How Tech Is Transforming Businesses

Businesses are now having to constantly evolve and adapt to keep up with the latest technology advancements. Forward thinking companies are the ones who use technology to shape how they approach everyday problems they might encounter, and also use it to create new and innovative ways to meet the needs of their stakeholders. There are many different ways now that technology is transforming and improving businesses. It has changed the way that people think and act; as well as enabled faster progression within so many fields, such as medicine, teaching and gambling.

Open forms of communication are seen as vital within a successful working environment and technology is really helping to facilitate this, especially when members of the same working team are based remotely and in different offices and even different continents. Open communication can enable teams to really work flexibly and effectively.  Solutions such as ‘Skype For Business’ means that flexible working is easy and means employees can work remotely, using video calls, emails and instant messages. Central comms platforms also mean that numbers can go with employees when they leave the office, meaning they aren’t tied to a desk phone and unreachable if not physically present in the office.

In the past companies would be able to constantly take advantage of economies of scale, which often meant that it was harder for new players to enter markets and if they managed to do so they would often be priced out. Suppliers and buyers would rather do business with a bigger company as they thought the bigger the more secure, for example if you bought products from Microsoft, whatever the outcome you weren’t going to lose your job. Nowadays though, thanks to advancements even startup companies can now get access to the same resources as a multinational, whether that be cloud infrastructure, meaning they don’t need as much physical space and the option of securing funding through angel investors, there are now few industries with near impossible barriers to entry.

Many specific forms of technology are also helping to transform different industries. For example augmented reality in education, whilst virtual reality is enabling massive leaps forward within medicine, resulting in being able to virtually pre plan surgeries, navigate 3D images of patients and even improve training techniques for doctors. Blockchain technology can also be used by the medical sector to keep large databases of information securely, meaning doctors worldwide can have access to any form of research or data they might need, meaning people can learn from one another. Blockchain is also massively influencing the online casino industry, in particular as it is seeing cryptocurrencies, which are made possible by blockchain become a form of payment for these businesses, enabling them to attract a whole new customer base, who may be worried about secure payments and making such payments via the Blockchain network can alleviate these fears.

Technology has advanced so much now that the business model that a company started with several years ago may no longer be relevant. Business models need to be constantly reviewed in alignment with technological advancements to make sure available resources and technology are always being used to their potential.