Technology’s Impact on Your Business

Technology is rapidly changing most aspects of everyday life, not only at the business level but also for consumers. From smartphones to social media, today’s normal isn’t what it was 20 years ago. These shifts require businesses to adapt and overcome to remain competitive. Electronic communication, electronic payments, social media, and the labor force have all been altered with new advancements, making it critical for businesses to understand and implement.

Electronic Communication

Electronic communication involves every type of communication done virtually. Common electronic communication methods include phone calls, emails, and video calls. Perhaps you already have a strong phone call and email communication in place but fall short on video calls. You would need to strategize avenues to implement video calls to better communicate with customers and employees. Not only will you see an increase in communication, but you also will see a jump in revenue.

Electronic Payments

How often do you see a young customer whip out their checkbook? Probably not very frequently. Writing a check is an ancient practice in today’s terms, with electronic payments taking over. Customers would rather pay online or with the use of a debit or credit card instead of writing a check and waiting for it to clear the bank. Popular electronic payment apps, such as Zelle and Venmo, are the new go-to. In order to remain competitive and maintain market share, businesses need to adapt to these new methods, allowing customers to pay with whatever method is most convenient.

Social Media

Adapting to new communication and payment methods is great, but utilizing new apps and social media platforms is also critical. Businesses are more likely to attract new customers if they have some online presence. A simple website does not cut it anymore. Especially if your target audience is a younger generation, you will need to implement effective marketing campaigns to reach them. The use of platforms such as Facebook, Instagram, Twitter, and Tik Tok is crucial to the long-term success of your business. First, understand what your target customer base is. Then, analyze what social media platforms your target base uses to come up with creative campaigns.

The Labor Force

So far, we’ve talked about the impact of technology on the customer side of your business, but there are also movements within the labor force as well. With new advancements comes the ability to remote work. Coupled with the recent pandemic, the labor force has made strides towards a fully remote work schedule. Although this might not be ideal for your businesses, if you are struggling to find qualified labor, consider implementing some remote work capabilities. Talent is in high demand, and offering these types of benefits can help you secure that much-needed talent.

Next Steps

Understanding the proper steps, you need to maximize your market share is no easy task. In fact, many businesses are overwhelmed on where to start. Luckily, Divocate has been helping businesses adapt and overcome challenges through effective consulting. To remain successful, your business needs to constantly evolve, which can be made possible with Divocate by your side.