talent management process

Businesses can hire the most talented people from any country. There are various freelancing platforms, collaboration tools, team tracking tools that make it possible. This is possible only by the use of information technologies in business. An online hiring platform is an example, in which you can select 1 person from 100 job proposals by using talent filtering options.

You can track what they do, how they do your work. You can pay by milestone, hourly, and fixed price. You can communicate through video chat, text messages. I think today small business owners have not problem finding and hire the right talent for the right work.

People around the globe are ready to start working on the project immediately called Freelancer. There are many companies operating an online business from a single room, have teams working remotely. This is the right use of business technologies and the internet.

More: Why hire the right employees to grow your business

7. Employees training and development programs:

It’s important for the business to hire trained and skilled staff. But many times due to the unique project, there is a lack of skilled people in the market. It’s ok because universities don’t know and can’t predict what can be the next revolution in business technologies. What kind of skills and knowledge will be required in the market?

But to solve this problem, nowadays companies are building and creating their own training programs and paying for training after an interview.

They are paying the highest payouts to the deserving candidates. It’s because of the demand generated by customers. And companies are analyzing customer data and taking such innovative decisions. But for small business owners, there are various online courses, books, and project-based training programs for employees.

This is the change happening and continues in a business where the skilled workforce is the most important power to create artificial intelligence applications, program activities for robots & IoT, to integrate AI, BI and Cloud computing in businesses, etc., and for innovation.

Is this training employee so much easy, fast, less costly, and flexible without online video tutorials, webinars, podcasts, and video conferencing?

Obviously not, it takes one year to trained and builds average skilled people even to do small HR jobs. I know it’s also about the attitude and interest of students in the subject. But if syllabus and tutorial and teachers are unable to create interest of students and employees in the training then who will do?

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Robots?

You’re right, you can say that you’re learning from robots, even your laptop and this website, search engine, and everything will be soon discovered that these are the things actually robotic that today we called website, laptop, and mobile. When you’re learning this article, I don’t’ know where you from are and how was your experience so far in this article on change in business after integration of technologies in business process and system.

But if we’re learning and teaching in a physical location, the experience is different. You can also say that the integration of technologies (API) in business changed the experience and taste of our daily life.

And if you’re interested to take a different taste: Learn this article, it will help you to discover information technologies and its impact on your brain and life.

Learn moreImportance of training and development of employees

8. Technology has invented new ways of starting a business:

It was very tough 15-20 years ago to start a business. Owners have to arrange 2000 to 10000 dollars to start s small showroom and business. Many not were able to start. And many not were able to start due to the lack of knowledge. But technological change and inventions in developed countries opened the doors for developing nations to recognize and accept the change.

People analyzed the change and create products and services. Google, Facebook, Alibaba, and Amazon, etc. are the example of this change and now these companies changing the present and future of the world and information technology and their start was from a website.

Now in 2018-19-20, it’s easier than 20 years ago to start a business. There are hundreds of options to start a business with minimum investment.  You can start it even from home. And a thousand people are already doing. Even you can get ideas to start a business. You will see a different kind of inspirations and reasons to start a business online.

Today, the website is the shop and you can get a website in 10 minutes for your business. You can create the shop using website builders and CMS. Not that much coding knowledge required to set up. You can start an online store and sell online. There are various online store services that existed on the internet for you whatever you want to sell online. For example, Shopify, Amazon, etc. providing you fully-hosted store, unlimited support, dropshipping integration, free shipping, secure and timely payments.

You can start the part-time online business using your website and YouTube channel. There are thousands of people earning money online by sharing and writing content that is helpful for Google search users. Google AdSense, Affiliate marketing, sponsored posts, etc. are providing a great source of income for talented and skilled people. Product Reviews website, domain/hosting coupon websites and blogs, YouTube channels, and much other business are part of this technological change.

Today’s it’s all about learning, how much you can learn and execute. Everything is available for everyone just needs to search or voice search. In this way, I think technology has created smart, passive business opportunities for people. Anyone can learn how to start a business. Anyone can start a business from any location on any device.

More: Best courses for starting your own online business in 2020

9. Technology is like templates for business:

Technology has created templates to start, run, and make a business successful. Everything is ready-made and you only have to click to start. If you want to build a website there are pre-designed HTML, CSS templates, WordPress themes in which with just little editing and change, your business is ready to move.

If you use Microsoft Office in your daily official works, you can see that there are pre-designed templates for project presentation, inventory, letters, data analysis, and many others. If you do email marketing there are already templates that will promise to double your conversation rate.

If you want to design the logo, marketing, and branding content there are templates and online applications that will do this work for you automatically. Everything is already done for you to run a business no matter its hiring, social media marketing, search engine optimization, and many other things. Everything is already created and ready to integrate into your business.

This is the change, it was not possible 20 years ago, but it’s happening today. And in the future people and entrepreneurs see the new change. The total money earned by entrepreneurs in 50 years of age, today’s it’s possible to earn in the ’30s. And in the future people become billionaires at 15 years of age.

It’s because technology speed up time, we’re moving faster towards the change, and we want to change at every second.

Every morning you see this technological change in business, 20 notifications on social media, 5 emails, 5 website updates, and unlimited Whatsapp messages wait for you to start your day on computer and mobile. What is this? This is how has technology changed business and lifestyle.

The old saying, “customer and time do not wait” and technology is following this quote.

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10. The combination of Cloud computing, Artificial Intelligence will change everything that we ever have seen:

Another biggest technological change in business is around the corner. The business has to be ready for the next technological change that is artificial intelligence and machine learning. This technological change will impact the cost of business, the human workforce, and relationships with customers.

Artificial intelligence where everything is learned by machine about the users when to send an email when to call, what method is best for marketing certain products on the internet etc. and it will also impact the way business communicates with customers. Most of the things are automatic and artificial with fewer humans power.

And AI technologies are very much supported by cloud computing and cloud storage. Data will be analyzed in real-time through Business intelligence applications without humans. And applications automatically replied to the customers.

Cloud-based application, Adobe creative cloud, Microsoft office online, online movies website, and cloud-hosted data visualization and CRMs and. AI applications welcoming the change and making maximum business processes automatic. This will change how we use the computer and the internet. In the future, you don’t need to install any application on the computer, and the operating system run and work when the internet is connected and live.

Actually, the truth for small businesses is that if the business is not connected with the Internet and not using the latest technologies, it’s impossible to operate and make the small business profitable.

The hard truth is we’re a slave to this big technological change. If you don’t like to change anything, it’s ok. They will try to change you without your permission. You’re forced to change.

And the goal of business technology innovation is to make you free from everything that you control today. You only have to pay money, to get money. And it’s true, it’s happening still today in business. Business is all about the right investment.  And the funny thing is that your investment will be automatic. AI applications will predict the market and financial future and project scopes. Is this not a good change?

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Yes, technological change looks very scary in business especially when you’re fighting in perfect competition.

So in the end, I will say that technology changes the way we solve problems. Today’ we’re from fewer problem solutions to automatic fault-finding methods and there are thousands of solutions for one problem in business.

Technologies not only providing global exposure for the business but also accounting and improving the living standard of humans.

Today, you have data and facts to report and analyze customer satisfaction. Higher accuracy and productivity in the workplace are increasing the speed of information technology.

We have created technology to solve business problems. But today technology is a problem for many businesses if they don’t know how to use it when to use it, where to use it.

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