Don’t Get Left Behind by The Changing Pace of Business Innovation

The world is on the move and so are all the business enterprises that make the basis for the global economy. If there is a wheel that is making this movement possible, it is technology. In an economy often described as technology-based, technology is the usual resource that enables every business decision and process. But because of technology, it is no longer ‘business as usual’.

Technology is changing the way we do business.

Technology Changing Business - NECL Blog

The Broad Picture

Put in broad terms, the penetration of technology into the business world has increased profit margins and exceeded business prospects because of the high speeds in production; the extension of customer pool through communication based marketing and diffusion of consumption ideals; the production of high-quality products to meet customer demands; and the replacement of expensive and slower human resource with technology-aided faster and more efficient resources.

In addition, technology has altered the approaches in business planning and made them less contextual and time-bound, cancelled local boundaries for human resource to incorporate resource outsourcing and dismantled the desk-limited access to business data to tap the immense proficiency of cloud computing.

These and other benefits of technology paint a broad picture of the immense change that has transformed the business world because of technology. But what exactly are the real changes? Here are 4 keyways technology has changed the way we do business.

As a result, these businesses are losing out to their more technologically advanced competitors. Digital developments make businesses faster and more efficient, but there could be a wave of disruption coming to those who haven’t started their transformation yet, due to the investments being made in digital infrastructure.

We Plan and Do Business in a Boundless Context

Technology has broken traditional business spaces and cancelled the limit for business hours. We operate in unlimited global business offices and profit from a non-stop 24/7 business rhythm. All thanks to technology and the great technology think tanks such as Google. In fact, the American search engine company consistently changes its algorithms to make web browsing more accessible to greater numbers of people all over the globe.

Similarly, great businesses like Amazon are capitalising on global online shopping and marketing for a wider range of goods and services and diversifying from their traditional focus on the sale of books. All this is happening from all corners of the world.

We’re Upwardly Mobile, Thanks to Mobile Digital Devices and Cloud Computing

In the past, communicating to a business partner would pin you at your office desk for all the time you needed to create the message and send it. Today, technology allows you to create and send messages on the go. What’s more, you are not limited to communicating with one business partner at a time, you can involve more partners in a single business conversation.

Because of cloud computing, large and small-scale businesses can extend their operation from the office station to remote stations that have access to business data through internet connectivity. A person at the headquarters of a business can work on the same business project with others in remote stations thanks to data accessibility on the cloud.

We Target a Global Rather than a Local Consumer Pool

Technology has enabled marketing strategies to reach a vast pool of consumers and persuade their purchasing decisions. Today’s production targets everyone in every corner of the globe. But this has also changed the demand for quality of goods and services. Because of technology, prospective buyers can compare product quality and decide based on consumer reviews. For the business owner, this makes for tougher competition and greater demand for quality.

We Enhance Efficiency Through Automation and Robots

When we hire people, we compensate for the hours of their work with a salary for their livelihood. But from an efficiency point of view, even the most productive workers can make mistakes in their tasks. Businesses are replacing humans with robots to input data and complete tasks with utmost accuracy. Robots are also increasing the quantity of products manufactured in specific timelines, and all that reduces the need for human workforce.

It’s Business all the Time

As with globalisation, technology has broken the boundaries of business transactions and cancelled the limits of time on business processes. We do business all the time, from anywhere and with a wider pool of partners and consumers.

Thanks to technology, everything about how we do business has taken a turn for greater efficiency.