By Lisa McNair

Technology shifts have radically changed almost all aspects of our lives, from healthcare and education to entertainment and, particularly, business. In the last few decades, technology has developed at an exponential rate and driven innovation that has dramatically transformed the face and pace of business. With technology continuing to evolve, it’s important to make sure your small business is taking advantage of these advancements to maximize efficiency and effectiveness.

Cloud computing

The rise of internet companies that offer cloud storage services has changed the dynamics of how businesses carry out their operations. Both small and big businesses can store their data and huge files on secured third-party servers that are accessible via the internet. Any employee of the business can access the information from anywhere. This has resulted in workplace flexibility, improved management of resources and rapid expansion. It has also eliminated the fear of crashes and permanent loss of valuable data.

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Social networking has allowed businesses to engage better with both existing and potential customers regardless of their geographical location, social status, or financial background. It has given companies a new platform to disseminate information and market their products. Social media has also given consumers a large voice. It’s easier for them to share their opinions about products and influence others as well. A bad customer review could quickly tarnish the reputation of a business. As a result, companies are increasingly using community managers to monitor their digital footprint.

Connectivity

Thanks to technological advancements, it’s much easier for people and businesses to connect with each other. Gone are the days when communication had to be done through telephone calls and mails. Employees are available through text and video chat on short notice. A manager can easily send an email to a branch office that’s halfway across the world. Teleconferencing allows representatives from different countries to gather together and communicate in real time.

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Technology has allowed business owners and employees to handle all aspects of their businesses remotely via mobile solutions that are available on smartphones and tablets that are in the form of mobile apps or even software. Some of the tasks they can perform on these mobile devices include content marketing, sales enablement, and invoicing. Consumers can use the devices to locate nearby businesses, buy, sell, and share experiences. Today, more and more small business owners are tapping into mobile apps to interact with customers and give them easy access to services via these technologies

Business monetization

Businesses are able to monetize now more than ever. They can quickly make or receive payments through digital payment technology. More and more consumers are opting for online shopping as opposed to visiting physical stores. Businesses now offer these customers quick payment solutions through digital payment apps. These apps facilitate execution of business transactions on mobile devices, use of POS (point of sale), and debit and credit card payments. Businesses and their customers end up saving time they would have spent on customized systems or bulky registrations.

Increased functionality

Previously, employees had to perform many tasks manually, consuming a lot of time in the process. Technology has now given us advanced computers that can carry out the jobs of as many as 10 employees. There are many programs that increase the functionality of businesses and help improve the productivity of employees.

Without a doubt, technology has greatly changed the modern business landscape. With new technologies constantly being developed, small business owners will need to keep up with the advancements to avoid losing clients to the companies that embrace and use them to their advantage.

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Lisa McNair is a freelance content writer focused on developing custom articles. She enjoys reading and discussing the latest digital and technical research journal.