Technology has become tightly intertwined in the lives of most people, and even more so in the work place. Learn more about technology in business and what exactly it has impacted.
The worldwide spending on technology is expected to rise to $3.7 trillion in 2018. This will represent a 4.5% increase from the worldwide spending in 2017.
The rise in spending also represents an acknowledgment of the critical importance of technology in business. The business world had grown glacially overtime without anything disrupting it until technology came along and did so in a few years.
The consequence was an altering of all the ways we do business in the 21st century. The impact of this disruption has been felt on several fronts. Let’s take a look at a few highlights.
Cloud Computing Has Taken Off
The chief benefit of cloud computing is that it enables companies, both big and small, to conduct some of their operations online on third-party servers. Businesses are able to expand without having to worry about the loss of data, downtime or crashes.
Moreover, the affordability of cloud computing provides access to resources that were previously beyond reach due to high costs. The resultant effect has been increased competition in the market given small players have taken advantage of the level playing field.
The value of cloud computing to modern day business is best represented by a study by Gartner. It is predicted that $1 trillion of all IT spending by 2020 will be directly or indirectly attributable to the impact of cloud computing.
Mobile Devices are the Future
Google has prioritized sites that accommodate easy mobile browsing for a while now. The shift in policy is an acknowledgment of the growing range of functions that mobile devices can perform.
We live in an age where all business processes can be conducted just as effectively from remote locations. The list of functions includes marketing, invoicing, customer service and many others.
The millennial population has been instrumental in facilitating this change. They have done this by embracing and expanding the various functions that mobile devices can perform.
Technology in Business Has Led to Customer Segmentation
Analytics software has enabled businesses to isolate their consumer group from the rest of the population and get much more insights into their needs. More insights can be gleaned through the division of the consumer group into smaller segments.
The move facilitates a more refined and expansive understanding of the expectations and needs of one’s customers. A thorough education on the nature of the customer ensures maximum value is gleaned from the money spent on a marketing campaign.
Technology in business through analytics can also be accessed on a small scale. This can be done through a Google account. We can get information about visitor activity on our sites. This can provide us with pointers on how to increase conversions.
A Changing Consumer Base
Millennials are currently the biggest drivers of change in business owing to their tech-savviness.
Mentioning the term Millenial conjures up the image of young people who live in the moment and have the most money to spend. There isn’t a business worthy of the name that wouldn’t make this market a priority.
The effort to appeal to this group of consumers is one of the key factors for the quick adoption of technology in business. Given an even more tech-savvy generation succeeds them, it remains to be seen what impact they will have on the market.
Advancements in Cyber Security
The downside of having vital information and data on interconnected serves is that they’re prone to hackers. Companies that lack the necessary resources required to handle a data breach risk making significant losses should this happen.
The need for cybersecurity has triggered the growth of an industry dedicated to providing specialized solutions for businesses. Hackers and cyber terrorists are getting smarter. With the fast internet growth, cybersecurity experts are here to stay. Cybersecurity will always have to stay a step ahead given the stakes will only get bigger.
Increased connectivity translates to easy communication between employees in a business organization. We are able to easily chat via video, make calls and share information via email in real time.
The same advantages hold true when it comes to customer engagement. Companies are learning how to properly communicate with the target customers. They are learning to do so without saturating themselves.
Appropriate customer engagement enables companies to get valuable feedback. Such feedback is what helps them to better cater to their needs. The impact of increased connectivity has effectively made the customer king.
A Facebook rant about poor service can garner online support and hurt one’s brand if it becomes a trending topic. The resultant effect is that companies are improving their service delivery and quality of their products.
Moreover, companies like Gamma Telecom that provide communications solutions such as phone system connectivity are now on the rise. The services provided give you the flexibility and control you need to drive business performance.
Downtime Has Decreased
Technology in business has significantly cut down the number of hours we have to relax and recuperate. Both weekends and vacations have been affected by the merger of business with technology.
We can never quite get away from work given its right there on our laptops and phones. The only way to escape work it seems is to escape technology which is next to impossible given its utility. All we have to do is open the email to take a peak, and the break we had is over.
The Pressure Posed by Technology Will Not Relent
IT departments in many companies have a hard time grappling with the many challenges posed by the impact of technology on business. One of the challenges includes management of complex communications within the company. It helps to have a deep understanding of what these innovations are, as well as what their application will mean to your business.
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