4 big ways technology is changing business
Technology is changing the way businesses operate on an unprecedented scale. All business elements (communication, advertising, buying and selling) now rely on technology to be completed faster and more efficiently.
New studies reveal that approximately 64% of small businesses use technology to achieve their goals. It’s now easier to connect with leads and close deals. Here are four great ways technology is changing business for the better.
Improved access to information
Cloud computing has made it easier to store, share and access data online. The technology reduces the need for expensive hardware and tedious paperwork and stores large volumes of data. Statistics show that 92% of small businesses now use at least one cloud-based solution in their operations.
And the best part? Most cloud solutions are usable by even less tech-savvy business owners. They are user-friendly and accessible from anywhere with an internet connection. Cloud computing allows organizations to share data in real time, which dramatically increases business productivity.
A paperless business has many advantages. It’s eco-friendly, a good thing for any business looking to thrive in a society that constantly advocates for a pollution-free planet. Going paperless also improves the security of sensitive business data, improves collaboration, and streamlines the entire workflow.
Loan Center, a company that gives car title loan online, says it started handling twice as many loan applications after moving its entire application process online. Other industries like health care and the law that initially relied on paperwork to perform many functions is now integrating technology into their operations, and it’s working.
Smart companies had already moved most of their operations online before the pandemic hit. And remote work has become inevitable with the pandemic’s social distancing protocols. And now working from home has become the norm for many businesses.
Statistics show that an estimate 70% of the workforce will work remotely by 2025. Workers will avoid the dreaded commute and businesses will save on rent and other expenses associated with equipping physical workspaces. Technology is making telecommuting a reality.
For example, video conferencing services like Zoom and Google Meet have become popular for online meetings and conferences. Technology communication solutions are poised to become mainstream to facilitate a smooth transition to working online.
Extended customer reach and improved customer service
Previously, businesses relied on customers to visit their stores in person to close a sale. Many processes were involved in the customer’s buying journey, and it took a long time to complete a purchase. It has changed for the better. Shoppers can now visit e-commerce sites like Amazon and Walmart from anywhere and buy whatever they want.
Businesses can now reach their target customers easily and affordably across national and international borders. Easy online shopping, secure payment systems and convenient delivery systems make business processes seamless. Businesses have also improved their communication systems and some are using chatbots that offer personalized 24/7 customer support. Technology has transformed business for the better, and we can’t wait to see what it will do next.