Technology has disrupted the business world in countless ways—and no company is immune. Even older companies have no choice but to adjust to an increasingly tech-dominated world. As the role of tech in business becomes increasingly central, it brings both opportunities as well as challenges. Simply put, some companies may be at a loss for how to adapt their business model to keep up with new innovations in technology.
With a strategic approach, you can ensure that technology makes your business model more efficient and sustainable. We’ll show you how.
How Tech is Changing Business Models
The first thing to be aware of is exactly how technology is disrupting the business world. Technological transformations happen in myriad ways, but some of the most common ones are as follows.
It’s no secret that we are all spending more and more time on our phones—so what does that mean for your business? It means that, when it comes to being discovered by local consumers, it’s critical that your business have a strong mobile presence. There are also ramifications for content delivery. Whether you’re sending out a newsletter or sharing coupons, always think in terms of mobile first.
Along the same lines, technology has changed the way brands foster relationships with their clients—and social networking is the biggest example of that. Being active on social platforms helps you create brand ambassadors. You can also use social networking to develop your sales pipeline.
One of the most significant technological transformations is the increased access to digital data. When used correctly, digital data can be an important tool for business development. For example, the use of data can help you to more narrowly target consumers, fine-tune product offerings, and more.
If your company has any kind of retail presence, then you probably know all too well that big-box stores have fallen on hard times. Today, you can buy just about anything online—and the increased prominence of ecommerce should be a major consideration to any business model.
One final change we will note is that technology has made the world a smaller place. You can still connect with customers on your own street corner, of course, but now it’s easier than ever before to reach international audiences. The implications for business development are obvious; with the right approach, you can truly take your products anywhere.
Technology-Based Business Trends
These represent just a few of the areas in which technology has changed the business world, and they point to some key considerations for all companies to make. But what technologies can your business implement today to start being competitive in the digital era
We can think of a few options.
There’s never been a better time to build brand loyalty through a subscription service—asking your customers to provide an email address and other key info in exchange for discounts or other rewards that they can access on their mobile devices.
Implement live video—a powerful way to humanize your business and communicate with customers in a more direct way. Value-adding videos (product demos, how-tos, etc.) can be shared on social media and used to bolster your brand’s credibility.
Adding chatbots to your company website is an easy way to up your customer service game. In doing so, you minimize lost leads, and ensure that those who stumble across your company website feel like they are being well taken care of. Consider implementing this critical form of digital communication.
One final thing you can do to take advantage of new technology? Allow your employees to work and to collaborate from all across the world. File-sharing and digital talk apps make it easy for your teams to get their work done no matter where they are, so offer them some flexibility! Along the same lines, you can use these same technologies to take advantage of freelance employees, which can sometimes be a boon to your payroll.
Experience Efficient Tech-based Business with Salient Networks
The advancing of technology is not going to slow anytime soon, and your business can’t afford to fall behind. Keep up with business tech trends, but make sure you do so strategically. Salient Networks can help.
Salient Networks is a leading provider in business tech expertise—and our team can help your team leverage the latest advances as effectively as possible. Our services to business owners range from cyber awareness training to assistance managing remote employees.
Contact Salient Networks today to learn more about IT as a Service (ITAAS) and our other specialties.