26th Aug2021

Here’s How Tech Has Fundamentally Changed The Modern Business

by James Smith

When you are running a modern business, it’s important to make sure that you do understand how to stay in the game. You need to guarantee that you are taking the right steps to stay ahead of your competition. What does this mean? Well, there are a few ways that you can get the upper hand on the market. One example would certainly be using the right technology. Using technology in your business will ensure that your company is more effective and productive. It can also help you eliminate issues with wastage and increase the overall performance of your business.

However, to understand the right tech that a company should be using, you need to make sure that you understand how technology has changed the game in the business world. Here are a few key examples.

Automation

Automated technology is not a new concept. It’s been part of the business world in some form since the industrial revolution. It was back then that machines were introduced which were able to complete processes that used to be in the hands of workers. However, it’s fair to say that automation has become far more interesting over the last few years. These days, automation is more focused on software and specifically machine learning.

Machine learning is the process of software being used to create software to complete different tasks. For instance, you might have wondered how companies like Google and Microsoft can sort and manage your emails so effectively and quickly. We guarantee that the process behind this is tied to machine learning.

Of course, this is only one element where automation is now part of the puzzle. Another example would be invoicing. Invoicing is essential for modern business. It will guarantee that you can stay up to date with who has paid you on time and the people that have fallen behind with payments. This is going to stop your business ending up in the red. In the past, it was necessary to rely on an individual to manage invoices in your business model. These days, that’s not the case. Instead, you can ensure that your invoices can be handled automatically using quite a basic piece of software.

You might think that automated software and technology is going to cost a business a fortune. However, this is not the case. Instead, automated software and solutions could actually end up helping you save money in the long term.

Artificial Intelligence

Of course, it’s not just automated software and technology that is changing the world of business these days. Instead, it’s also important to understand the role that artificial intelligence has these days. Artificial intelligence is becoming more advanced every year. We’re not quite at the point where AI can replicate human behavior but we’re moving in that direction. Some of the key elements of science-fiction over the years don’t seem quite that far fetched any more. So, how does AI fit into the modern business model?

Well one example would certainly be the customer service sector. In the past, to provide the support customers needed, companies were forced to hire massive teams of workers that could operate the phones. These days, things can be more simple and streamlined. For instance, when a customer calls a business, they can be greeted with an automated response system. A system like this can operate as a funnel and ensure that customers are pointed in the right direction. Any queries that can be handled without the use of a team member will be. If they need extra support, then the system can also push the caller to the right team member.

Of course, customer support has also moved away from call handling and towards live chat options. If you click here for details on Chatbots and AI, you’ll be amazed by what they can accomplish and how many benefits that they can provide to the typical working business. Customers have also noted in various polls that they prefer this option compared with the typical call answering service.

Cloud Servers

The majority of businesses these days, both large and small are using some form of cloud solution. The cloud provides many benefits for the typical business. For instance, it’s a great way to ensure that data can be kept secure. That’s important, particularly when you explore the latest statistics relating to cyber crime. One report has suggested that there will be a major attack on a business every 20 seconds in 2021. These won’t all be successful and if you ensure that you do store your data on a cloud, you’ll immediately be taking a positive step here.

Don’t forget that thanks to new data protection laws, businesses also have a legal duty to keep any data that they store on customers safe. This means that you do need to think about using a cloud solution to avoid a massive legal penalty.

Of course, it’s not just about security. The cloud will provide other benefits as well. For instance, you can use the cloud to ensure that your business can operate remotely. This is great news and it’s how a lot of companies continued to survive and even thrive during the initial days of lockdown.

Cloud servers may seem like an inexpensive solution for the average business, but they are often scalable. Due to this, they can fit into the budget of large and small companies alike. There’s no need to worry about an option like this eating away at your business finances. Indeed, one could easily argue that tech like the cloud is why it’s so easy to set up a small business these days and run it effectively.

Marketing

One of the key ways that technology has changed the game in terms of marketing a business relates to data. If you are running a business then it’s likely that you will have a massive level of customer data stored on your business servers. This can provide you with a lot of power in terms of marketing and promotion. For instance, data can ensure that you can conduct a more personal approach to marketing. You can, essentially, guarantee that every piece of marketing content feels like it was crafted for a specific individual. The reality of course is that you will have based marketing on specific subsets of your audience to ensure that it is more targeted.

There are more options when it comes to marketing as well with the main drive these days being online marketing. But even that has evolved thanks to modern technology. One basic example would be how we search online. In the past, it was common to type in keywords. These days, more people ask direct questions due to voice response and voice control. This has changed how businesses and marketers created content. It’s quite common for pieces of content to be created about key questions that customers want the answers to. This is great as it means that you can provide more value to your clients.

Another element of marketing would be the use of new tech concepts such as VR. We’re only at the beginning of what we can achieve with VR technology. But the big benefit of VR is that it does allow for more immersive campaigns designed to grab the attention of a captivated audience.

Changing The Workforce

Finally, it’s worth noting that the workforce and the way that businesses approach building teams has also changed significantly due to the latest technology. For instance, the gig economy is growing at a rapid pace. This essentially means that a lot of businesses and sectors are no longer hiring full team members on permanent contracts. Instead, they are more likely to utilise freelancers. Make no mistake, this shift is almost completely tied to advances in technology. Tech has made it easier to fill roles like this, through the use of massive platforms that everyone can access.

Of course, the other major implication of technology and teams relates back to automation. There is some concern that the level at which automation is growing will mean that employees struggle to find work. While some have argued this means that we desperately need a universal living wage, others are more positive. They envision a future where team members still have jobs and learn to work with automated tech or even advanced forms of AI. Only time will tell whether this is true or if eventually advancements in tech will push humans out of the workforce completely.

We hope this helps you understand some of the key ways that technology has completely shifted the conversation when it comes to a modern business. By being aware of the apparent changes here, you will be able to make sure that you do have the right focus in your business. You will be able to make the key investments to ensure that your company is ahead of the competition. It’s worth noting that technology is constantly evolving. You should always be looking at the latest tech to see how it could benefit your company.
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