Technology has significantly changed the world over the past couple of decades. Rapid technological advancement has taken over the business environment, allowing employers and employees to interact with the global market in a better and easier way.
When it comes to software solutions, the first thing that creates a “buyer’s market” is the availability of easy to use and affordable hardware and software required to create these software solutions. The second element is the constantly increasing number of tech-savvy and entrepreneurial minds who are ready to do all that it takes to exploit such crumbling barriers. An inventory system that once took experienced technology experts one whole year to create today takes recent college graduates a few weeks to put together. These solutions come with decreased cost and increased functionality, and this has make it possible for businesses to avoid hiring dedicated employees or signing long-term service contracts so as to make use of them.
Changing Customer Base
With the increasing popularity of mobile solutions in the today’s workplace, millennials find it incredibly easy and fashionable to use these devices to shop, share their retail experiences, and find local businesses every day. This new paradigm shift has literally changed the world and consumer base. Millennials are becoming a leading driving force behind businesses and the whole world. Within the next few years, these individuals will represent more than half of the American workforce. They are more in number than baby boomers, yearn for a near-instant gratification, have a looser hold on their wallets, and were raised on the digital technology. These individuals are not only the digital generation but are also the ones responsible for forcing business to get tech-savvy.
Technology has also made businesses more efficient than ever before. The Internet of Things has revolutionized the way we work. As a business owner, you are able to use efficient modes of communication such as e-mails instead of memos, faxes, and the likes to interact with each other. You can also use your smartphone to connect with your entire business network while you are away from the office. This allows you to communicate your decision swiftly and cut down on organizational bureaucracy, thereby streamlining operations.
Technology also allows teams that are operating in different geographical locations to meet virtually. Cloud computing, teleconferencing, Skype, and instant messaging allow far-reaching collaboration and flatter the world. Furthermore, with social networking sites such as Facebook and LinkedIn, a business can connect to a significantly larger network, and the result of this is increased productivity and a wider blend of business perspectives, skills, and talents.
Extreme Customer Segmentation
Technology has made it extremely easier today than ever before to understand the type of clients employers are looking for. With analytics services at our disposal, we are able to segment our prospects into more defined groups so as to be able to tailor our services to their specific needs. You can use your Google account to know where your visitors are coming from, the type of browsers they are using, what they do online, how much time they spend, and at what points to they decide to leave. Some advanced technological tools can give you more in-depth information. Distribution ERP software, for example, can help you to segment your customers and increase your supply chain visibility, reduce cost and increase margins, and manage inventory across multiple geographical locations.
The influx of new technologies has grown exponentially and taken over people’s professional lives and the entire business environment. This has enhanced business profitability, productivity, and security. With the adoption of technology, these components of your business are much more secured and streamlined.