One of the main selling points of technology is its ever-evolving ability to meet society's constantly changing needs. They enable impactful reform and exponential progress that can reach lengths, resulting in an accelerated rate of change.
The year 2020, when the world was put on pause due to the COVID-19 virus outbreak, can attest to that. The pandemic paved the way for many new norms in society today, ranging from how organizations operate to how people live their daily lives.
In fact, various technological advancements keep nations functional by redefining how most firms work to get the job done amidst lockdown and quarantine restrictions. If you need a refresher on how technology shapes the market for the present and future, zoom in and take a closer look at how it's capable of changing your enterprise for the better or worse.
1. It allows for telecommuting
A Gartner research shows that 88% of organizations worldwide encouraged or required their employees to work from home (WFH) after the rapid spread of COVID-19 made it a pandemic.
While remote working is not a new concept, it birthed a new culture that relied on video conferencing applications, project management software, and communication channels, which took a while for plenty of individuals to get used to.
Over time, however, the WFH setup has become a method favored by many, with 77% of workers saying they're more productive offsite than in the office. Plus, based on conservative estimates, telecommuting is more cost-saving for both employees and employers, with the absence or deduction of charges for office space and supplies and transportation.
2. It provides better customer communication
Communication is key to running a good business. More than properly briefing your crewmates on their to-do list for the day, your business should also have an easy and effective avenue when it comes to reaching out to your clients.
Now, more than ever, buyers are looking for an immediate response from businesses. According to a HubSpot study, consumers value instant answers to their inquiries as "important" or "very important" by 82% when it comes to marketing or sales-related concerns and 90% for support-related issues.
Enter live chat solutions. Whether automated or human-operated, this program enables your business to reach a greater number of people that, if done correctly, can lead to customer conversion or retention. Either type is a win for your brand because building connections and strengthening relationships are the ones that ultimately drive the numbers forward.
3. It increases collaboration within the team
With over 60% of work time spent collaborating, gathering information, or responding to emails, technologies for remote working make getting together with your co-workers to catch up and do work easier than ever before.
In this day and age of telecommuting, a vast selection of collaboration tools is available in the market that simplifies file sharing and storage, team discussions, and project management. With this, all it takes is a well-structured workflow accompanied by an excellent system to ensure a hassle-free operation, even if your teammates work at different parts of the globe.
4. It enables digital transformation
Think about cloud deployments—because of its simple and secure process of hosting operations to third-party servers via the Internet, cloud spending nearly tripled the previous year's mark in the first quarter of 2020, with 70% of enterprises planning to increase their spending due to the COVID-19 disruption.
This sudden influx of digital transformations highlights an era of new business capabilities where technology architecture is fundamental. An Accenture report supports this claim, with 77% of executives considering architecture crucial to their company's overall success.
5. It decreases downtime
The rise of technology has its fair share of pros and cons. While the right software can provide you an easier, faster, and more effective way of managing your business, working with your teammates, and talking to your customers, it can also result in little to no downtime at all in operations.
For a bigger company with a larger workforce, this may be a positive thing. After all, the more the business caters to people, the higher the chances of closing a sale. However, open access to work emails and text messages via laptop or tablet can be exhausting for some.
With work data and materials easily obtainable whenever you need them and wherever you may be, it may be very tempting to keep in touch and check in with your responsibilities even after clocking out.
Now that you're up to speed with the ways technology can significantly influence changes in a business during this global health crisis, which ones do you think best relate to your brand?
In case you want to prepare for other advancements and adjustments in the industry, the accompanying infographic offers a list of technology trends in 2022 and beyond you should be on the lookout for.