3 Ways that Technology has Changed the Way Business is Conducted

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Looking back ten years ago, the influence of technology over businesses is not even been close to half of what has been achieved today. Over the past decade, mobile banking, online payments, and other transactions have rapidly developed to the convenience of both the consumers and business owners. And it doesn’t end there. Social media and mobile applications have also been playing important roles in helping small to medium-sized businesses keep up with enormous and long established companies.

Technology has definitely changed every aspect of business operations as an exponentially growing trend since the industrial revolution. Some businesses were left behind while most of them flourished amidst the increasing level of competition. Definitely, we are bound to see bigger changes in technology over the next ten years or so. And don’t be surprised if these changes will still have a huge impact on the business world.

Read more about the 3 most remarkable ways that technology has changed the way businesses are conducted and you might find something useful to use within your own business.

1. Fast and Secure Business Monetization

The development of computer programs and mobile applications has definitely changed the way consumers and businesses transact online. Today, you can conveniently shop for clothes, tickets, food, and other necessities through business websites and mobile apps. Through fast and secure gateways, you can complete payments for products and services with ease.

Fast digital payment technologies have also opened up a new perspective of client-to-business relationship wherein it is a win-win situation for both parties. Consumers are able to pay and get their items fast and with convenience while businesses can increase their production and serve more clients over a shorter time.

2. Quick Business Transactions

Technology has also increased connectivity in the business world in terms of speed, quality, and coverage. Aside from allowing companies to communicate with other businesses and clients, technology has also improved the way they handle and store data through cloud computing and storage. This cost-efficient, secure, and low-risk alternative has greatly helped small businesses compete with large corporations even without huge resources.

There are many mobile applications that are capable of handling some of the common office tasks. Text messages, voice calls, and video calls are now made possible with the help of mobile apps and optic fiber connections. There are applications that can track the progress of an employee, send automatic responses to clients, and provide real-time inventory reports of products. Another application called FaxBurner is an amazing business companion that is capable of sending and receiving fax messages from an iPhone, iPad or through e-mail.

3. Real-Time Analytics

Another way that technology has improved the way that businesses are handled is through marketing and customer relations. Businesses can now collect and gain access to client information in real-time by conducting online surveys, collecting feedbacks, and using social media platforms. The data can be processed using analytic tools to produce comprehensive reports on customer trends and habits. Real-time analytics has definitely helped several businesses to conduct more effective marketing strategies and product development plans.

Technology has recently allowed for the development of wool shoes that are environmentally friendly.