We live in the digital age, where technology is slowly taking over our daily lives. Things that were impossible decades ago, such as communicating with loved ones living in different parts of the world through video calls, are now a part of our lives. Similarly, it is now extremely easy to stay connected to your friends and family through social media regardless of where you are. These subtle changes in our lives have made us used to a new normal, wherein we rely on technology for every other thing.
Moreover, technology played an instrumental role in education during the coronavirus pandemic. When schools and universities were forced to close, technology allowed these educational institutions to conduct classes similarly to in-person classes. Moreover, this benefits underdeveloped and developing countries where those who have access to the internet can get a better education. They can either enroll in free courses or pick up courses on sale to learn new skills.
Technology has a wide range of applications and is gradually uplifting various segments of society and is also leading to transparency and accountability. People whose voice was previously suppressed can now easily tell the world their version of the story through social media. Moreover, people can also highlight the government’s excesses or the abuse of power in any public institution through a variety of forums. This is a benchmark of how technology has changed the world.
Considering that you came here to learn about how technology has affected businesses, we will limit the rest of the article to talk about that. Ranging from data analysis methods to artificial intelligence, technology plays an instrumental role in business operations and can not only help businesses maximize their efficiency but also enable them to pursue growth without investing a lot of money. Some examples of the same are listed below.
One of the finest examples of how technology-enabled businesses to rise in digital marketing. This gave businesses a good return on investment and allowed them to tap into unexplored markets. Digital marketing also opened a new world of marketing for these businesses, ranging from experiential marketing to influencer marketing, and allowed them to pursue growth in many ways.
With the world being more connected, digital marketing allowed companies to conduct business transactions with clients living on other continents. Courtesy of improving transit infrastructure and the growing acceptance of online shopping, these companies were now able to promote their products to international audiences and gain customers from across the globe. Social media played a key role in digital marketing and enabled these companies to spend less and get better results. Advertisements through Facebook and Google allowed these companies to get better returns on their investment and granted them transparency.
Online shopping witnessed a growing acceptance among the public as soon as authorities across the globe imposed lockdowns to control the coronavirus pandemic. Therefore, people who were unable to physically go to the markets to buy clothes and groceries were able to procure the same through various online stores. This led to a boom in e-commerce, and while many e-commerce giants made record profits during this time, entrepreneurs also started investing in this domain.
Moreover, courtesy of social media, people were able to voice their opinion on the services being delivered by these online stores. In case of fraud, their ratings fell, and they had to ensure that the services they delivered were good enough to secure better reviews from customers. So, while online stores increased across the world, social media allowed people to hold these businesses accountable if they got the wrong product or the order was not delivered timely.
Furthermore, as e-commerce experienced a boom, many people started dropshipping businesses and made large sums through it. People, especially those living in developing countries, started their stores on Amazon and got their products made in one country and had them delivered and sold through Amazon in the United States and Europe. They did this without stepping foot outside their homes, and this became the finest example of connectivity enabling new business methods across the world.
Technology also enabled companies to analyze data for useful patterns, and many companies offered artificial intelligence tools at low cost for these companies to use. Courtesy of these services, many companies were able to use these technological tools for the advancement of their businesses. They did this without hiring dedicated resources, and the software as a service model became the norm.
Through data analytics, companies were able to gauge the demand for a certain product before producing it. This enabled them to avoid wastage of resources and money, but it also helped them deliver exactly what the people needed. Data analysis also helped media companies see what sort of content their readers or viewers liked and helped them focus their strategy on exactly what the people wanted.
Similarly, AI allowed these companies to delve into complex calculations and tasks without hiring dedicated resources. For e-commerce companies, this allowed for the creation of a personalized shopping experience. For small enterprises, this allowed for the automation of administrative tasks. Moreover, companies working on autonomous vehicles were also able to use advanced AI tools to produce cars that could operate without the need for drivers.
In essence, technology is now an integral part of most businesses these days. Many businesses simply cannot operate without investing in technology. If they somehow manage to avoid spending much on this sector, their competitors would overtake them rather quickly. Therefore, it is wise to invest in technology and make use of innovative technological solutions to stay ahead of the curve. While this list mentions only a few domains, you will see how the technological impact on various sectors is getting stronger if you continue your research. For any company that wishes to pursue growth, it is recommended that they take a look at the technology their competitors are using. They should delve into experimental features to see if they can come up with an innovative solution to public demand for more.