Technology has significantly impacted business operations for small and large enterprises in various industries. As technology advances, its tangible and intangible benefits for businesses will become more pronounced. This article talks about some of the ways that technology has changed the business world.
Table of Contents
1. Remote Management of Business Environments
Business owners can manage their teams remotely and delegate daily assignments through task management platforms, creating a more productive working environment. Remote business management platforms are also beneficial for traditional office-based teams. They increase employee accountability because each team member will easily see their assigned tasks.
Apart from improving accountability and employees’ sense of autonomy, task management tools also encourage team members to work and manage their tasks independently. Compared to other traditional task management methods, digital management facilitates effortless collaboration between staff from different teams or offices on joint projects. This increases learning opportunities within office environments.
2. Communication and Information Sharing
Technology makes communication and information sharing in today’s business environment better. Applications like Zoom, Slack, Microsoft Teams, and social media platforms allow business owners to host meetings with their team members and clients, locally and internationally, regardless of physical distance. Also, it is now possible to track buyer-seller conversations and obtain consumer information to enhance the consumer experience.
Communication is more effective because technology helps dig into customer information to enable businesses to create personalized messaging for their clients. Many companies now automate their communications using customer data platforms, which help unify all their customer data and boost marketing productivity and reach.
3. Use of Artificial Intelligence
Artificial intelligence (AI) has changed the process of business in various industries and has become an essential strategy for brands wanting to maintain an edge over competitors. AI tools help support several business needs, including the automation of business processes. For instance, some AI software recommend products to users on eCommerce platforms, predict sales, and automate marketing content creation. Additionally, chatbots, a computer program that uses AI, help respond to customers’ needs even if customer service personnel are unavailable.
AI-powered tools can monitor and analyze people’s emotions and opinions in various types of texts, such as conversations on social media, blogs, and comments on products or services. Such sentiment analysis can enable businesses to detect customers’ opinions and measure feedback on millions of forums, reviews, and web pages.
Also, AI makes it easier to conduct competitive research, analysis, and intelligence. Through competitive intelligence, companies can spy, track, and understand what their competitors are doing, from promotions to people and products. As a result, they can know what’s working for other businesses in their industry and make informed decisions for their brands.
4. Security
Although many companies today still maintain physical documents, the amount of printed paperwork in circulation has decreased significantly due to technological advancements. Correspondence, client files, contracts, financials, and other sensitive documents are now digitized instead of printed and filed in a physical storeroom. As a result, there are lower chances of losing valuable information due to events such as theft or fire, and it is much easier to access such data.
Since businesses now store most of their information digitally, they’ve had to adopt various means to secure their data from cyber-attacks. For example, many company websites use a security layer called HSTS (HTTP strict transport security) to help protect their websites and SEO efforts from malicious attacks.
5. Product Merchandising
Nowadays, shoppers have high expectations with respect to near-instant gratification, convenience, and quality. In some cases, they go beyond pricing alone and look at their overall buying experience when deciding which brands to patronize. As a result, companies are now leveraging merchandising technology to create efficient and customized shopping journeys for their customers.
Technological merchandising solutions exist in physical stores and through digital tools which customers use regularly. For instance, eCommerce websites are enabled with internal site search functions that allow potential customers to navigate the sites’ pages efficiently and find details about the products or services they need. This positively impacts the customer experience because buyers no longer need to scan through several website pages before finding what they want.
Also, companies are adopting augmented reality (AR) into their sales and marketing. A retailer can use AR technology to project product catalogs to give a potential buyer a real-time scale view of what a product would look like in their home. With AR, marketing campaigns and product merchandising can go beyond video content and imagery. This technology provides a more immersive experience to consumers and opens up a world of new opportunities for businesses, allowing them to showcase their products and services uniquely.
6. Customer Engagement
Technology allows businesses to carry out personalized marketing, which results in better customer engagement. Personalized marketing is the process of advertising to potential customers based on their needs and interests.
Since businesses use technological tools and platforms to communicate with customers in real-time, it is easier to resolve their problems, increasing the likelihood of repeat patronage. In addition, through online self-service portals, customers engage better with brands, and companies can manage customer relationships in a scalable manner.
7. Payment Methods
Technology has transformed the way people pay for products or services and improved customer experiences. Decades ago, cash was the primary mode of payment during business transactions. After several years, checks were adopted as the practical payment option for large purchases that would have required shoppers to carry huge amounts of cash. Soon after, plastic credit and debit cards became the order of the day because they allowed consumers to maintain large purchasing powers while carrying thinner wallets.
Today, customers have various payment options when shopping. They can scan QR codes with their mobile phones or use peer-to-peer (P2P) apps like Venmo, Apple Pay Cash, or Zelle. Many of these apps have integrated with third parties like food delivery or ridesharing applications to allow consumers to pay for products or services more effectively. Such integrations have helped brands leverage easier payment methods to enhance the customer experience.
Furthermore, the mobile point of sale (POS), another payment method, has redefined the payment landscape for businesses. It creates unique experiences that can significantly provide a better customer experience.
