There has been tremendous progress in the technology sector for the past few years. We have seen some of the most revolutionary technologies being introduced and adopted by the world in the last two decades. These technologies have transformed the way people used to live their lives. Every activity and every function of our daily lifestyles have been infiltrated with the technological gadgetry, programs and devices. Today we cannot even think about living without such technologies which have become more than a luxury.
Like all other aspects of the society, the technological revolution has also impacted the business world. There has been a drastic change in the way people used to do business in the past. From different sectors to various industries to specific functions, all operations of the business entities have been influenced by the technological progress in the world.
New processes and activities have been added while many products have become obsolete. Introduction of new equipment and computing mechanisms have automated the business operations and enhanced productivity.
To understand the impact of technology here is a description of 8 ways technology is changing the methods of doing business today:
Online financial transactions:
In older times organizations needed finance managers to maintain bank accounts and carry out business transactions with various parties through financial institutions. Today the underlying requirements may be the same, but the transactions are much more convenient and fast. Transactions that would take days can now be completed in minutes and even seconds through online banking systems. Checking of banking statements and monitoring activities through online mechanism can be done without having to visit the bank physically.
Management of Accounts:
Unlike the older times, the business entities today do not need large books of ledgers and journals to record their accounting activities. Computers and accounting software have automated the bookkeeping activities and have made this process very fast and convenient. Recovery of past data and taking an account of the inventory is all done through computers without any hassle.
Production efficiency is enhanced:
With automated machines and equipment most of the world’s production lines are much more efficient in their output. The number of workers required to produce an object is also reduced through their computerized mechanisms of production. These machines are much more safe, quick and accurate than the manual production processes.
Sharing of information:
Coordination and collaboration are very important to the success of any business entity. With various functions and business departments operating separately, there is a constant need for sharing vital information with each other. Through intranet and internet facilities this process has been revolutionized in the business world. Maintenance of central databases and clouds among branches and departments allows company employees to share information through secure modes.
The business entities are no more dependent on mail services and couriers for communication activities. Emails, instant messages and video calls now allow employees to remain in communication with each other through constant contact.
Working from remote locations:
The idea of brick and mortar offices are now becoming less important for the business world. The virtual office space is now becoming more and more common for upcoming entrepreneurs. Video conferencing software and internet has allowed people to connect with the business stakeholders through any location and at any time of the day. Employees can work from remote locations and sell their proposition without any problems.
Social media impact:
Initially starting as a network for friends and family members to remain in contact with each other, social media has today become the largest marketplace on the earth. It has customers, sellers and marketers all working in this virtual world. Most of the businesses today have a social media presence to connect with the customers and sell their products and services electronically.
Effective marketing activities:
The internet and especially the social media is considered to be the most effective way of marketing in today’s technological world. It not only allows the business entities to promote and advertise their offering in a cheap manner, but it also helps take feedback from customers and manages market segments more effectively. Target marketing is much easier and convenient when done through the social media. With easy access to customer’s likes and wants, the businesses can better cater their requirements and make improvements wherever necessary.
Technology changes have been incorporated in the business in a positive way. But the technological progress is a constant process. Businesses need to remain up to date with the latest activities and technologies for their survival and success in the long run.