4 Ways Technology Is Transforming How We Do Business

In the words of the always-wise Ferris Bueller, “Life moves pretty fast, if you don’t stop and look around once in a while, you could miss it.” This sage wisdom of Ferris can also be applied to technology in business. If you aren’t paying attention to the latest tech trends, you could miss them entirely or catch them far too late. Imagine being one of the earliest brands to realize the power of advertising on Facebook or the impact of a branded mobile app.

This article will examine the ways that technology is presently transforming business. The hope is that these insights will allow you to strategize better which tech solutions to invest your time and money into.

1.) More Channels Demand More Sophisticated CRM Software

Today’s companies are present on an ever-growing number of channels that create far more customer touchpoints. Every social media account, app, customer support line, website, store location, newsletter, event or otherwise that a company develops also creates a new touchpoint.

As a result, businesses need more sophisticated CRM software that is capable of mapping the entire customer journey across all of these touchpoints to better personalize each customer’s experience to their unique needs.

2.) Data-Driven Decision-Making Models

If you’re a fan of Major League Baseball, you’ve probably noticed the shift in how teams think and make tough decisions, from big market trades to pitching changes. This shift is brought on by better data analytics and the ability to use numbers, instead of guts, to make these choices. It mirrors what is occurring in business.

Enterprise big data and advanced analytics tools make it possible for companies to discover actionable insights towards making smarter decisions. No longer do companies have to rely strictly on opinions and what’s worked in the past; now, they can look at data trends to measure where the smartest routes lie.

3.) Automation of Certain Business Processes

Think about how much time you spend on back-office tasks, like accounting, inventory management and so on. Now, imagine what you could get done if those precious hours weren’t spent on these dull and time-consuming processes. That’s exactly what’s possible today, thanks to the maturation of AI tech. As the capabilities of machine learning grow stronger, it becomes easier for businesses to automate their back-office processes, thereby saving time on more important duties. No more manual data entry or hands-on number crunching.

4.) More Informed Customers

Research has always been an essential step in any customer’s buying journey, but with the wealth of information available on the Internet and the ease at which consumers can access that info via mobile devices, this research phase is growing in importance. In short, today’s consumers know a lot more about the products they are buying and the brands or companies that sell them, whether they are shopping for something as inexpensive and generic as khaki shorts or as expensive and specific as houses for sale in Fort Lauderdale with an above ground pool. Businesses need to accommodate consumers need for more detailed information about their products and brands or risk losing potential customers to competitors.

Conclusions

The importance of technology in business can’t be overstated. It’s always important to keep a steady eye on the future and how the latest technology is affecting the ways that companies and consumers are behaving.

Author: Kar

Dr. Kar is in the Information Systems & Management area in one of the top QS Ranked universities of Asia/world. He has extensive experience in teaching, training, consultancy and research in Indian Institutes. He has published over 100 high impact research papers. He has hundreds of citations as per Google Scholar. He has also authored/edited 4 books. He is the Editor and Founder of Business Fundas. Note: The articles authored in this blog are his personal views and does not reflect that of his affiliations.