Technology has been a truly transformative force in the business world. Whether you run a small business or work at a Fortune 500 brand, your daily professional life likely looks different than it did 10 years ago thanks to technological advancements. Think of this article as a how to start a business entrepreneur guide. These are a few of the ways that tech has changed the business landscape.
1) More Data and More Measurement
Perhaps the most impactful technology trend over the past decade has been the rise of big data. Although it traces its roots back a lot further, data science has had a renaissance as our lives have become increasingly digital. Many businesses are founded entirely on gathering and interpreting data.
From marketing to security, data has helped businesses understand people better. Incredibly, this isn’t only the domain of major corporations. Even small businesses can take advantage of surprisingly large data pools to help them make well-informed decisions.
2) Greater Collaboration
Technology helps people work together more efficiently. With online collaboration tools, people from all over the world are working together to design, create and sell products and services. These collaborative tools have truly changed the way that people work. An immense amount of the population works remotely today. Not long ago, this was an extremely rare exception. Soon, it may be the norm.
Even within offices, the way that people are collaborating is smoother and more technology-enabled than ever before. While data is changing the way that businesses engage with their customers, collaborative tools are changing how work is done.
3) New Threats
Of course, technological advancements aren’t limited to the business world. Cybercriminals have also greatly improved their abilities. Businesses need to be smarter than ever before to defeat would-be criminals. Surprisingly, however, security technology is more than capable of defeating most threats. The key issue is human error.
For that reason, many organizations are applying a zero trust policy. This is the assumption that no traffic is fully trustworthy. The thinking behind this is that cybercriminals strive to make their traffic look like normal activity. By not blindly trusting anyone, you can close up vulnerabilities.
4) Global Flexibility
With the power of cloud technology, businesses can compete on a much broader scale than was possible previously. The immense flexibility of on-demand resources has helped many organizations to scale effectively. Small businesses are no longer dominated by larger corporations due to economies of scale.
Furthermore, even single-person operations can sell to every corner of the globe. Technology and global logistics have brought the world’s economy closer together.
5) Constant Connectivity
People are available for work 24/7/365. This began with the rise of email but has accelerated as new technologies emerged. With the broad adoption of smartphones, many people are unable to completely get away from work.
This has really changed the way that people interact with their careers. While some argue that this connectivity is unhealthy, others welcome the greater blending of work and life. For businesses, having the opportunity to always stay connected means that there is less need for careful staffing and well-planned business hours. Needs can be addressed as they arise.
6) Innovative Monetization
With new mobile technology, businesses are monetizing their value propositions in new and unique ways. For example, they are engaging in commerce directly on social media apps. This allows a level of engagement with consumers that were not previously possible. Other examples of this include paying for items from mobile devices. The easier it is for customers to pay, the more likely they are to buy.
Many brands are also using geolocated marketing to target customers when they are in stores. These types of outreach were almost unthinkable 20 years ago. Today, they are more commonplace than ever.
As you understand the technology trends of the business world, you can better prepare yourself for future success. Learn more about how you can harness the power of data, good security and mobile technology.