Technology has made our lives way too fast and these advancements are now affecting our businesses. These latest updates come without any notification and businesses who prepare before these changes survive while those who aren’t aware face consequences of either getting a hit or getting completely wiped out. For example, Nokia came into existence, became a market leader and was considered as an irreplaceable player. However, few years later, (a decade later) Nokia lost its market share as other players emerged with new and improved technology. The ‘touch’ technology came in with not much attraction but it spread out as a fire! Symbian users started converting to iOS and Android platforms where touch entirely replaced the keypad usage. Finally, USB came in and replaced hard drives. However, USB drives are still in need of protection and as a result, many usb disk security newsoftwares came into existence.
Hence, this explains how dangerous the latest updates and trends are and how in a blink, your entire business can taste the dust. No matter what, companies must take into consideration all the updates whether major or minor if you don’t want your business to become extinct.
These advancements bring in new products and innovative services that never existed before. For example, two decades ago, cell phones had no presence and were very much rare. Having these devices was considered a luxury but now, it’s a basic need as it is quite rare for anyone to ‘not’ have a phone. Technology is further being integrated into clothing line, household items, online shopping and more.
Transactions resulted from barter system decades ago but now, things are quite different. Now we have proper financial monetary system on which economies are running, loans being circulated and thus improving the overall revenue. Furthermore, transactions started happening in the form of ‘online transactions’ where you can transfer money from one place to another using the e-banking. But that doesn’t stop here as the recent trend observes crypto currency coming into action, which has the potential of becoming a major source of transaction between two or more ends. The entire global economy could shift if the running businesses start adapting to crypto currency.
The emergence of social media has altered the way of communication between the buyer and the seller. Now the customers have the ability to give their instant valuable feedback to a brand’s marketing strategy and within days a strategy can be revised. The communication is done through multiple social media channels like Facebook, Instagram, Twitter and more.
Considering the possibility of working along with robots or robots taking over the workforce entirely seemed like a myth. However, this idea isn’t very far from being implemented as with the help of Artificial Intelligence, such option is foreseen to be quite possible. This technology would have the ability to reason and not only follow orders. Hence, humans are on the verge of creating something that hasn’t been done in the history of planet earth.