If you want to be successful in business, you have to stay ahead of the time. You cannot afford to rest on your laurels and let societal changes pass you by. The most important one of them is technology.
With that said, let us take a closer look at four digital technology trends currently at the forefront of all business decisions.
Data Storage, Security, and Protection
In the age of digital technology, nothing is more important for an organization than the collection, storage, and protection of data. Customer profiles, social media tracking, and transactional records are the most valuable sources of information about marketing campaigns, client acquisition and retention policies, and even legal processes.
For example, if an enterprise is involved in a multi-million dollar lawsuit, stored data can serve as reliable evidence against any claims of wrongdoing or malpractice. It can be the difference between a business surviving and moving forward or ultimately going bankrupt.
As such, companies must keep records of everything that happens within the organization. Ways to do this include having archived websites, the constant monitoring of online behavior, and trend analyses of internet traffic.
One of the most frustrating things any movie fan can experience is watching a high-definition film on an old computer. If you have not tried to do this, it is better that you don’t. Aside from choppy images and delays in sound and video, the motion picture you are watching will probably freeze every few minutes. In some cases, the computer will give up and shut down on its own.
For a business to function in a smooth, non-interrupted way, firms require machines to perform specific tasks in a fast, seamless, efficient manner. There are two ways for this to happen. First, the company can invest incredible amounts of money in cutting-edge, state-of-the-art software and hardware. This will allow it to run its processes. Second, they can use virtual infrastructures provided by cloud computing services such as Google Cloud Platform, Windows Azure, or Amazon Web Services.
In the latter instance, a firm can run its IT on virtual machines that are practically limitless in speed, memory, and performance. Even better, they can do this at an affordable price without investing in physical equipment.
Global Collaboration Platforms
Unless you have been living under a rock for the past year, you have probably heard about video-conferencing software like Zoom, Skype for Business, and Google Meetings. You are also aware of platforms like Slack, ClickUp, and to a lesser degree, SalesForce.
But why now? Why are customer relationship management solutions becoming so popular?
The answer can be divided into several parts. On the one hand, the covid-19 global pandemic has made it impossible for people to travel. As a result, home-based employment is no longer a company perk provided by some businesses but rather a pressing need. On the other, the speed at which global transactions are conducted has grown ten-fold. Thus, for enterprises to remain competitive, they need to provide solutions in real-time.
And the only way to do this is by collaborating online. If you work in a consulting company and one of your clients is in dire need of a sales strategy report, he will not wait. Either he will get it on time and be able to make instant changes if need be, or he will choose a different vendor to do business with.
Would you ever buy a house without first looking at the inside? If it’s a car you are interested in, would you hand over your hard-earned money without taking it for a test-drive? If both answers are no, then join the club. You are like the rest of us.
The problem is that many times this is not possible. Once again, a simple reason for this is covid-19. If you are not allowed to leave your house, how can you go inside somebody else’s?
Enter virtual and augmented reality, the holy grail of customer involvement. Not only can you take a look at the property of your choice, but you can also see how particular furniture looks, mix and match wallpaper colors, and even picture how an extra guest room would appear.
Another example of customer involvement is the use of social media to interact with existing and potential clients. By holding live online events or creating personalized community platforms, businesses can speak to those that matter most to them, their target customers. It represents a customized approach that understands the value of two-way communication.
Technology and business have always gone hand in hand. It is more accurate now than it has ever been. With the end of the pandemic nowhere in sight, it will continue to define how business is conducted at all levels and in all industries.