How technology is responsible for changing the business landscape
Technology runs at high speed and the value that it gives to enterprises might vary depending on the worth of innovation and its target industry or market. This change could sometimes affect a specific sector while often, other trends can be applied to the majority of players in the market. A gradual but continuous innovation can be observed when we talk about how technology evolves. A great example of this is the evolution of computer and its continuous trade and upgrades. Business often take advantage of these innovations to improve or renovate an entire process or business models even. There are ways technology is changing the business landscape and here are some of the reasons to adapt.
Businesses are generating so much more income thanks to mobile technology. Gone were the days when the customer’s only option was to visit a store just to purchase an item and pay at the cashier. Through mobile technology, businesses and consumers are creating a variety of collaborative and innovative models to interact and do business with each other. A big portion of transactions now are being done online through handheld devices and consumers seem to like this model since it is fast and as promised, secured.
Real-time analytics is one of the biggest and most helpful technology for businesses at the moment. It helps them produce data as their businesses progress and use them as part of their decision making process to improve their present and future strategies. Since each organization is unique and relates to the market differently, this technology can help most businesses discover their full potential and take their customer service level to its finest form. There are available tools in the market today that organizations can look into. There are systems that can translate the buying behaviour of customers depending on their location, income, and other physical factors. Looking at the transaction history of a specific customer is also a good way to properly recommend a product or a service through analytics. Companies should also be able to track their overall sales cycle just to make sure that a certain client is satisfied. By making analytics available within your organization, you and your customers can feel that your entire business is well managed.
Social media is the ultimate gamechanger. It is almost impossible to claim that your business is credible without a good online presence or massive following. For enterprises this may not always be the case. But since a huge number of decision makers are younger and are likely to spend a couple of hours on social media in a day, this window could capture their interests and establish that initial business connection. Social media is also a good way to advertise and promote a business. We have seen several startups that made millions overnight by having a huge number of following online. The reason for this is brands can now instantly share their promotions, discounts, and announcements directly to their target market. Customers can also purchase products all over the world which is one of the obvious reasons why this trend became a huge success.
It is evident that even after a long and tiring day at work we still manage to go online to play or just find something to browse. Businesses are very much aware that this is how the market behaves now. It is one of the reasons why companies are creating applications to provide more interactions with their customers and eventually buy or acquire a product or a service. This is how the rule of engagement works. Since more and more gadgets are being interconnected with each other, the online customer base is also growing.
Cloud is also one of the major innovations that most businesses are enjoying at the moment. Both individuals and businesses can access their data anywhere in the world through the internet. This allows businesses not to purchase storage solutions and just subscribe to the cloud and expand whenever they need to.
Other technology trends are also making its big entrance in the market like 3D printing used to create parts that are obsolete and new. Augmented reality for treatments and marketing purposes. Wearable devices for health and lifestyle customization.
Appcentric Solutions Inc. is the digital transformation leader in the Philippines. Known for creating customized technology solutions to future proof your business. Talk to us today. Our hotline is +63 2 759 1510 or email firstname.lastname@example.org.