In today’s modern world, it’s undeniable how massively technology has impacted the way organizations operate. And though spending on enterprise software is expected to dip this year due to the impact of the pandemic, businesses across the globe have spent a whopping $3.94 trillion on technology between 2009 and 2020.
For business leaders, it’s important not only to be up-to-date with the latest changes in technology, but to also understand how this affects your business and how best to take advantage. This is no small feat in light of the pace of innovation today, and to help you out, we’ve listed down four ways emerging tech is changing the nature of business.
Improved communication processes
Modern technology has greatly improved communication processes for business. From SMS and e-mails to websites and apps, it has allowed businesses to provide better service delivery to clients, improve their customer service, and analyze data much more effectively. But with increased efficiency comes greater expectations from consumers, with 36% of consumers saying that the most important aspect of a good customer service experience is getting their issue resolved in a single interaction.
This is why paying attention to new communication solutions and utilizing them for your business will help your business thrive, as communication tech has become a matter of competitive advantage. But it’s important to remember that when your business adopts a new communication channel or process, you must ensure that its interface and integration is something that your whole team can easily learn and understand. Another concern is security, as communication tools are vulnerable to hacking. You need to proactively look for services with features like advanced encryption and multi-factor authentication, as well as modern security tools that are built to deal with complex collaboration platforms.
Outsourcing business functions
Another way technology is changing the nature of business is how it allows companies to outsource different functions to other businesses, both locally and internationally. Outsourcing has become more attractive to a lot of entrepreneurs since it not only lowers their costs, but also lets them have more time for important revenue-generating activities, such as sales, and research and development.
But with so many business functions available for outsourcing, the problem lies with evaluating which aspect is best to outsource for your business. Before you start, do create a clear standard operating procedure, and also a performance expectation. Finally, when selecting an outsourced vendor, look for one with proven experience in the function you are looking to outsource, and if you are going to outsource with an offshore vendor, make sure that they have the appropriate standards and safeguards in place to truly boost your company efficiency instead of giving you further headaches down the road.
Enhanced efficiency in tasks and processes
Technology has also paved the way for various tools that help businesses accomplish tasks and complete processes more efficiently, and this is something that can be felt right at the beginning of every business venture. These days, registering a limited liability company can be done online, with most states allowing business owners to submit articles of organization and operating agreements over the internet. This has greatly sped up the submission, processing, and filing of these documents, and even employer ID numbers can be issued instantaneously via the internet.
Aside from business registration, technology has also sped up product manufacturing, with product designs that can be uploaded from any part of the world in an instant, and be viewed, changed or altered via a smartphone, and then uploaded to a prototyping facility thousands of miles away to start production. This just goes to show how technology not only helps you make more out of given timeframes, but also overcomes the problem of distance.
The need for business adaptability
Lastly, with technology improving connectivity and offering real-time information, organizations must be willing to alter their practices to remain competitive in the continuously growing and changing technological landscape. Just because a certain innovation or process has worked before doesn’t mean that it will always work in the future. This shows that not a single company has enough power within its own wheelhouse to find all the solutions.
As such, companies must seek to work with multiple consultants in specialized fields, which were not necessary or even available in previous decades. With modern technology, we now live in an ever more open and complex society. And if you’ve been swamped with so many software options, it’s best to do your research and check out our in-depth software reviews to be able to choose and adapt accordingly.