The role of technology in business is growing all the time. A few short decades ago, a personal computer was considered a novelty. Now, the ubiquitous nature of computing makes operating a company nearly impossible without some form of technology. Communication, data management and efficiency are all impacted by technology. New vistas have opened in the business world as advances have made globalization possible.
is a necessity in today’s technology-saturated business world. Computers go down, systems fail, but a solid maintenance schedule and skilled, reliable support means that trading can continue, even if a system goes down. The reliance of businesses on technology has grown in recent years, and shows no signs of abating.
Communication is one area where business technology has become indispensable. From the advent of the telephone to today’s modern cloud computing, social networking, e-mail, instant messaging and file sharing, technology has changed the face of commerce forever. International meetings, which once took weeks or even months to arrange, can now be accomplished in a matter of moments, with virtual meetings and streaming video. Business partners can share files and information instantly, improving efficiency and opening new opportunities.
Companies are no longer limited by location when hiring new staff. Thanks to advances in technology, freelancers can do jobs that once required on-site staff. Using freelancers and the virtual workplace made possible by the internet, businesses can cut the cost of luring and moving new talent from distant locales to their company’s offices. Freelance or salaried staff can now work from their home offices, saving both money and time.
Freedom and mobility have increased with every new advance. Mobile devices allow staff to work on the go, from satellite offices or an airport terminal. Businesses from all over the globe have the ability to contact and communicate with one another virtually, reducing travel costs and increasing efficiency in the workplace. The new business model is based on a globalized marketplace. Changing market conditions are no longer isolated to local markets. In today’s business world, clients come from all walks of life, cultures and locations. Technology has at once made the business world a smaller place and expanded horizons for companies.
How technology benefits both consumers and businesses
Technology has not only changed and improved the ways companies communicate and do business; it has also improved the customer experience. Pay at point consumerism has created a convenience-based marketplace, which enables everyone to acquire goods and services with much less effort than in decades past. Technology and online ordering allows consumers to do business with companies from nearly anywhere in the world, opening the market place up to expanded competition and improving customer service.
Keeping customers in this new, globalized marketplace means making the best use of technology to reach potential and returning clients and to understand and meet their needs. Businesses have an unprecedented opportunity to forge personal connections with their customers and to create interactive experiences, which help build customer loyalty and increase brand recognition, building stronger businesses based on their ability to participate in the globalized marketplace.