Digital disruption is at an all-time high. Technological innovations have replaced old ways of doing business with better and more advanced solutions. According to Forbes, 51% of business executives fear losing revenue and market share to startups and innovative companies.
The need for businesses to embrace technology is now critical as it guarantees future survival. Here are 4 ways technology has changed the business landscape for the better.
According to one report, employees spend over 60% of their time at work consulting and responding to emails. To cut down the time spent walking to a coworker’s office or assembling at a boardroom to exchange information, more companies are using collaboration tools.
Google Drive/Docs, OneDrive, and Microsoft SharePoint are some of the most popular collaboration tools. Shared inboxes have also become common among customer support teams in bigger organizations. These collaborative tools allow for real-time sharing of files and folders. Important discussions also happen in an efficient and more organized manner.
It’s Easier to Start and Grow a Business
A few years ago, starting a business was hard and capital-intensive. Entrepreneurs needed a brick-and-mortar store and significant startup capital. If someone wanted to start a dealership, they would have to invest in a fancy showroom to attract potential customers. Things have changed.
Today, there are many businesses you can start and run online. They need very little capital, the important thing is to have a viable idea. A business page on social media and a website may be all you need to start and run a business.
For instance, if you’re opening a dealership, you can launch it online and offline to grow it fast. An optimized website with a car photo library can be enough to attract car buyers. People can click and view your car inventory from anywhere. You could also use Artificial Intelligence (AI) to build a virtual showroom and enhance shoppers’ experience.
Increased Outsourcing of Tasks
Technological tools have had a huge impact on business outsourcing. They allow businesses to work with experts on a wide range of business solutions, such as an Invoice Generator. Startups can also lower their costs by working with less expensive experts from foreign countries.
According to research, 80% of small businesses outsourced various functions in 2021. Some businesses choose to outsource for lack of an adequate workforce, while others do it because they lack high-tech facilities. Whatever the reason, technology enhances outsourcing processes and makes them seamless.
Marketing is now more immersive and personalized than it was before. Technology has created an enabling environment for marketers through various channels. Marketers can use different platforms to connect with their target audiences. A strong digital presence has become critical for businesses looking to grow.
According to statistics, 91.9% of U.S. marketers in companies with over 100 employees used social media for business marketing in 2021. This makes a lot of sense, considering more than half of the world’s population uses social media. Traditional marketing no longer outperforms online marketing, all thanks to technology.