Impact of Technology in the growth of business

Technological changes have affected our lives in a big way; thanks to the advances in communication and computer science, nearly anything that you imagine today is only a few clicks away. Making an overseas video call to your parents, watching a movie on your Smartphone, even when you are travelling, and a lot of other things which sounded magic a couple of decades ago, are now possible requiring least of our efforts.

Besides these major changes, technology has also changed the face and the pace of how we do business. Business processes have been modified and organizations are now working more effectively and efficiently. At the same time, technology has also opened new ways of communication by allowing businesses to communicate and collaborate beyond borders.

It is true that the technology has changed the working style of organizations in an astonishing way. Smart phones and tablets have the amalgamation and power of internet have revolutionized the way one works today. Smartphone’s and tablets can also connect you to your business network when you are travelling by allowing you to respond quickly. Storing the important files on a cloud computing system rather than your PCs, for instance, has made information easily accessible at anytime and anywhere.

For Example- A few businesses (ex. Uber etc.) are built for the Internet era with the premise of having a smartphone in every pocket and every car whereas traditional business (ex. shopping stores) are feeling the heat of e-commerce taking a meaty bite out of their well established business.

Revolution of Businesses through Technology

Today, virtual organizations have turned into a reality due to the evolution of technology. The Internet has allowed businesses to create teams geographically which can work in a unified way. Video and conference calling, cloud computing, and all instant messaging tools have simplified business processes and as a result has increased greater productivity and efficiency for various organizations.

As many of us know, using the cloud systems has numerous advantages and benefits for organizations that help to have competitive advantage over their rivals. Reducing the costs, being more responsive to the customers, increasing the scalability and flexibility are the ones that can provide an edge to any business today. So by the help of the cloud nearly everything for a business itself can change significantly.

Perhaps one of the most important change technology has allowed businesses, is to connect with customers with a new approach by using social media platforms like LinkedIn, Twitter and Instagram. For instance via LinkedIn, organizations can connect to different business networks and try to generate new revenue streams. Via Instagram and Twitter businesses can stay relevant in a customer’s mind and help to solve their problems in their business interactions with the organization.

Conclusion

Finally we can say that technology is changing so rapidly for organizations and the ability to adopt new technologies is becoming a vital mechanism. This is certainly true in the world of global business. The coming years will definitely show up new technologies that will surely continue to change the way we do business even one step further.

Gaurav Gupta
Founder and Director, SquareBoat-Solutions Private Limited