The world of business remained mostly the same for about a century or so, following when it came to the Industrial Revolution. Still, it’s almost certain this won’t ever happen again. The rate of technology’s advancement changing, evolving, and evolving, particularly through the year 2020, can be so rapid that you’re bound to be caught up by a tsunami of advancement, whether you’re ready for it or not.
1. The Way We Communicate + Share Information
Communication and sharing of information are essential for any company. The current environment has more options than ever, and technological advancement helps make it easier, faster, and more efficient.
With apps such as Slack, Zoom Memojilikeclark Theverge, Microsoft Teams catbots, social media platforms, and many more being used daily, each of us has pros and cons. Sales enablement allows you to monitor conversations between buyers and sellers and get analytics about user behavior.
More advanced intelligence makes it easier to collect customer data and utilize it to improve your customer’s experience. Technology can effectively communicate when it analyzes customer data to allow us to customize messages.
Automated communications that utilize various channels can aid businesses in increasing their marketing efficiency and connecting with customers well. But we should be mindful that if we go too far, they may be unable to create relationships with customers and reduce our brand’s human touch.
2. Mobile-First Business Environments
Mobile-First is in full swing. Smartphones and tablets that have the right software can allow remote control of all aspects you run your company. Everything from sales facilitation, content marketing, and customer relations to the back-end billing and shipping process can be accessible at the touch of a button.
However, mobile isn’t just for you, and it’s equally for your customers. With the growth of Generation Y (Millennials), more and more people use mobile devices to purchase and sell products and shop, discover local businesses, and then share their shopping experiences with acquaintances, friends, potential buyers, and Instagram strangers daily. This new approach has changed the rules of marketing to prospective customers. Technology has also enhanced the speed at which we can keep in touch.
It doesn’t matter if it’s having colleagues and employees on video/text chat at any time or sending targeted emails to customers who have been prequalified when shopping in nearby stores. The growth of technology for mobile phones has merged virtually seamlessly with communications software to create a hyper-real-time web of information in real time.
3. Enablement of Remote Working
While remote work has increased in the last 15 years. The Covid-19 law forced businesses that still needed to promote remote work to implement the change quicker than anticipated.
Businesses had to make quick adjustments to ensure that their teams had access to the best infrastructure and technology that could allow remote logins as well as the bandwidth required to manage video conferencing, as well as tools for managing projects so that teams were able to be working on projects and share the status of their Instead of measuring their work by the working hours, the leaders were required to focus on monitoring employee performance. There have been many advantages of this new norm. It’s not only easier to recruit and retain employees, but it also has improved productivity.
A recent two-year Stanford study revealed a remarkable productivity increase among remote workers, equivalent to an entire day’s work per week! Plus, it’s reduced the high cost of the real estate industry, reduced carbon emissions, and made businesses more flexible and scalable.
4. Use of AI
AI is changing the face of the world in the consumer and business markets and is now a regular part of everyday life. This technology application has altered the business practices of nearly every field and is now an essential strategy for anyone looking to maintain their competitive edge.
There are myriad things AI can do, ranging from machine learning (massive amounts of data are processed rapidly and then put into an understandable context for the users) to security and CRM. It can even be used in the real estate and financial sectors. In sales enablement, AI monitors buyers and determines their intention to buy based on their browsing patterns, what they view as attractive to the doors, and so on.
Some are concerned that AI may eventually cause unemployment, but the common idea is that there will be a need to create jobs and new roles that will emerge to ease the transition to the new world.
For instance, as AI replaces old-fashioned workflows, integrating them into their workflows is necessary. AI is developing at lightning speed, and although the impact isn’t known at the moment, it’s likely to affect the economy.
5. Decreasing Cost/Increasing Functionality
Two elements have created a “buyer’s market” for business software solutions. The first is that the equipment and software required to develop these solutions are becoming increasingly simple to purchase and use. Additionally, the number of technologically savvy and entrepreneurial minds that can exploit these shattered barriers has increased exponentially.
An inventory system for back-end that was once a multi-million-dollar company that took an entire year to develop in the past now takes just a few weeks for students from recent colleges to build. These solutions are provided at reasonable prices and are typically simple. Businesses do not require dedicated employees or sign long-term contracts to use these solutions.