Automation and technology have taken the world by surprise. Though the industrial revolution started back in the mid-19th century, the world has never seen the kind of technological advancement that we have seen in the last two decades. From analog phones to smartphones, Pentium-1 to multicore processing, and VGA cameras to 4K, things have changed drastically.
This progression has completely transformed the way we look at life. Sociologists suggest that as material culture changes, non-material culture takes a bit of time in catching up to the sudden alterations to behaviors.
This phenomenon explains why technology is evolving faster than our adaptation to new technologies. Much like every other aspect of life, the same happens in the business community, too, as previous generations still rely on old-school business practices. The generation gap is pretty evident even though leveraging technology would increase the productivity of the business and profits manifolds.
However, as the new generation takes over, the adaptation of technologies into business is becoming imminent. It is pertinent that one keeps an open mind when pondering about ways to improve the business environment to help the business flourish in the longer run. So, while talking about the technologies that can support our businesses, we are spoiled for choices.
Gone are the days when you had to go to banks for a business loan,as you can get a small business loan online, avoiding the hassle of appearing in the bank. Though it is not easy to discuss all the options available to you, this article will give you an overview of the immense opportunities that technology presents for businesses.
COMMUNICATION
Imagine the Covid19 outbreak occurring in the times when live streaming and video conferencing were a far-fetched idea. Working from home to achieve social distancing would have been much harder than how we have it now. Now, employees can be on the other side of the globe and still be able to attend a work meeting via video conferencing. This provision has revolutionized the way employees interact with each other or with the boss serving businesses a great deal. Social media is another option that allows companies to get in touch with the customer much more quickly. Nothing of sorts would have been possible without the new generations of telecommunication technologies that have now been made accessible to people. As telecommunication companies start rolling out their 5G networks, the interactions will become effortless, and who knows if someone further innovates the way we talk to each other.
ORGANIZATION
In the old-school method, everything was written down in books manually to keep records. Paperwork was not only cumbersome but also hard to manage. Now, there is project management software available that does the job of many people and makes it easy for the others. Employers have it simpler to manage projects and activities within the business and keep a record. These software provisions not only help in managing the workload, but they are also aiding a great deal in better time management and increasing productivity. Competition in the market means there is a race for improvement, consequently helping the businesses. Researchers say that ever since companies started adopting new technologies, they bloomed.
COST EFFICIENCY
As technology automates processes and minimizes human involvement that is usually prone to errors, it reduces the cost. Formerly what was done by five people is now done much quickly by one person with the help of technology. One can be alarmed that technology is taking over the source of livelihood of people by reducing the human resource requirements. However, we must realize that while technology reduces jobs, it also creates new opportunities for businesses that were never thought of before. Technology is only helping relocate the workforce to make the companies much more prolific.
PROTOTYPES
Many businesses rely on making physical objects to test before they can go out into the market. Formerly, customer feedback was the only way doing this was possible, which slowed down the process of improvement. However, with the help of technology such as computer-aided design, prototypes can easily be made in software. 3D printing has opened new avenues of innovation by giving the ability to create physical prototypes. From a Lego block to something as big as a house, 3D printing can make anything. So, it is natural that businesses make use of this technology to create the perfect design before throwing something into a competitive market.
SECURITY
Businesses and companies must make sure the safety of their information isn’t compromised. Technology has allowed hackers to hack into data for corporate espionage; it has also devised methods to protect the data from these hackers. The white hat and black hat hacker wars have intensified as a result. With the introduction of technologies such as blockchain, it is becoming increasingly difficult to view or alter stored information spread across a distributed network of databases.
LOAN ACQUISITION
With the help of technology, everything is accessible online now, and business loans are no exception. Businesses need instant cash to flourish, and unless anyone has a saving, loans are ordinarily the way to go. Formerly, banks were the only option, but now many online lenders provide good loan deals on the click of a mouse. The increase in the number of borrowing options has helped in reducing the monopoly of banks, which consequently aids businesses.
KEY TAKEAWAYS
As technology spreads across the spectrum, businesses should also make use of the immense opportunities they present. Firms differ in how they operate, so not all the techniques helpful to one business are necessarily beneficial to the other. However, there is a considerable number of choices that one can always find something that fulfils the need. From communication to organisation, cost and loan acquisition, technology has revolutionised every aspect of a business. It is time that people give up the old school way and adopt new methods that will help to increase profit. We have already seen that those businesses that adopt technologies have a better chance of succeeding than those who don’t. Now you wouldn’t want to be left behind, would you? We are speedily moving towards the world of “survival of the most technologically advanced.”
You might also like our TUTEZONE section which contains exclusive tutorials on how you can make your life simpler using technology.
