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Hackernoon logoHow Emerging Technologies Impact Businesses by@mj151

How Emerging Technologies Impact Businesses

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@mj151MJ151

Marketing

Role of technology in business

Technology has become an important part of almost every aspect of our lives today. Businesses have been using technology in different ways for a long time now. Technology is highly used for communication by businesses in the form of telecalling, emails, video conferencing as well as text messages.

It helps in management which in turn affects the operations, productivity, profitability, and sustainability of the businesses. Technology makes it easier for companies to record and store their data, reducing manual labor and errors.

Other technological tools such as electronic files and live chat systems are useful for maintaining customer relationships. Technology provides accuracy and can also be used for algorithms and financial purposes and inventory management in organizations.

Electronic security systems and biometric alarm systems ensure the safety of the organizations and their data. Information systems can be managed with the help of technology to help organizations plan, design, organise, coordinate, operate, and control their products.ย 

How does technology impact businesses

Technology also changed the way business is conducted by various organizations. Technologies have reduced the need for personal attention in terms of manual expertise as customer experiences are much more evolved and improved through customer support online and through social media.

Business operations can now be carried out at a much faster rate due to advancements like online money transfers, online shopping, file sharing, etc. This accelerates the process of sales as well as smoothly helps in carrying out operations.

It is more feasible to carry out business with video conferencing, immediate access to economic and organizational data, or investments. This makes companies more independent in terms of transport, logistics, and communication.

Communication with the clients as well as within the company has improved due to technology. It is now easier for people in different departments and different positions to communicate and observe the tasks assigned to different employees.

The employees are more accessible as they can be contacted via text/ video, or emailed with important and urgent messages. Connecting with customers or employees is made easier through mobile technology that can also be used for marketing purposes to send promotional emails or newsletters to motivate them to work with the companies.ย 

With the help of cloud computing, businesses can observe the work of their competitors and learn from their mistakes and successes. Small businesses benefit from cloud computing as they do not have enough resources to work manually on their companyโ€™s productivity as well as marketing and data storage.ย 

Technology also makes sure that businesses stay in touch with their customers and potential customers with the help of social media that can be used to promote the organization, as well as gather feedback from clients to help them improve.

Businesses can improve their visibility with the help of the internet by registering their business with business directories which would help the right customers find their business when they search for similar keywords.

Importance of cloud computing

Cloud Technology helps share resources, information, and software through a network of computers. The likes of Amazon Web Services, Microsoft Azure, Salesforce, and Google Cloud are leading the market. Salesforce which is also the leading CRM solution provider helps in bridging the gap between the employees, customers, and businesses.

Salesforce provides features that include real-time feeds, profiles, recommendations, trending topics, etc. that not only help the companies maintain customer relationships but also creates a link that connects employees.ย 

New technology trends for modern businesses

Some of the new and old technological trends that may impact businesses include:

  • Practical Blockchain- Experts presume that blockchain has the potential to reshape industries with the help of artificial intelligence and IoT by creating more trust, transparency in supply chains and money transactions, lower fees, and short transaction processes among others.
  • Hyper-automation- can be used to replicate tasks that require the use of human abilities. This is known to be a part of Robotic Process Automation (RPA).
  • Internet of Voice- can be effective in many ways that include voice search, real-time answers for multiple search results, concrete answers from AI assistants, and making purchases with voice commands.
  • AI and data modeling- The field of technology may improve upon data analysis and automation. This would be helpful in customer services and marketing automation as well as various other aspects of businesses.

Conclusion

  • To summarise, let us look at some of the technical advancements online that have a major impact on the functioning and interaction in businesses include:
  • Business Management Applications that include business management areas such as ERP, marketing automation, human resources management, etc.
  • Email and office applications such as G Suite from Google and Microsoft Office 365 have eliminated the need for an in-house email server or desktop email client.
  • Integration of Applications are being used by companies such as Informatica, Scribe, MuleSoft, and Jitterbit.
  • Customer Self Service that is, social customer service offerings such as Lithium and applications such as Zendesk have dedicated support applications for customers.
  • Webinar Applications allow the sharing of content in an organization and community possible efficiently.
  • Customer Feedback can be received with the help of applications such as UserVoice and Get Satisfaction.
  • IP Telephony is made possible through Lync, Skype, and other such technologies that are inexpensive and accessible.
  • Content Management Systems are used by companies with corporate website platforms like WordPress, Drupal, and Sitecore that allow them to create and modify content easily.
  • It has become easier for companies to host and conduct all sorts of work through internet resources that prove to be efficient and inexpensive as compared to the amount of manual labor needed for the same.

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