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Impact of technological change on business activity

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Companies are interested in having the most advanced technologies and tools for compiling big data analytics

Technology is changing the world around us. And it happens quickly, almost at lightning speed. Technologies affect all areas of our life: from the World Wide Web Internet to the latest developments in medicine and artificial intelligence. Any modern company builds its business taking into account and using technology.

Therefore, it is so interesting to see how technology has affected the business and its impact on it lately.

  1. Faster and more secure communication

Email, network encryption, chat services, and team-calling apps have made businesses more flexible and international. Crucial business information is now reliably protected by modern technologies and is quickly transferred from employee to employee.

  1. Efficient workplace

Any dedicated software development team, including MLSDev, knows how important it is to have workflow systems, shared storage, and collaborative workspaces. All this helps improve business efficiency and enables employees to do more work in a shorter period.

  1. Competitive advantage over rivals

In today’s world, companies often have to compete with each other for the end customer. At the same time, the winner is the one who knows and uses advanced technologies for his business. The introduction of information technology resources allows companies to maintain a competitive advantage over their peers.

  1. Artificial intelligence (AI) and Machine learning (ML) 

Artificial intelligence enables businesses to reduce time spent on tasks, lower product development costs, and increase flexibility and responsiveness. It also becomes possible to save on call center services – you need to use an online chatbot to answer all your customers’ questions.

In a Forbes article, one of the top executives of a large company claims that 5g and artificial intelligence technologies can change the way of business, even for their owners.

  1. Business analytics

It is difficult to overestimate the capabilities of technology related to business analytics. Companies are interested in having the most advanced technologies and tools for compiling big data analytics. Such data is needed to make forecasts, anticipate trends, and analyze your steps in business.

According to Statista, the global market size for business intelligence applications is growing by about half a million dollars a year. And the trend is growing.

  1. Blockchain

This technology has truly blown up the business world.

Blockchain is a technology that exists to provide end-to-end encryption of data in such a way as to record transactions, track assets, and create transparent access to data. These days, many businesses are built on a Blockchain basis and more platforms dealing with cryptocurrencies, like safetrading, appear. Due to this fact, deals are now safer, and no middleman can be interested or bribed. The exceptional point of business corruption makes doing business very easy.

  1. Cloud computing

This technology helps eliminate the need for physical data centers and servers for data backup. Even leveraging big data analytics and developing web applications for clients can now be done simply in the cloud.

Thus, when you use custom software development services, the technology saves on server fees and development speed. This approach helps companies grow and offer new services and products without the need for physical infrastructure.

  1. Money management

Fintech startups provide more ways to deliver and manage financial services around the world.

Automating processes such as billing and data consolidation saves a lot of time and energy. And sometimes the salaries of employees. Therefore, financial management technologies have a significant impact on any business.

In conclusion

Business today is those people who know how to catch the wave of technological changes in time, notice new technologies and use them wisely in their business. Collaboration of business and technology ultimately leads to the success of both the company and its customers. And it means that everyone wins.


Author’s bio: Anastasiia Lastovetska is a technology writer at MLSDev, a software development company that builds web & mobile app solutions from scratch. She researches the area of technology to create great content about app development, UX/UI design, tech & business consulting.


 

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