If you can do something better, faster, and at a lower price, why not try it out? And if you don’t like it, you can change it to something else.
It is in these two sentences where we can fully understand the incredible impact technology has on business. Now more than ever before, we have access to a long list of tools to make the running of our companies a much more streamlined process. Furthermore, the variety of options to choose from is virtually unlimited. Whatever we need, there are at least two or three vendors with the capabilities to provide it.
With that in mind, here are four areas where technology is improving the way business is done.
In the past, only major banks, financial institutions, and individuals working at Wallstreet or other exchanges had access to the trading of stocks, bonds, options, annuities, and currencies. Unless you were part of this select group, businesses and individuals alike had to manage their investments through agents and fund managers. The industry as a whole was very protective of its members.
Today, things have changed. While several factors have contributed to this transition, perhaps the most important one is continuous technological development. For businesses, it represents the ability to trade directly and manage the entirety of their financial assets independently. As for the regular consumer, it entails the simple process of opening an account with a creditable online broker, funding it, and beginning to trade.
Of course, one should first have the necessary knowledge. Examples include the proper reading of currency pairs in foreign exchange trading and understanding the factors that drive market movements over time.
Do you know anyone who doesn’t have at least two social media accounts, be it on Facebook, Twitter, Instagram, YouTube, TikTok, or any other? And if you do, do you know more than one or two people?
According to the latest data, there are close to three billion active Facebook profiles and over one billion Twitter accounts. If we don’t take into account the populations of China and India, this means around 50% of the world’s people post pictures, write comments, upload videos, and engage with each other online.
From a business perspective, these numbers bring along with them a tremendous opportunity to reach a global audience regardless of product, service, and company location. It also implies a substantial amount of money saved in traditional advertising and promotional methods such as television commercials, billboards in train stations and airports, and print ads in newspapers and magazines.
Some of the most important departments in most companies are production, research and development, purchasing, human resource management, and accounting and finance. They are basic areas that allow for the proper functioning of an organization despite industry or area of expertise.
Naturally, computers have existed for more than 50 years, and no self-respecting firm will handle their financial up keeping with traditional “books.” Still, what technology has done is to enhance these processes by making them faster, easier to manage, and more efficient and eliminate the human component, thus reducing the chance for error exponentially.
For instance, there are now AI-based solutions for human resource management and employee recruitment. They serve as a useful tool to filter candidates, measure future potential, and determine whether a specific man or woman is best suited to work in a particular company. Others include advanced accounting software and using predictive analytics to determine future market trends.
Community builder, entrepreneur, and keynote speaker Clare Muscutt once said, “Building a good customer experience does not happen by accident. It happens by design.” If we look at this statement at face value, we soon realize that both the acquisition and maintaining of a solid, stable clientele is a process rather than a result.
Luckily, we currently have the technology to manage this process better. Not only that, but it is available at an affordable price, sometimes even free. An example is the geometric explosion of customer relationship management software or CRM.
Like most things, they come in all shapes and sizes based on company size and needs. If you want something you don’t have to pay for with limited capabilities, you could try the HubSpot CRM. On the other hand, if you are looking for a more robust system that allows for customization, big data management, and the creation of reports, your firm could look into Salesforce or Apptivo.
Four areas where technology has played a vital role in business are inclusive trading systems, accessible, cost-efficient digital marketing campaigns, simplified processes in department administration, and better customer management through CRMs.
The more technology develops, the bigger the influence it will continue to have in all areas of the corporate arena.