Technology has revolutionised the way the world does business, and there are big changes still to come

Business today looks very different to business twenty years ago. Technology has revolutionised almost every area of the modern workplace, from data storage to payment. Every new technological advancement only serves to further improve the business experience for both business owners and their customers, but some technologies have had a much bigger impact than others. Read below to see the main ways in which the way the world does business has changed in the past two decades, courtesy of the professionals at Syntax IT Support.

Big data
For many years, the only way for businesses to get an accurate picture of their customer demographics and habits was through surveys and educated guesswork. While these two tools still have a part to play in modern business, the advent of big data has given companies unprecedented insight into their client and consumer base. Business owners can now see the makeup of their customer base in terms of age, gender, geographical location, shopping habits, tech usage and even political affiliation using modern technology. This then enables the business to tailor themselves to better fit their base, thereby increasing sales, boosting revenue, and providing a better overall customer experience.

data

The mobile consumer experience
Long gone are the days of traipsing to the local high street for a day of shopping, or browsing through the phone directory to find a particular service. Modern consumers expect to be able to find and buy what they want at the touch of a button, all from the comfort of their living rooms. The smartphone is here to stay, with almost every member of every family having one. This means that if a modern business is to survive it needs to have a strong web presence, with social media accounts, an easy-to-navigate website, and readily available contact details and opening hours.

Hiring employees from anywhere
Once upon a time, businesses were limited to a specific geographical location when it came to sourcing fresh talent. That is now no longer the case, as the internet and cloud storage means that a company can have a team of staff working from home across the country (and beyond), using video calls and group chats to keep in touch. No matter where a staff is located, they will be easily contactable, and will save the business owner a lot of money on office rentals.

Tracking marketing ROI
Marketing will always be a risky business. A company can spend a lot of money marketing themselves in a specific way, only for the return on investment (ROI) to be significantly less than expected. New technologies such as phone call tracking – which reveals the campaigns, channels and keywords most likely to make customers and potential customers pick up the phone and listen to a marketing pitch – help businesses to see which marketing strategies have proven to be most effective, giving them precious data to base their future efforts on.

Real-time inventory tracking
Keeping track of stock levels in a warehouse or stock room used to be a tedious, time-consuming and challenging process, usually requiring the attention of a full-time member of staff, if not an entire team. Thankfully modern technology has simplified the whole process, by enabling a business to connect multiple products and processing items to a single network, thus helping to keep track and manage an inventory in real time. This will keep the staff informed, who can therefore keep customers and clients informed, preventing sudden disappointments and maintaining consumer trust.

Author's Bio: 

Mike posted this article on behalf of Syntax IT Support