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Wednesday, November 25, 2020

The Role and Impact of Technology in Business Development

Technology has always disrupted the market by bringing change. Some technological changes affect a certain segment whereas some changes are revolutionary. Today, the world is driven by digital technology. Technology has successfully streamlined the way businesses used to do operations. It doesn’t matter if it’s a start-up, small business or a large organization, technology is the driving force behind it all. It is because of the paradigm of shift brought by technology, the workforce today is tech-savvy and keeps up with emerging trends. Change, brought by technology is the only constant. Right from sales, marketing, security to running daily operations, technology has become indispensable for businesses around the globe.

The companies of today are more competent than ever. Businesses are continuously evolving themselves to make more profits, reach-out to more customers while speeding up their business processes. With the advent of Artificial Intelligence, Machine Learning and Automation tools, businesses have started to revamp workflows. The thirst for innovation has led to the rise of technology in business development. Technology has made possible effective business monetization, real-time analytics, around the clock connectivity and what not! Companies today are utilizing the deployed resources well & performing tasks smoothly. MNCs around the world collaborate with thousands of in-house & remote employees, this is made possible solely by technology.

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With the ongoing pandemic, companies are adopting the remote working model. Meetings have gone remote and so have all the business processes. Technology has aided business tasks at a granular level as well. For instance, gone are the days when you had to create a presentation right from the scratch for your business meetings, conferences and webinars. Today, you can just land on SlideModel and pick your favourite readymade template and come up with a professional presentation in minutes. Similarly, almost every business area has experienced significant growth in the last few decades. At workplaces, technology has positioned itself at the core as a facilitator. Moreover, cloud-based facilities are constantly bridging the gap between supply and demand.

Let’s see how technology is impacting the modern workplace:

Revamping the way businesses communicate:

Technology has changed the way people used to communicate. Today, modern workplaces are equipped with smart solutions to communicate amongst their employees instantaneously. The market is thriving with an array of chatting platforms, social networking sites and communication software. These are bringing people close and making the experience collaborative at the same time. Gone are the days when communication was just verbal. Companies today have started using PowerPoint backed by professional presentation templates as initial touchpoints with potential clients and employees. With the rise of graphics designing software, visual communication has emerged as an effective form of communication. Thanks to infographics, today we can tell more with much fewer words.

Making a social impact:

Gone are the days when you could operate your business in a vacuum. Nowadays If a company doesn’t have a credible social networking presence, it is good for nothing. Technology has led to the rise of social networking. The world is converging and more people are connecting. Social media platforms such as LinkedIn, Twitter, Pinterest and Facebook are here to stay. Social media technology is enabling companies to identify the audience, define topics and subjects the audience might be interested in and create engaging content. The market is thriving with social media scheduling tools which can automate scheduling and posting content. Businesses can now maintain a constant presence and actively engage with the audience.

Better cost management:

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For any organisation around the world, improving profitability is the primary goal. The rise of technology has led to innovative solutions which are proving cost-effective for companies. Moreover, we are no longer required to download software to perform tasks. Software as a Service (SaaS) based platforms are there in the market providing on-demand access to resources. Businesses are saving huge since they are accessing resources relevant to them. Pay as you use is becoming a new normal across the industry. Several automation tools are there which are handling non-critical and repeated tasks for companies. These tools help companies focus on their business development rather than worrying about running the day-to-day operation.

Data-driven business model:

It has been rightly said that ‘Data Is The New Oil’. Organisations around the world have modern technologies which are constantly gaining a tremendous amount of data about the customers. This knowledge is used to profile customers and create personalised content. Sales and marketing companies today have become customer-focused. However, companies need to know how and when to use this data effectively. That is why today we have data scientists and people with analytical skills to comprehend and process data. After all the analysis companies are determining which customer channels have the potential to pay off. The business outreach in 2020 is all about knowing the targeted audience, grabbing their attention by customised content and influencing them.

Improved Employee Productivity:

When it comes to creating an environment for solid collaboration, technology is leaving no stone unturned. Project management has become seamless, time tracking software is here to keep a check on productivity, manual file sharing is majorly eliminated and more. These were bits and pieces of transformation technology are bringing in our day-to-day business operations. Companies have increased employee retention by empowering employees with personalized learning and development planning. Bolstering employee engagement is necessary for any business to grow. People are willing to put in more efforts if they believe the company values them. Several employee engagement tools are available in the market which is used by many organisations.

Technology at work has led to a significant increase in productivity which is a key metric for almost every business. By deploying relevant technology solutions, companies can lower operational costs, jump their revenue, enhance employee retention while reducing attrition. Moreover, this has led to increased client satisfaction. Company culture, employee experience, the identity of brand and work environment, are all being transformed by technology as we speak. Every manager and business owner is looking to upscale. Without overworking employees, technology has enabled companies to improve productivity, hence a win-win for all.

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