Ways Technology Has Changed the Way We Do Business

March 28, 2018 Off By Hoofer
Information and Communication Technology (ICT) has made the process of doing and running a business much easier. A business owner can make transactions from the comfort of their smartphone and run several accounts there, communicate and network with people anywhere in the world and monitor the breaking news across all countries. All this without even having to leave the house.

With the digital revolution, you can monitor market trends, order products you want and pay for them online, and a customer is always a click away. Technology has transformed the way we do business today.

Seamless transactions

The era when you had to stand in long queues is long gone. There is now online and mobile banking which has made it easier to buy and purchase goods and to pay bills. Through mobile payments platforms, it is now cheaper, more efficient and convenient for businesses to make transactions whether it is business to business or other third parties like banks.

In recent years, we have seen the growth of contactless payments through which customers can securely make payments from their debit or credit cards using NFC technology that doesn’t require the cards to be swiped through card readers.

Ease of communication

Besides email, there are now several avenues through which you can communicate. You can interact with your customers and get feedback from them on your products and services through Twitter, Facebook, and Instagram. You can have video calls with your business partners anywhere across the world through Skype.

Video conferencing technology has cut the costs required to organize meetings in which executives are required to travel to attend.

Technology has made communication easy and cheaper.

Wider Reach

Technology has permeated even some of the remotest parts of the world making them accessible to business enterprises. It has widened the customer base to which business owners can sell their products and services and also opened up these regions for business development.

News on the fingertips

One of the major advantages of technological advancement is the accessibility of news. You can visit sites like world news hub and instantly be updated on breaking news from anywhere in the world. From America to Africa, Australia to Asia.

It is now easier than ever for entrepreneurs to catch up on news events likely to affect their businesses, giving them enough time to protect themselves against any possible losses. Monitoring market trends, stock exchanges, and commodity prices have never been simpler; you can access that information from anywhere as long as you have an internet enabled phone.

Better customer service

Customers no longer have to make long trips which sometimes turn into several trips to corporate offices. Businesses now handle the queries and issues affecting their customers through social media, interactive company websites and call centers. This saves both parties a lot of money and enhances the customer experience.

Reduction in operational costs

One of the major benefits of technology in business is its capacity to process more information in significantly less time; this has reduced the need for human labor at most organizations. With less money spent on wages and salaries, many businesses realize increased profits.