The impact of technology and the internet on business has been so enormous that it is almost impossible to even quantify. Through digital tools and communication, work can be done faster, better, and more efficiently than ever before.
Though it will be decades before we can say exactly how much business has changed at the hands of technology and the internet, there are a few objective improvements that we are all clearly reaping the benefits of. Let’s take a look at three ways tech has changed the way we do business.
Big Data can be a Big Strategy
One of the biggest, quickest changes to the world of business is the new meaning the word “big” has taken when it comes to data.
Corporations now have the ability to observe trends in consumerism in real-time. Data can be shared quickly, and used to ensure that a company never loses sight of the big-picture. Now of course, with big-data comes big responsibility—a duty that we have consistently seen some businesses (cough, cough, Facebook) unable to rise to.
The consequences of big-data are as immense as the benefits. What we can say for certain is that the potential for big-data is larger than we currently even know what to do with.
The Sun Never Sets on Productivity
Or at least it doesn’t have to. Digital communication is now making it easier than ever to collaborate with people from all over the world. The benefits of remote communication are almost too immense to even enumerate.
A reduced cost for overhead. The potential to hire the best candidate, not just the person that lives within thirty miles of your office. The ability to have teams working night and day from anywhere in the world to meet deadlines.
The possibilities communication tools provide are truly endless.
A New Potential For Customer to Business Interaction
Consumer to business interactions of the past were facilitated one of two ways: in person, or via the telephone.
The age of social media has changed things in a way that no one ever could have seen coming. Businesses are now able to constantly present their message to the consuming public through free to use applications like Facebook, Twitter, even Snapchat.
These days, social media is the biggest and best way for a company to communicate with its customers. The best part? It’s affordable, humanizing, and instantaneous.
How AI could disrupt everything
Artificial intelligence likely hasn’t even come close to fulfilling its potential in the world of business. Yet, it is already having an impact on how things are done. In just a short time, Chat GTP has almost revolutionized how we do business.
HR departments in particular are currently getting a taste of what AI can do. Artificial intelligence is currently being used to instantaneously answer questions for employees and customers (see the chatbot). It is also being used for scheduling, for considering job applications, and drastically cutting down time spent on the hiring process.
As artificial intelligence continues to improve it will mean more time saved for businesses everywhere. And of course, we all know that time is money.
It would be impossible to overstate how big of an impact technology has had on business. Or on anything for that matter. From cutting costs to increasing productivity, tech can do just about anything short of running your business for you. You know. For now.