If you compare how business used to be conducted some ten years back with the business operations and strategies of today, you will be completely surprised. With the advancement of technology, many things related with businesses have changed. The principles of success that the business tycoons of last decade used to follow have become totally ineffective today. Change in technology has changed the way businesses were built and the strategies they used. A business that cannot keep pace with the changing times and fails to adapt to the new techniques of success gets buried.
How has technology changed the global business?
- Less consumption of time: Technology has changed the pace of global business. Today we can operate and control our business from wherever we are with the help of latest android and iOs operated gadgets. The new automated systems have replaced the complex bureaucratic control over business operations. Internet has evolved itself to accommodate our changing and growing demands for faster ways of communication. With the help of social media, a company can easily convey its message to millions of people at once.
- The terms of progress has evolved: Technology has taken business development and progress to a new level. Instead of linear movements, today’s business is being measured in terms of S-curves and digital laws. In a near future all technologies will convert into informational technology. The vast amount of information passed throughout the World Wide Web points to that era.
- Growth of international contacts and partnerships: Technological developments have made it easier to strike international partnerships and deals through the use of Skype, Video Chats, Conference Calls and Cloud technology. LinkedIn has helped to connect professionals and businessmen from all over the world. The technological improvements have helped in creating new industries. Through outsourcing a business house can take the services of another company located far away to perform some of their non-core tasks. Outsourcing has created a great impact on global economy.
- Cement and concrete is fast becoming obsolete: The concept of a brick and mortar building to house a business has totally changed. Internet has changed the basic and core concepts of business. The most famous and profitable businesses are reaping their profits from a virtual world.
- Internet Marketing: Internet marketing has made it possible for even the smallest of businesses to connect with millions of prospective customers. Grabbing attention of the market has new challenges today. Internet and social media marketing has given a huge platform to us but the strategies of reaping gains are changing continuously. To keep up with the changing demands of the international market you have to keep changing your business strategies or else you will be lost somewhere in the crowd forever.