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How Tech Trends Impact Business Growth and Survival

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How Tech Trends Impact Business Growth and Survival
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Today, technology has embraced our entire world, stimulating progress and inspiring evolution. In the 1820s the first industrial revolution changed economies from simple agricultural-based to manufacturing.

New machines including the steam power opened up business in iron production and chemical manufacturing. Electricity was the main highlight of the second industrial revolution between 1870 and 1914. Together with petroleum and steel, they led to new products and increased intercontinental trade.

Since the onset of the internet in the 1990s, there have been significant cost savings for businesses that adopt internet technologies. By 2011, the internet accounted for 21 percent of GDP growth in all mature economies. The growth of a business today is pegged upon constantly adapting to newer digital technologies. Below are the technological trends that shape business today.


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Augmented Analytics

Augmented analytics is a way of automating data using robotics and natural language generation. Most businesses in the post-internet age struggle with getting valuable insights from the enormous sums of data they collect both online and offline.

Breaking down this data can lead to ideas that may steer companies to profitability by informing in research and product development, marketing and improving manufacturing processes. From raw data to meaningful information, there are many steps and processes including comprehensive collection from several sources, cleaning of data, analysis and generating insights.

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Augmented analytics automates the whole process from start to finish, allowing businesses to collect data and mine information from it quickly, cost-effectively and promptly. Through machine learning and artificial intelligence, augmented analytics machine can create ready to use action plans from tons of data.

Blockchain

The blockchain consists of a live list of ledgers that are known as blocks. These blocks are hyper-connected and encrypted using the highest degree of cryptography. Everything on the blockchain runs on a peer to peer network, making the records immune to own alterations. Businesses have now realized the exceptional opportunities for growth in the blockchain.

Financial transactions are now fast and easy thanks to the blockchain. The blockchain is the basis of all cryptocurrencies including Bitcoins. Using the blockchain to make and receive payments, business owners can bypass intermediaries and bank transfer fees associated with other financial transactions. Reportedly, potential annual savings for banks utilizing blockchain technology is approximately 10 billion USD.

Blockchain technology also allows for smart contracts. A smart deal is a program made to facilitate, ascertain and digitally enforce a business deal. On the other hand, the extra storage in the blockchain has also helped to expose brands to new audiences. Without the need for a server, you tap into the network and use other hard drives connected to share and store information.

Video Content

A video is a new chic in town for online marketing. Online video content can reach many people compared to using daily blogs, or broadcast. Marketers are greatly uploading video content to increase brand awareness and growing sales volume. The main advantage is this; on the background of a successful e-commerce website rests a high-quality video.

Webcam videos or even the PowerPoint with music background don’t impress too much especially when your competitors have uploaded high-quality videos. Businesses need to invest in the quality of their video content, as “the more — the better” doesn’t work here, but works vise versa — the better the content, the more audience reach.

Great video content improves your niche relevance, as well as being ranked higher by search engine algorithms. A well-delivered piece of story enables you to stand out in your niche. Today, there are also 360 degrees virtual reality videos that allow customers to see your business from every angle. Virtual reality videos enable viewers to feel as if they are physically within your content or store. Companies are on the run to provide this enhanced experience to customers.

Online Presence

A prominent online presence automatically means more brand awareness and ultimately an increased sales revenue. Today businesses have engaged many tactics in improving their search engine rankings on Google and other search engines

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Social media is one of the tools. Companies with a vibrant social media presence have a better chance of appealing to customers. They get to understand the details of their lives and specific tastes and preferences. This helps to tune the products or service to fit the customer profiles better.

To be part of consumer’s lives businesses track online customer activities through cookies and services such as reverse phone lookup. Details unearthed through such tracking helps to reduce marketing costs.

Conclusion

Technologies, these days, help increase efficiency in operations for businesses. It improves communication, enhances mobility and enables cost cutting.

Nevertheless, adapting to new technology every time it pops up can be costly. It also comes with security concerns and increased human dependability. Businesses need a smart approach to bag all the benefits of technology without its cons.

Author Bio

Mark Meyer works as the content manager at Spokeo. His field of expertise includes business, marketing, and self – improvement. In his spare time, he enjoys hiking and surfing.

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Paschal Okafor is NaijaTechGuide Team Lead. The article How Tech Trends Impact Business Growth and Survival was written by NaijaTechGuide Team. The article was last modified: March 26th, 2019

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