The business of business is indeed still business, and the Friedman doctrine from the 1970s still persists to this day. The generation of revenue and financial profits are still arguably the mainstay of modern business, and this will persist. However, there have been some serious and long-lasting changes afoot. Technology, more specifically, has changed the way we conduct, plan and are able to discuss business in a modern age. There are certain cornerstones of this technological revolution for business and this article will highlight what these are and how your business can use these to improve business.
Cloud computing technology has opened up a world of big data and analytics such as we have never seen before and could ever have expected. Essentially, big data is unstructured and structured data that has been gathered in massive volumes. There are three Vs that define big data, and these are: the volumes, velocities and varieties. It is these enormous repositories of company and customer data that have changed the way we will do business forever. The ability to access an entire customer’s lifetime of transactional, financial and communication histories makes a new form of personalized and targeted marketing and sales possible.
It was thought for a long time that social media was the preserve of the individual and a business had no real place on the socials. This has changed dramatically, and if your business is not on it, and doesn’t have a social presence that people can check up on, then you’re not considered genuine. Alternatively, even if you have a social media presence online, your business needs to safeguard the online brand and ensure that the socials are used to build and not destroy your brand.
Reviews, comparisons, recommendations
The internet, and the fact that so many of us are on it all the time through mobile devices and more, mean that buying anything or accessing any services just isn’t done without seeing what others thought of the self-same services or products. Using business energy comparison sites to find the best prices for your business gas and electric, and reading other customer reviews online is one of the most basic modern business tools and must be used.
Integration and connectivity
Entire supply chains can now be integrated, and your business can use the exact same monitoring and reporting systems as your suppliers and buyers. Using current cloud computing capability will allow your business to be fully integrated and connected to the wider business world. The cloud will be the basis of all future connectivity and allow access to the best software there is for your sector. With the range of cloud offerings out there, you need to be fully aware of your business needs as well as the sector-specific standards to which you should be subscribing.
As technology changes and improves, it is the prerogative of business owners as to which technology is implemented and why. Being aware as to what is actually available should be the first step in this process, and as can be seen from this article, there are a number of aspects of modern business in the data and information age that will improve and be adjusted and changed by the availability of current modern technology.