Business

The Best Technological Advancements For Modern Business Leaders

Business leaders need all the help they can get when running a successful company. This help usually comes from their managers, fellow employees, and investors. However, further help is provided using technology. In fact, modern business would look quite different if it weren’t for some key developments in this field.

You may not notice how lucky you are to be living in this age of technological marvels, but your profit margins would definitely be smaller without the following advancements. Here are the best technological advancements that every modern business leader should be using.

Web Conferencing

Video calling is not a new phenomenon. The first video calls are said to have occurred in 1970 in Pittsburgh; however, the picture phone quality was not great. What’s more, this technology was extremely expensive. It just wouldn’t have been cost-effective to sell this service to the general public.

Fast forward fifty years, and this technology is in the pocket of almost every adult across the planet. This means that you can now have a face-to-face conversation with anyone across the globe in real-time. Therefore, web conferencing is now a huge part of modern business.

Web conferencing allows you to hold meetings with partners and investors from all over the globe just as you would a regular company meeting. This means that you no longer have to waste money on international travel, and solutions to problems can be worked out much faster.

E-Commerce

E-commerce is another technological advancement that came about much earlier than you would expect. Compumarket was the first web-based store, and it opened its doors in 1989. This service allowed both buyers and sellers to use a database to carry out transactions of key goods.

The nature of e-commerce has come a long way since this initial site. Amazon alone ships nearly 2 million packages a day in the UK alone. The advantages of this service should be clear. You can get your goods to the customer much faster, and you save money on shipping large quantities of your product to stores. Furthermore, the rapid advancement of e-commerce delivery services has created thousands of delivery jobs in local communities.

Chatbots

A business can only improve if they are aware of the area they are lacking. The best way to find this information is by interacting with your customers, and chatbots give you the perfect opportunity to do so.

The first automated chatbot was invented in 1966; however, its applications for business were not discovered until the mid-90s. you can implement these bots onto your company site so that your customers have something to engage with when they first open up your webpage. These chatbots can politely provide the answers to frequently asked questions or pass on the customer query to an employee if they cannot provide an automatic answer. As you can see, this technology can save time while still pleasing your customers. Also, you can use this data to find out what questions are frequently being addressed. Therefore, you can work to improve these aspects of your business and the customer experience as a whole.

Corporate Cards

It is normal for your employees to make purchases on behalf of the business. The only problem is that these expenses can build up over a standard month, and this means that you have to spend a long time repaying your employees by sifting through hundreds of receipts. Even the smallest mistake can cause you to repeat this process, and you simply do not have the time to follow this procedure every month.

That is why you would benefit from using a corporate credit card. Company cards, and supporting software, mean you would get good visibility of all spend, avoid lengthy employee reimbursements, avoid manual data entry, improve user experience, and make accounting easier and less prone to error. . You can visit Payhawk to find out more about the top 6 features of the best business credit cards, but the advantages of this technological advancement should already be clear.

Virtual Reality

The biggest applications for virtual reality are found in the medical and gaming sectors; however, that does not mean that businesses cannot benefit from using VR. The first application of VR in business is that you can use it to train your staff in a realistic practice simulation. You can create a realistic experience and train them to deal with the situation accurately without testing out their skills on a real customer.

The second application for VR in business is that it can be used to build and assess prototypes. Prototyping is a key part of product development, but it can be quite expensive. A virtual prototype allows you to view a prospective product and discover any flaws without wasting money on manufacturing materials. Virtual reality has been on the market for nearly seven years, so perhaps it is time to include it in your business practices.

Cloud Storage

As your business acquires more data, you need to think about ways to protect this information. Your customers and employees will provide you with sensitive information, and it is your responsibility to keep it out of the wrong hands. Cybercrime has been on an upward trajectory for the last twenty years, which is why cloud storage was introduced as a deterrent.

The first cloud storage was developed by AT&T in the 90s, and this system has only grown in strength since then. Cloud storage keeps all your data on a separate server and continues to encrypt your security protocols to prevent a data breach. It is recommended that all businesses use cloud servers as data storage in the modern age, as this is the technology that is going to be updated from now on.

Apps

Smartphones first found their way into people’s homes, but their applications for business cannot be overlooked. Ever since 2007, smartphone users have been able to download a variety of apps to help them perform everyday tasks. You can find an app to regulate your calendar, perform calculations, or perform market research. There is no limit to what smartphone technology can do for your business, so make sure you are always within reach of one of these pocket-sized computers.

Drones And Robotics

The amount of manufacturing work that is performed by robots has increased by 12% in the last two years, which means that this type of technology is on the rise. However, the biggest leap in robotics has come in the form of drone technology.

Drones are unmanned devices that can fly or hover over great distances. This means that companies can use this computerised machine to carry out deliveries, survey their warehouses, or provide first response in an emergency. The application of drone technology has caused several advancements to occur in the last few years, so it looks as if you will be seeing plenty of businesses adopting drones in the future.

Conclusion

Business is usually the first field to adopt new technologies; however, that trend has slowed in recent years. Just because new technology is marketed toward the home, that does not mean that it cannot be applied to your workspace. Take a look at everything that has happened in the last few years, and you will see how these new advancements can help your business.

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