In traditional times, developing and maintaining a business seemed like a daunting task. The process was tedious and took more time compared to businesses in modern times. For example, the marketing function for up-and-coming entrepreneurs involved word of mouth or traditional forms of media. Technology has since revolutionized ways of doing business well beyond many people’s expectations; to the point that we cannot have a functional society without aspects of technology. In business, technology has led to considerable cost and time savings. This article discusses the impact of technology on business.

Apps for Business

With the advent of technology and the internet, it is now possible to transform many functions of a business to the mobile platform, through apps. If a business has an app, then customers can download the app and have access to information about the business. The business can list products and services, and also communicate with their customers. Further, businesses can monetize the apps. All one has to do is have the right amount of traffic and advertisers will pay for the advertising space.

Makes Marketing Easier

With the arrival of social media, it is now easy and cost-effective to advertise anything. From services to products, and even branding, social media is a tool worth utilizing. Due to the informal setup of social media, clients easily share their thoughts regarding businesses. Furthermore, customer concerns or queries are handled in a personalized manner. Some businesses and brands have also managed to make money from social media pages because of the fact that they have masses of followers. For such brands, they can make an income advertising products.

Technology is Cost Effective

For most contemporary business models, getting an office might seem like an expensive undertaking due to the costs associated with running one. Renting space for a physical office is costly considering overheads such as rent, water, and electricity. Technology platforms now allow work to be submitted online without the employer having to meet the employee. Additionally, working remotely allows people to save on transport costs and could perhaps lead to more productivity as long as employees submit deliverables at the end of each working day.

Business Meetings can be Held Online

Numerous online platforms have made office meetings enjoyable and fast. With platforms such as Skype, Slack, or Google hangout, the need for physical meetings is minimized. Moreover, people can refer to their online meetings for future reference because everything that is discussed is saved and relevant documents can be shared with everyone simultaneously.

Hiring People from Different Geographical Locations

This aspect works particularly well for many business models including the blogging community. Technology has made it easier to work with people from all over the world due to numerous platforms of communication. It is possible to have meetings, share documents, and chat. Companies thus hire experts from far away regions, allowing them to access talent that is miles away. Experts do not have to travel and companies do not have to spend exorbitant amounts of money recruiting talent located far away.

Money Transactions

Although money transactions on the online space took time to catch on, understandably due to security issues, online platforms are now preferred by many companies across the world. Employers now pay from whichever location they are in. Employees work online and receive their dues via online payment systems such as PayPal or online banking systems. Further, transactions are fast and now easy to track because of synchronized communication systems.

In addition, the banking system has incorporated technology in its different functions, and in the process resolved most of the typical problems. For example, with the advent of stream processing, it is now possible for banking services to be offered real time. Business consumers enjoy banking and can access their information anytime and conduct transactions in real time. Further, it has become easier to process and analyze data to avoid fraud, cyber scams, or stealing of data. With such systems in place, people are now able to manage their accounts instantly.

Business to Business Communication

Technology offers convenient platforms for companies to communicate. Companies can spot other companies with their online presence. Thanks to technology, businesses communicate through email and social media. Consequently, businesses can work together and form relationships for future collaborations.

The technology revolution is still on track and more discoveries are made every day. Entrepreneurs can now focus on being innovative have a flexible lifestyle managing their work across multiple devices.

 

by: Dennis Hung