We all know technological advancements have changed our lives in the last 20 years, but how did they change the way we do business? Now that computers are smaller, faster and more efficient, many business tasks can be done electronically. Here are five ways in which technology has made changes to the business world recently:
Faster and More Efficient Production
Many tasks previously done by hand, such as assembling the components of certain products, can now be done a lot more quickly and accurately by modern machines. The entire production process can be managed electronically. This process can be useful in many environments. For example, a factory owner can get a quick glance at his current output and check on the levels of materials to see if he needs more.
Better Communications With Customers
Businesses now have many new ways to interact with their customers, such as their websites, blogs, social media pages, smartphone apps, etc. Tools such as Mindshare Voice of Customer let businesses manage their interactions with customers more easily and identify areas in need of improvement.
Companies like Mindshare specialize in providing tools that can help a company quickly analyze comments left by customers by looking for certain keywords correlated with poor service. Their software can even convert speech to text automatically, allowing for easy access to and analysis of reports.
Increased Cross-Border Business Relations
While international trade isn’t anything new and has been going on since antiquity, it has recently grown tremendously thanks to technology. 20 years ago, finding a supplier overseas would have been a time consuming and costly process of looking through business directories, talking to business contacts and making numerous long-distance phone calls. Now, all one has to do is go online and search for the product he or she wants. Many websites exist that connect buyers with suppliers from around the globe.
We now have numerous ways of getting in touch with business contacts, 24 hours a day, 7 days a week. Mobile phones, video conferencing apps, instant messaging services and social networks are all used to bring people together in the business world.
New Types of Businesses
Many companies, such as web hosts, VoIP providers, video sharing sites, social networks, as well as e-commerce sites owe their existence to the growth of technology. The Internet has allowed completely new types of businesses to be created and thrive in today’s world.