There’s good reason why leading experts are referring to the age we’re living in right now as the Technological Revolution. Technology has impacted the way in which we do things, and it’s had a massive impact on the global business environment as a whole.
Here’s just how technology has impacted the global business environment and why this is one of the best eras in which you can do business.
Business in the Nineties
Business used to work a whole lot differently in the nineties. We’d just hit the internet boom, and companies were only starting to realize the benefits of hooking up with an internet provider and using services like e-mail, fax and VoIP to get business done. We saw domain names, we saw beepers, we saw business moved forward with technology in a way that we had never seen before.
It’s a lot like what we have going on today, except today we have even more advanced technology. Things like artificial intelligence and social media.
Technology Has Made Business Artificially Intelligent
The use of technology has made many different business processes artificially intelligent. Now, computer systems can make automatic stock market trades that make sense. AI can even help businesses to see projections, behavioral information about customers and market estimates that can help them to plan the way forward better than ever before.
Technology Has Made Business Deals Instant
Technology has made business deals instant. Where signing a deal could take days or weeks ten years ago, now you can do everything from the meeting through to the signing of the contract through remote, online or instant means.
Things like Interbank exchange rates are less today because of this.
Technology Has Increased Reach
Technology in business has increased potential reach by millions. In the nineties, we weren’t entirely used to the words “viral” or “meme”, but today these words are part of everyday culture – and these can all be used for promoting a business or brand when used right.
Not only have we managed to increase the reach between businesses, we’ve managed to improve the way we reach customers.
Technology Has Changed Customers
The use of smart devices and technology hasn’t just changed business: It’s also changed the customers on the final end of the supply chain. Somewhere in the nineties, business started switching over from sales focused on products (“Buy this and see what this product can do for you.”) to more customer-focused marketing (“Buy this and see what this company can do for you.”)
Technology has changed customers: And how businesses can keep track of customer habits.
Technology Has Made Business Easier to Quantify
Technology has made business easier to quantify than ever before. Now, businesses can see information about their customers and sales at the touch of a button – whether they want to see what customers have been doing over the past year, or whether they want to know how customer preference might have changed.
Detailed statistics are available, whereas it used to have taken months before statistics like these were available.