Technology has always been positive for impacting businesses. Technology is the grease on the wheels that will bring growth to your business. With growth as your mindset, here are a few facts you can’t ignore namely, that the positive evolution of your business depends on the tech revolution.
After the Industrial Revolution, the business world remained the same for about a century. Most people suppose that we can safely say that another industrial revolution won’t ever happen again — can we safely say that?
We’re witnessing the positive evolution of the technology revolution. It’s developing, mutating, and adapting at such an exponential rate that we can’t help but get swept away with its progress.
Regardless as to whether you’re ready — the tech wave has not even crested. Some people find it surprising that we’ve come this far — but looking back over the past five years is shocking. Technology has quickly changed almost everything about how businesses operate — with zero concern about the size of the entity.
This unprecedented growth brings about both tangible and intangible benefits that help you increase your bottom line. As business becomes better equipped to meet their customers’ demands, they enter the growth-hacking phase. In turn, this growth affects a business’ culture, efficiency, relationships, security of confidential information and its trade advantages.
Cloud computing allows businesses large and small to move some of their operations to third-party servers accessible via Internet connectivity. Not only does this allow for variable data packages but also for rapid (on-demand) expansion and mobility without the fear of downtime, crashes, or permanently lost data.
The cloud computing has allowed small business access to resources that would have been cost prohibitive for them in the past and has evened the playing field when it comes to competing against corporations with far more funding.
Technology’s Social Impact
Businesses can no longer afford to operate in a vacuum. With the rise of social networking, the world has shrunk even further than ever before. The social impact of technology means that people from all over the world can connect to you without worrying about things like geography, time zones, finances, or even social status.
Operating in the open (as in full disclosure) also means that while in the past you could get away with offering just “okay” customer service, products and services — now a lax attitude with regards to your customers will result in a hateful Facebook rant or a bad review on some rating site like Yelp.
Unfortunately, it’s also true that what goes on the Internet stays on the Internet so once you earn a bad reputation, it will stick with you for a long time. The longevity of “a bad reputation” is why businesses of all sizes must be concerned about their digital footprint and their social identity from today — forward until forever. It’s also why so many businesses are hiring community managers to not only watch for potential “bad press” but also to take a proactive stance against it when possible.
A Changing Consumer Base
Today, Millennials are the main driving force of businesses, the economy, and the world. It won’t be long before they represent more than half of the American workforce and reach their peak affluence – and influence. The changing consumer base means that the Millennials will have the most money to spend and the least financial obligations holding them back from consuming it.
There are more Millenials than Baby Boomers in the world today, and they have a looser hold on their wallets — coupled with a strong desire for near-instant gratification. They’re also the ones who’ve been raised on digital technology. Entering the world with a computer in their hands means the Millennial is the most wired generation. Even more incredible, they’re responsible for forcing businesses to become more tech-savvy. Shockingly, Millennials are willing to take on the responsibility to teach the other generations; they like this position — and they’re good at it.
A voice AI phone system is a wise way for businesses to succeed in today’s “buyer’s market.” The AI bots are much easier to use and affordable than most of the solutions that were offered in the past. Numerous tech-savvy and entrepreneurial minds can exploit this system for its advantages — and have also multiplied them exponentially — for you.
You don’t need to be a multi-million-dollar company to take advantage of this tech today. These great AI bots came from minds that can create an affordable system for you in just a few weeks. While it won’t lack anything that the big competitors are using, it’ll also be so simple to use that you won’t need to hire a dedicated employee or sign a long-term service contract.
Technology has also made it easier for everyone to stay in touch. Coworkers and employees can always be reached within minutes via texting or video chat. You can send targeted promotional email blasts to prequalified customers who are shopping at nearby businesses. Mobile technology almost seamlessly blends with communication software today and creates a hyper-real web that’s filled with real-time information.
Communicating with Customers
Technology affects how you interact with your customers — which is essential because of the busy environment we now live in. Today’s websites must let their customers find answers to their questions even after hours. If you are in product and need to ship; fast shipment options are no longer a perk — it’s a must. Your product must be able to across large geographic areas — faster than Superman. Technologies like these benefit your clients and customers helping to catapult your brand forward creating a stronger bond with your public image.
With technology on your side, you’ll also have a better understanding of your financial needs and how to better use resources like time and physical space. Using technology in your warehouse, lets you understand how to manage your storage costs. Today’s busy executives can hold online meetings instead of traveling to them. When you use the right technology in these various ways, you’ll save time and money.
Most of today’s businesses are subject to security threats and vandalism. You can use technology to protect your company’s financial data, confidential executive decisions, and proprietary information. Take prodigious care so that you won’t succumb to hackers or be taken over by your competition. Always take (at least) the simple steps to protect your hard work, like using passwords on your computers — and changing them often.
Deciding Where to go From Here
Technology is in a vast mammoth wave — and you should think of it in that way. You can either ride it or wipe out — but the one thing you definitely can’t do is ignore it. Technology is progressing at such a rapid pace today that failure to adapt not only means you’ll get left behind much sooner than you can even guess.
You can find yourself becoming obsolete while other companies — who were wise enough to adopt new strategies of all kinds, using tech. Keep a clear working consciousness about tech’s offerings to help you growth hack success. Take on tech’s positive evolution in your business — including how you act and present yourself. Don’t allow other businesses to reap all the positive rewards.
Adopting technology doesn’t mean that you need to rebuild your business. What embracing the available technology does entail is putting action into understanding how technology affects your business. Increase your competitive advantage — with technology — so your business will stand the test of time.