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How important is the evolution of technology for business?

5th December 2017 Print

Like it or not, technology pervades every aspect of our lives. From the way we spend our free time to the way we run our businesses, technology has a strong influence over what we do and the way in which we do it. As a result, the evolution of technology is particularly significant. Stronger, fast and better technological infrastructure offers both intangible and intangible benefits – and for businesses who are savvy enough to keep up, there’s plenty of money to be made. 

For example, the evolution of technology changes the way we reach customers. 62% of smartphone users have made a purchase online using their mobiles in the last six months, which makes a strong case for evolving a website to accommodate for mobile visitors. This might mean investing in responsive layouts, repositioning call to actions, or even overhauling website designs entirely – and while these tasks will undoubtedly cost money, the revenue potential for businesses who are willing to keep up with this kind of evolution is significant. 

Moreover, the evolution of technology can change a business model too. For example, advances in the technology used in medical imaging enable businesses such as Alacrita to offer consultancy services on the matter. Similarly, evolution in the kinds of algorithms rolled out by Google that affect marketing agencies enable businesses such as Moz to offer relevant, valuable services to customers seeking their expertise.   

But why else is it important? Well, advancements in technology can change the way businesses communicate, as we’ve seen over the past decade or so. It’s hard to believe that major social networking platforms such as Twitter and Instagram didn’t exist until 2006 and 2010 respectively, given that we now use them (bringing about significant benefits) in order to communicate with customers. Activity on these kinds of communication channels can strengthen brand identity, engage current and new customers, and enable the kinds of conversations that we could only have dreamt of in the past. 

But evolution in technology is important inside the business too. From a day to day perspective, technology can promote efficiency in operations: face to face meetings over Skype and other face-time technologies can save time and money, cloud computing can allow teams to work remotely, and good quality software can ensure businesses are making the most of the hours available to them, keeping on top of tasks and providing visibility of an organisation’s entire to-do list.  

Finally, advancements in technology can help to make businesses more secure. For example, businesses from all industries are regularly targeted by cyber criminals, but evolution in encryption technology and other forms of protection ensure that sensitive data remains protected. Of course, new technology also provides new opportunities for cyber criminals, but businesses who are willing to invest resources in upholding the strongest security measures possible will find that the evolution of technology continues to help them. 

Those are just a handful examples showing the importance of evolution of technology for businesses. In what ways have you noticed technological advancements benefitting your business?