The use of technology for business has revolutionized the way companies operate in unprecedented ways. It has considerably speeded up transactions, done away with problems due to geographic location, and led to greater profits. For more ways that the business landscape has been changed by technology, read on below and visit Business Tech Expo.
Ways technology has changed the business landscape:
1. Expanding reach.
In the “old” days, businesses only made money when people went to their stores or ordered from direct selling. Between the customer’s decision to buy and the actual purchase, there was a number of steps involved. But now, online shopping, payment, and delivery systems are firmly in place. Purchases are made almost as soon as the buyer makes the decision, wherever he or she might be. Businesses are now able to reach way more target consumers, even across the state and international boundaries, and at a less cost.
2. Real-time response.
To stay on top of the industry, businesses need to always keep updated on latest trends and customer preferences. This way, they can immediately respond to the ever-evolving needs of their market. This used to take a lot of time and money for market research. Thanks to the advent of technology, businesses can do exactly this through smartphones and specially-designed apps. They can also share this information with their colleagues in other departments or geographic locations instantaneously.
Customer feedback is critical because it lets businesses know how they are doing. It gives companies a chance to address issues and retain customers. It can even lead to game-changing innovations. Before, feedback was gathered from those relative few customers who make the effort to visit or call the company.
This method no longer works in the present. With social media, apps, and SMS, customers can relay their feedback anytime, and the company can act on these quickly. This opportunity for interaction helps the company settle any issues that come up and keep their customers’ trust and loyalty. It also helps in building relationships with new ones.
4. Software as a Service.
With all this reliance on technology, both hardware and software can get really expensive. The costs can be prohibitive for smaller-sized businesses. However, with the entry of cloud computing, companies now have the option of “leasing” software for specific periods. This allows businesses to use the premium software at just a fraction of the purchase price. The cloud also offers the convenience of accessing data from anywhere there is an internet connection.
5. No “closing” hours.
Thanks to the internet, products can be bought and services can be accessed anytime during the day or week. Gone are the days when sales were only made during regular store hours and opening days!
Harnessing the power of technology for business can really propel companies to higher levels of achievement. It can definitely streamline operations and boost company profits, though care should always be taken to manage associated risks.