How technology is changing business
In the modern world we live in, technology is everywhere. This has seen major changes hit businesses all over the world with most being positive.
Technology has helped to automate processes and speed up how a business operates which is great for productivity and profitability which is keeping bosses happy. Technology will continue to shape the corporate and consumer world for years to come and this article will explore some of the ways it has already changed businesses. Read on to find out more.
One of the largest changes in consumer payment habits is that paying with physical money has become almost redundant. Just 21% of the UK opted for this as their preferred payment method which highlights the technological shift. Gone are the days of pure cash being the primary payment method with businesses able to use a wide range of financial tools to accept customer payments.
Now customers can pay using contactless debit/credit cards, open banking systems that speed up payment retrieval, buy now pay later schemes and cryptocurrency.
This method of working saw a rise in popularity following the COVID-19 pandemic with 78% of UK employers now offering this option to workers. Rather than having the make the daily commute or find a workplace close to your home, businesses are now able to offer remote working options to extend the range of potential employees.
Hybrid working is so successful because of the better online communication systems available as well as the ability to replace USBs with digital file sharing.
With the growth of social media platforms and shorter-form content taking the front seat, businesses are having to adapt to new ways of marketing. This could be taking part in TikTok trends, advertising primarily online or moving customer services to a social media app like Twitter for quicker responses.
Platforms like Google Analytics allow for data collection and processing to identify trends that can help businesses attract more potential customers.
There are now countless cloud-based systems online that can automate processes like HR, payroll and business management. These systems can complete tasks that often have human errors or take long periods of time to complete.
Through automating these processes, you can ensure basic tasks like paying your people on time happens every time. Plus, you’ll be able to free up your staff member’s time to complete more important tasks that will drive your business forward.
Have you utilised technology properly? As you can see, there are so many positive changes that technology has made to businesses everywhere. If you don’t keep up then you may be left behind by your competitors. Implement the above changes and see your business flourish.