Effect of Technology on business growth

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Effect of Technology on business growth

Effect of Technology on business growth

As we all know, today's world is not the same as it was 30 years ago. Technology has altered the way we interact, do business, shop, and live and work in recent years. It has become an indispensible part of our daily lives.

Being a business owner or leader means you're always learning something new. New marketing strategies, emerging industry trends, and exciting new products are all part of your weekly routine. We can't imagine doing business without the internet in today's world, and even more so in the future. It has streamlined the entire process of doing business. What is the actual effect of technology in business-related matters? Here’s our take.

Improved communication strategy

When technology mines customer data to help us create personalized messaging, communication becomes more effective. Companies can saturate the economic market with their message by employing various types of information technology communication methods. Through these electronic communication methods, businesses may also receive more customer feedback. (Hello, Smart device, bye, land-line!)

Increase in functionality

Imagine going to the mall to buy just a bottle of soda, and at the payment point, you see a looong queue, with a slower-than-snail attendant? Cringeworthy, right? You would rather just drop your purchase and go to the next store with a POS, multiple payment points, fast and effective attendants. Likewise in business. Technology helps to take the ‘slow’out. It greatly aids in the conservation of resources such as time, which can then be used to increase the company's productivity and scale of operations.

Examples of these include; video conferencing (such as Skype for Business), collaborative documents (like Google Drive), virtual office environments (like Sococo), secure payment portals (like Paystack or Flutterwave), etc.

Automated help for tasks

Business operations tend to get a bit bulky and overwhelming sometimes. The good news for owners and managers is that they can make use of productivity applications availed by technology: tools that can increase business productivity at a lesser cost. All you need a mobile device and can install apps e.g; Slack,Trello, Asana, etc.

Many of these apps are offered free entirely or provided free for a particular level of service, which can be synced with their desktop versions. These productivity apps will get the right things done, without much strain, and with relatively little time invested.

Higher customer targeting

People used to have to travel to every town in order to promote their services. Print, radio, and television were all thriving in the old days. They are still very effective today, but they are very expensive. Digital marketing strategies grew in popularity as the internet became more widely used. There are various strategies available, including social media, website, SEO, and email marketing.

Social media marketing is the most popular among them. Why? It is less expensive and has a broader reach. Facebook, Instagram, Twitter, and YouTube are used by over 4 billion people worldwide. Promoting a business has never been easier thanks to technological advancements.

Easier market research

It is the responsibility of the business to constantly seek out new ways in order to improve its efficiency in a competitive market. Business trends are always changing, and market demands are changing as well.

Internet technology provides the most up-to-date information and resources for learning new business and market strategies, allowing you to avoid losses while reaping ever-increasing benefits from change. This flow of data aids in understanding the trend, competition, and demands of each business's target market.

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