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How Technology Is Changing the Face of Business

The world of business is constantly changing and evolving, but it’s easy to see that the biggest changes were brought upon by technology.

With every new piece of tech that comes out, businesses of all niches from all over the world are adapting and changing for the better.

How Technology Is Changing the Face of Business

The global technology industry is forecast to reach 5 trillion dollars in 2021 and companies that don’t want to adapt to these modern changes will soon cease to exist.

But with such fast changes and technological advancements, it’s hard to get a full grasp of technological advancement for businesses.

This article lists the four areas of business where technology makes the most impact.

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Data analytics

Data is a major part of running a business nowadays and many companies are looking for ways to be as data-driven as possible.

Certain technologies allow businesses to analyze the data they have, and while all of the data you collect is important, most companies only analyze 12% of the data they have.

If you want to make the most out of your data and enable big data analytics, you can use the following technologies.

Predictive analytics

If you want to avoid risky decision-making, you can use predictive analytics software that will process big data and allow you to utilize it for the discovery and evaluation of predictive scenarios.

With this technology, you can also analyze problems and solve them before they even occur.

Knowledge discovery

Businesses that want to mine structured and unstructured data from multiple sources can use knowledge discovery tools. Search and knowledge discovery tools allow businesses to isolate data and information and use it to their benefit.

Data preprocessing

Data comes in many different formats and can often be unstructured, and that’s why data preprocessing tools exist.

Businesses use this technology to format and cleanse unstructured data sets, which will accelerate the data sharing process.

Data visualization

To retrieve data without technical restrictions such as the physical location of data and data formats, you can use a data virtualization tool such as Power BI.

The best thing about this technology is that there are various power BI integrations that make the process of data analysis and visualization even easier.

Remember that big data is one of the most valuable things to come out of technological advancement for businesses, but without the right tools, you’ll never be able to use data to its full potential.

Remote work

woman typing

The number of people who work from home rises every year and as much as 55% of businesses globally offer some capacity for remote work. There are many benefits to working remotely, and this type of work is made possible and easier than ever thanks to technology.

There’s no denying that using technology is one of the best remote work tips along with other tips such as sticking to your morning routine, dressing for work, and dedicating a space for remote work.

However, there’s nothing like a good set of tools to make working from home better and efficient.

Some technologies remote workers can use include:

  • 5G network. There’s nothing more important for remote work than a fast and stable internet connection, and while 4G is a sufficient network, 5G is the network of the future. Not only is it significantly faster, but it’s also designed to handle many more devices.
  • IM communication tools. In the past, workers needed to share an office to be able to communicate with each other, but that’s a thing of the past. Instant messenger apps, as well as video conferencing tools, make internal communication easy and affordable even from different sides of the world. Presentations also play an important role in internal workplace communications. Using free PowerPoint templates can help you create visually engaging and dynamic presentations for effective internal communications.
  • Productive assistants. Remote workers can have a hard time adjusting to the fact they’re responsible for managing their own work and time. Productivity assistants are tools that use AI to provide insight into an employee’s working patterns and help them stay on top of every task and use their time to the fullest.
  • Remote training tools. Companies can use these tools to collect and communicate company-wide knowledge remotely and provide adequate training for new recruits. You can even pre-record standardized sections of the training and include your company’s knowledge base to ensure a great training process.

Social impact

social icons

For decades and even centuries, many businesses have existed in a vacuum and didn’t care about anything except what’s going on within their own organization. Thanks to the rise of technology and the widespread use of social media, the world has figuratively shrunk and companies need to keep up.

Nowadays, people can connect via social without regard to their social status, geographical location, and financial status and talk about how pleased or displeased they are. No company is safe from online reviews, and if you get a lot of negative comments, it could be disastrous.

In this world where almost everyone has a smartphone in their pocket, bad reviews on a review site and hateful rants on social media have become the norm. Companies that don’t offer excellent products or top-notch customer service are often the target of these negative comments.

This is why it’s more important than ever to offer great products/services and foster great relationships with customers. Don’t forget that what goes on the internet stays there forever and if you earn a bad reputation online, it’s going to stick with you.

Technology has caused small and large businesses to worry a lot about their digital footprint and social identity. Some companies even have community managers who are always on the lookout for the bad online press, trying to smooth out any issues with customers online.

And if you’re doing a good job and making sure your reputation is squeaky clean, social media visibility can boost your outreach and expand your business.

Increased need for security

security

Technology has improved many aspects of business, but you can’t have something good without some negative aspects. Technological advancement has also increased the number of hackers, so businesses all over the world deal with breaches and ransomware assaults on a weekly basis.

This rise in cybercrime has led to an increase in the need for data security. As a result, a majority of companies have incorporated IT into almost every aspect of their business, not just data security. Some also train their employees to know what to do in the case of a security breach.

A data breach can not only cost your company thousands of dollars (if not more) but if your customers’ private information gets out, they will be in danger and you will lose their business.

Luckily, this need for increased security has caused software companies to come up with game-changing and affordable security solutions companies of all sizes can use.

And if you’re not using a solution like this, you should at least keep your data safe with regular backups, updates, and integrating patches.

Final thoughts

No matter what you think about technology and its influence in the business world, you can’t ignore it and all the changes it has brought.

Some professionals welcome technology while others are hesitant to accept it, but that hesitation is completely unfounded as technology is there to make your lives and jobs easier.

If you don’t want to see your company be left behind while all of your competitors reap the rewards of technological advancement, you need to learn to keep up. Yes, technology has changed the face of business, it changed it for the better.

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