Since the turn of the last century, there have been a lot of technology innovations that have changed the way business is done. Thanks to technology, business can be conducted at the speed of thought.
Transactions can be made in mere seconds and deals can be conducted among business partners located in several places all over the world. There has been a lot of technological innovations, but there are six that stand out among others. In this article, we’ll tell you all about the six technology innovations that make business thrive.
The internet has been called one of the greatest inventions the world has seen. The internet has completely transformed the way business is done. The internet is even the oil that keeps other innovations on this list running. Without the internet, the rest of them won’t work. The internet has connected billions of people around the world in real-time. Thanks to the internet, American owned businesses like Facebook and Amazon now have customers all over the world. The internet powers smartphones and a lot of computer apps. Emails which are faster than traditional mails are sent and received in less than one second. Information now spreads faster, and entrepreneurs have access to more information than ever before. Video conferences can now be held among people in various locations all over the world.
2. Mobile phones
Mobile phones have changed the way business is done. Thanks to mobile phones, customers need not go to physical stores to make complaints. Requests, inquiries, and complaints to customer care representatives can now be made via phone calls. With the introduction of smartphones, mobile phones became more powerful. Statistics show that over 54 per cent of people access the web from their mobile phones. Customers can now make purchases anywhere they are. Smartphone apps became commonplace, and billion-dollar apps like Snapchat and Instagram were created. Now a lot of local businesses have smartphone apps. Smartphones have GPS, cameras, fast processors, a lot of RAM and other things that have made it easier to conduct business with them.
3. Smartphone tracking
Smartphone tracking is helping several businesses to thrive. With GPS tracking, employees in remote locations can be tracked, and their security can be assured. Tracking phone location with mSpy App has helped engineers and others that are exposed to hazards and help can now be sent to them as fast as possible. Employee phone activity and usage can now be measured, and their productivity levels can be monitored. With the use of geo-fencing, employees that venture into other locations different from where they are sent can now be detected.
4. Big data
With big data, companies can now analyse customer behaviour better, make necessary changes and take consumer relationship to a more personal level. Companies can save more costs and know how to manage resources better. Targeted marketing is now more precise than ever, and research can be made faster than ever. Information can now be processed and accessed faster. The possibilities are endless with big data.
5. Social media
Social media has completely transformed marketing and advertising. Social media is now an inexpensive, effective tool for advertising. With social media, businesses can reach billions of people without spending a single dime. Social media also provides a way of announcing new products, announcing events and live streaming events. Social media has also given businesses a face that customers can interact with and ask questions.
6. Online payment solutions
Thanks to online payment solutions, businesses can now receive payment within mere seconds. PayPal, Skrill, international banking cards and other payment solutions have now made it possible for people to buy products in any currency, from anywhere around the world, in mere seconds. Any business can now receive money from anyone.
These six technology innovations have all played a big part in making businesses thrive. The world’s economy has changed a lot as a result of these six innovations.