Technology, Innovation, and Change

Consider the following ways that technology has changed business^[1].

1. Mobile Solutions. With the rise of smartphones and Internet connectivity, more people are using mobile devices to buy, sell, shop, find local businesses, and share their retail experiences on social media every day.
2. Cloud Computing. Cloud computing allows businesses large and small to move some of their operation to third-party servers accessible via the Internet.  Not only does this allow for on-demand access to data and operational mobility (e.g. sales people being able to access up-to-date customer and market information as they travel between clients), it minimizes the fear of downtime, crashes, or permanently lost data.
3. Extreme Customer Segmentation. With the flow of more and more data, it’s easier now than ever before to understand the customers you’re looking for.  Even a simple website can track where your visitors are from, what type of browser they’re using, how they found your website, what they do while on it, how long they stay, and at which point they decided to leave.
4. Connectivity. Technology has also increased the ease with which we can all stay in touch.  Whether it’s having your coworkers and employees available via text/video chat at a moment’s notice, or being able to send targeted promotional email blasts to pre-qualified customers when they’re shopping at nearby businesses, the rise of mobile technology has blended almost seamlessly with communication software to create a hyper-real web of real time information.
5. Social Impact. The rise of social media has figuratively shrunk the world and now users can connect without regard to geographical obstacle, financial background, or even social status. Years ago you may have been able to skate by on average customer service and product offerings but now you have to guard against any slip in quality or deal with a hateful rant on rating sites like Yelp. Therefore, social media holds businesses to higher ethical and quality standards.

Businesses are forced to ride the wave of technology or risk going the way of Blockbuster, Toy ‘R Us, and Radio Shack. The reality of business today is that technology will continue to force them to adapt and adopt or risk extinction.