Technology is growing at an exponential rate and business houses are benefitting massively from the same. There was a time when data extraction and recording were done manually. Modern organisations are banking on the wings of technology to bring a complete transformation in the way of conducting business. Today we are going to discuss how the change is happening:
- Communication is a pivotal part of every business. Advancement in technology is making it easier to communicate. There was a time when organisations banked on landline phones to send and receive information. This was followed by the advent of cell phones which allowed greater portability in the communication system. The covid pandemic added greater inertia to the development of communication tools like Zoom, Slack, Microsoft teams, chatbots, social media platforms, etc. Marketing productivity of business received a solid boost via automated communications which help in spreading the reach of businesses. But at the same time, it is also important for businesses not to lose out on their humane aspect. Placing simple phone calls once in a while can make customers feel more connected with the organisation other than the usual mailers.
- Artificial intelligence is reshaping both consumer markets and business houses by becoming a mainstream part of our lives. The business processes of every industry have undergone a massive change since the advent of artificial intelligence. Every organisation wishing to retain a competitive edge over its peers can imbibe artificial intelligence in different fields like security, machine learning, CRM, etc. It becomes possible to keep track of the search patterns of buyers and predict the next item they will add to their cart by banking on artificial intelligence.
- Every business generates a substantial amount of data. But the main problem arises in its storage aspect as storing such high levels of data can be very resource-intensive. This has led to the popularity of cloud storage wherein organisations can store data in servers hosted remotely by third parties. Businesses can often be seen looking for deals on broadband to suffice their data requirements. These cloud databases are both easy to use and scalable making them an economical choice for businesses. Both data processing and management services are being offered by companies like Google, Amazon, and IBM.
- Remote working has become the catchphrase in our post-covid society. While this trend has been on the upward rise for the last 15 years, it attained a tremendous boost as people were forced to work from their homes to keep themselves safe from the deadly coronavirus. Even with the advent of the covid vaccination, employees are not finding it adequately safe to step outdoors. Organisations are also adapting to this trend as it is helping them keep down their overhead costs. However, they are catering to the changed technological and infrastructural requirements of their personnel by offering them sim-only plans having adequate data allowance for seamless Zoom calls. Various organisations provided handsets like an Apple iPhone and many more to their personnel for keeping up with their work requirements while working remotely. The steps taken by companies offered various project management tools to their employees so that they could keep on working on the same projects and updating their status on a real-time basis. However, broadband connections with high bandwidth capacity and unlimited data allowance might be required to make the most out of cloud storage.
- Slow cash flow can be detrimental to the growth of the business. This is why organisations are banking on technological tools like payment wallets, web payment gateways, mobile apps, and more to foster faster payment from users for the goods and services available.
Our desire for greater efficiency and productivity in every field of life has led to the development of newer technology with every passing day. While adapting to the new technology might feel problematic initially, the final results are definitely worth the learning curve it imposes.