The business world is constantly changing as new technology develops. There have been quite a few innovations in just the past 20 years. Everything is digital now, making the business world more competitive and fast. Take a look at these six innovations and how they’ve affected the business landscape.
Smartphones
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Smartphones have changed the business world because customers are more educated when making purchases. Internet Trailer claims that 58 percent of adult smartphone users research products on their phone while shopping at a physical store. They also search for businesses based on their geographic location. This has changed the way businesses reach out to customers. Mobile marketing is now common practice and businesses have to be more careful about pricing so they don’t lose customers to online competitors.
Of course, smartphones don’t just change the way that customers act, they also change how business owners manage their businesses. For instance, business owners can check emails, hold video conferences, and perform research on the go. They can also accept credit card payments from their smartphone and file receipts with ease. So, smartphones have changed the business world because they make business owners more mobile.
Search Engines and the Internet
Image via Flickr by Blaise Alleyne
Thanks to the Internet, business can reach a much larger audience than in the past. This is because they can target customers through emails, social media, and search engines. Most businesses also have a website to provide potential customers with information about products, services, hours, jobs, employees, etc.
According to Ipsos, 44 percent of online shoppers start at a search engine to perform research before making a purchase. This creates more competition between businesses in terms of price and quality. Search engines have changed the business world because they remove geographic restraints — customers can shop at stores that are hundreds of miles away and have their purchases shipped to their home.
Point-of-Sale Systems
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A point-of-sale system is a database that attaches to your register to keep track of sales data. It can also be incorporated with your online sales system. It changed the business world because it allows business owners to analyze what products are selling well and determine fair pricing with maximum profits. Point-of-sale systems are also useful in keeping track of inventory levels and they make your entire business run smoother because you can set up notifications for several parameters. This leaves business owners with more time to develop and market new products instead of tracking sales information manually.
Open Source Software
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Open Source Software allows businesses to create custom programs to run their business without spending a fortune on development. It also helps businesses enhance the current software that they use. For instance, open source software can improve security, add flexibility, and optimize functionality within a point-of-sale system, customer relationship management software, employee trainings, and more.
Cloud-Based Servers
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One of the biggest changes the business world has seen is the transition to more remote workers. Because of cloud-based servers, employees no longer have to go into the office to connect to a business server and do their work; they can connect through the Internet at home. Plus, other technology like video conferencing makes it possible for employees to attend meetings and foster relationships with other employees. This trend of remote workers is expected to continue in the coming years.
Additionally, cloud-based servers make it possible for people to work on documents and spreadsheets in real-time, and even collaborate with others. As a matter of fact, these real-time updates eliminate version control issues and help employees be more productive.
Customer Relationship Management Software
Image via Flickr by Sean MacEntee
Customers expect businesses to have excellent customer service. Oftentimes, it is the deciding factor between buying a product from your business instead of a competitor. Using customer relationship management software and using job scheduling software has changed the business world because it helps businesses deliver better customer service. Businesses can keep a database of customer information and target services based on individual preferences. For instance, they can remind customers through email of late payments, target advertisements based on previous customer purchases, and help returning customers more quickly.
These are just a few of the innovations that have changed the business world. More are sure to come in the next few years. Do you have any predictions? Share your thoughts in a comment below.
Author Bio: Joe Fortunato is a freelance writer from Tampa, Florida. He enjoys learning about new subjects, following his Baltimore Orioles, and traveling the country for fishing. You can find Joe on Twitter at @joey_fort.
Those innovations undoubtedly have help people a lot especially in the warp-speed sharing, searching and even marketing. Technology really makes our lives easier… if used positively
very nice info about inovation business IT…, everything run faster…
Nice post . Smartphones and CRMS are two innovations to highlight out of the list. They have changed the business era.