Up until recently, the business world hadn’t changed a great deal. But, given the exponential rise of innovative new technologies in the digital age, things have changed dramatically and will do so even more in the coming decade. The rate of technological change has been astonishing, and many businesses have struggled to keep pace.
You only have to go back a decade to realize how much things have changed in this short period, and the rate of change is only getting faster as new technologies beget new technologies. Whether humanity reaches the so-called “singularity” that technologists and futurists have predicted remains to be seen. One thing remains certain; however, the pace of change is building, and we need to be ready and adapt to these new technologies.
Every company relies on open lines of communication and the free flow of information. Technology in today’s world makes it possible: simpler, cheaper, and more effective. Zoom, Microsoft Teams, social media platforms, conversational chatbots, and more are all being used on a regular basis, which has both advantages and disadvantages for us all. Customer and seller tracking can be done, and analytics based on user activity can be provided. It’s now easier to get consumer data and use it to improve the customer experience.
Communication is more successful when data about the client is used to produce messages that are more relevant to the individual. Businesses may increase their marketing efficiency and reach customers by deploying automated messaging via a range of channels. However, our business’s personal touch might be lost if carried too far, and we might lose the capacity to create meaningful client relations. In the techno-industrial world of Big Data and analytics, it’s all too easy to forget that we’re dealing with human beings and not just statistical data.
Remote working – sometimes called virtual working – has witnessed a steady growth over the past decade and a half, but due to the pandemic lockdowns and social distancing measures, we have seen an explosion of interest in it. They say that necessity is the mother of creation and invention, and this has proved true as countless businesses, public institutions, and non-profits were quickly compelled to adapt to transitioning to remote working for their employees.
Due to the fast pace of events surrounding the spread of the pandemic virus, businesses had to act fast in establishing systems and accessing relevant technology so they could continue to function and perform their work. Increased bandwidth for video conferencing and remote logging has become a must-have tool for many businesses around the world.
The “new normal” of remote working has seen some significant benefits for businesses, as well as more flexibility for employees. For example, a 2-year study has revealed that remote workers have hugely increased their productivity, as well as making some cost savings on things like office space and reducing CO2 emissions in the environment.
Artificial Intelligence (AI)
Artificial intelligence is changing many aspects of human activity; the business world, investing, consumer markets, real estate, and construction, entertainment, sports and recreation, education, academia, science, you name it, AI is having an impact. Much of human activity is connected in some way to commerce, profit, and competition, and so the use of advanced technologies like AI and machine learning is increasingly seen everywhere to gain a competitive edge.
Machine learning, security systems, customer relationship management (CRM), and the financial and real estate industries are just a few of the numerous areas where artificial intelligence may be used.
The use of artificial intelligence to monitor and forecast customers’ intent to buy is common in the sales enablement industry. In financial markets, AI, Big Data, and analytics are used in high-frequency trading (HFT), as well as in the property sector with things like building information modeling (BIM) and building automation systems (BAS) to help control and reduce costs in running large buildings.
What Are the Drawbacks?
For a balanced review, it’s necessary to mention a few drawbacks to how technological innovation has affected the business world. The reduced downtime for rest and recuperation has been noted by many as being a big concern.
Technology has enabled us to be constantly connected by a multitude of means: email, mobile phones, texts, communication apps like WhatsApp, and laptops and tablets. Many try to avoid sliding into the constantly-at-work trap, but many fail to resist the temptation to just check their phone or tablet for messages from the boss or a colleague. Rejuvenating downtime requires not just a physical distance but also a psychological distance from work, and technology has meant that, for some, this is getting harder to achieve. Put differently, technological advances in communication have meant the world is now much smaller.