Over the past few years, we have seen technology and software grow in both popularity and importance. It has leaked into almost every aspect of our lives. Today, you will probably check your phone at least one hundred times.
That number could multiply by ten if you are engaged in a conversation by text. We use technology to buy products, to contact one another and to interact on a daily basis. Right now, you are either viewing this article on your tablet, your phone or your laptop. You might even be scrolling through it on your smart TV. This shows just how crucial tech has become in the world as it functions. But what has this dependence on tech meant for business owners.
The increased reliance on technology has left business owners with several advantages and disadvantages. For instance, new tech has allowed companies to set up entirely online. Rather than having a physical presence on the high street, companies are more flexible. They can be run from anywhere in the world. As well as this, tech has given customers new ways to buy and this, of course, has boosted profits, for many companies. There have been other factors that could be seen as disadvantages. Technology has created a truly global economy, and this has led to massive increases in competition. A competition that smaller startup business may not be able to contend with.
It is important to examine the role of tech in a company so that new business owners know how to use it effectively. It has many uses that are important for securing the place of a new company on the market.
As already mentioned, a big part of the tech being used by businesses today is for connectivity. Tech helps businesses stay connected to employees and customers. You can do this online through social media. With social media, it’s possible to keep a constant exchange of ideas between customers and businesses. Just look at some of the profiles of businesses online right now. You will see that they are constantly connected with their customers. On Twitter, a business might post an update. A customer will then respond to that update, and more will follow. There is a dynamic between the information given, and the feedback received that is becoming crucial. It’s part of the marketing for a new company. It allows customers to get the service they require. They expect companies to be interactive and accessible in almost every way.
But it’s not just about interacting with customers. Tech is used to keep employees connected as well. If you’re running a business online, you might have a virtual team. A virtual team could be spread out, working from anywhere in the world. It might seem difficult to get a team like this to work on the same task. Or, to complete different goals to reach an outcome. However, with tech it’s not just possible, it’s easy. Employees can stay connected with each other and their leader through online messaging. By doing this, a virtual office can be established, no matter where employees are situated.
Technology has also allowed for faster connection and information to be shared like never before. Employees can use cloud-based software to do this. Cloud servers are perhaps the most secure way to store information in the world today. It is also the fastest way to transfer information to different people. With a cloud server, everything can be accessed instantly. Large and expansive files do not need to be sent because they are already available for everyone to see. This allows businesses to provide a far more efficient service to clients. Companies spend thousands to ensure services like this are set up and that IT outsourcing companies keep them running. It is beneficial to use resources such as this in a company. However, once you’re dependent on it, if it breaks down, your company could be in dire straits. That’s why IT support has become such an important service for companies to use.
New technology has also allowed businesses to reach higher levels of efficiency in different ways. Energy saving is an issue that is at the top of the agenda for many business owners. Companies are keen to do what they can to cut the cost of energy that they use in business. Usually, the answer is technology. Difference types of tech can greatly reduce the amount of energy needed to run a company. For instance, there is new tech that creates air slipstreams across windows and doors. A blanket of air stops warm air from escaping the building. On average, the cost of heating the office or the complex is then greatly reduced. This is just one example of how tech is leading to greater levels of eco-efficiency in business.
We have already talked about how cloud servers allow companies to deliver a faster service. How does this affect costs? Quite simply, it allows for employees to be more productive. As one of their jobs is covered by technology, they have more time for other tasks. They get more done throughout, generating a bigger profit at a small cost.
Tech has reduced travel costs for companies as well. Now, there is less of a reason for employees to need to travel at all. There’s simply very little point in sending an employee half a world away. They can have the same business meeting in their office online. Again, this has enabled businesses to run in a far more efficient manner.
Ecommerce services have helped companies cut costs a great deal too. Not just through outsourcing. Virtually any service or product a business needs can now be readily found online. Whether you need a new heavy piece of machinery or a freelancer, they are put a click away. Due to this, there is less chance that a problem with supply could cause issues for business. If the demand is there, businesses will be able to get the supplies to provide the product.
Business owners should be aware that customers are not interested in businesses that are behind the times. This goes for clients, investors and customers on the high street. A simple example could be seen in a superstore. Imagine, there is a superstore that introduces a new way for customers to buy. Rather than waiting until the end of the shop, they can purchase items as they walk around and then leave straight away. This cuts out the need for checkout counters completely. Assuming there was no issue with this service, what would happen to superstores that were not providing it? They would quickly lose demand, beaten by an innovative competition. This is why a large portion of funding for businesses should be put towards research. Business owners must use this research to improve their products and services for customers. This is the only way they will continue to claim their demand. Almost always tech provides the answer. As shown by the example, that has recently been implemented in several superstores across the UK.
Tech can be used to find new ways to market to customers. New forms of promotion should be sought out that make the customer an active part of the marketing. Live feeds are an example of this. With a live feed, businesses can connect with customers instantly, providing the latest information. At the same time, customers can comment on the live feed and give feedback. A conversation or discussion might occur from which the business could gain key points. All the while, the live feed is generating fresh demand for the business. However, marketing is just one area where tech could push a business further forward.
Manufacturing is another key area where business owners need to be looking at new tech to strengthen the business model. With the right tech, they will deliver a higher output and a new exciting product. It might even be enough to attract new investors to the company. They could help fund an expansion of this sector of the business.
Single Individual Business Models
In the past, it would not have been possible for one person to run a company without help. They would almost always need a staff of employees. Now, it’s entirely possible to run a major business without a full-time staff on the payroll. The reason for this is, you guessed it, technology. Thanks to automated tech, there’s no need for manual labour in some business industries. An example of this would be the farming sector. In the past, to milk, a herd of fifty cows would take at least ten workers. Now, you can run a farm with a family and have a herd of over two hundred cattle. The tech does most of the work. The farmers simply sit back and counts the profit rolling in. Although this is an exaggeration, it’s not too far from the truth. Tech is the reason why so many startups can open every year. Without expensive staffing costs, it’s easy to get a business up and running.
As you can see technology plays a fundamental role in your business. That role is only set to grow further in the future.