September 14

5 Ways Technology Has Changed Business

There is no denying that technology has had a massive impact on the way that we run our businesses. Technology has paved the way for us to operate more efficiently, providing a better service to our customers and enabling us to do more in a shorter space of time. And the good news is that there are more technological innovations being released all of the time, so this is something that is only going to get better and better for business owners across the country. With that being said, continue reading to find out more about five different ways that technology has changed business.

  1. Upgraded business models – One of the biggest changes that technology has had on the business world is that it has given us the ability to take advantage of new business models, which generate greater value. These business models greatly depend on the ever increasing use of cloud computing. A study that was conducted by Oxford Economics revealed that around 44 per cent of businesses today are leveraging cloud computing in order to take advantage of new business models, and the report also indicated that this figure is going to increase over the next few years. This shows how companies are moving away from old paradigms that incorporate a single individual getting all of the work completed. Instead, thanks to the use of cloud computing, a developer, for instance, would be able to take an app directly from the web and alter it so that it can match the platform it needs to be applied to.

  2. Time and cost efficacy – Having the correct tools has enabled us to digest big data in a manner that enables us to make intelligent decisions at your business. The right software and tools mean that we can simplify the work for any personnel involved, enabling them to find out the business value that is tucked deep within the masses of data. Technology has developed to the stage whereby big data analytics applications mean that we can take insights from the data collected. Not only this, but such technology has benefitted us in many different ways. We can reduce the time and money that is spent on tasks. We can also use the latest technology QA testing trends to ensure that we pick up on any problems with our systems and processes as quickly as possible so that they do not eat into our budget.

  3. Revolutionised connectedness – When you think about the ways in which company websites connect with one and other, we have come a very long way. Results are served on the table, time is preserved, and distances shrink. Technology has lead to the revolution and rapid development of connectivity. We can easily incorporate the power of tech into the corporate domain. Wearable tech is a great example of this.

  4. Workforce agility – Technology has also helped in terms of agility. Business is moving all of the time. Device proliferation and the manner in which it has been integrated into companies means that employees are able to connect with customers and one and other with ease. It does not matter whether they are in the office or they are abroad on business, or simply at a local coffee shop, everyone can connect so that the workforce is agile.

  5. Increased collaboration – Of course, it would not be right to talk about the impact that technology has had without discussing increased collaboration. Getting employees on the same page is not always easy when you consider the immense diversity in terms of work intensity, working habits, responsibilities, personalities, and skills. However, technology has bridged this gap. There are so many different project management tools that enable projects to be planned with greater ease. This also helps with outlining tasks, assigning roles, tracking progress, and so on.

Hopefully, you now have a better understanding regarding the different ways that technology has an impact on businesses today. One thing we can all safely say is that technology has had a massive impact on businesses, and this is not something that is going to change any time soon. From upgrading the business models we have available to us to unlocking time and cost efficacy, there are so many benefits that technology has brought to us. Make sure your business is leveraging the benefits of all of them.