Technology is quickly changing everything around us. It is bringing us comfort, convenience, and peace of mind for a lot of tasks.

Adding Artificial Intelligence (AI) into the mix further spices things up. Automation relieves us of repetitive work, allowing us to focus on elements of business that matter. 

However, this isn’t where the discussion ends. Technology has a lot more to offer for your business than you can imagine.

This is why I came up with this post to deeply explain the role of technology and how it’s shaping modern business models. I will try my best to discuss the key points in detail so that you can walk away with clear takeaways.

How Did We Get Here?

Before technology, doing simple tasks like getting a coffee took a lot of effort. You had to step down from your building, find the right spot, wait in a queue, and finally get your order.

Now, thanks to tech geniuses and intellectuals worldwide, we have blazing internet, fast delivery services, and gadgets to get us anything, anywhere, anytime.

Technology simplified buying, which opened up a lot more avenues for businesses to explore. That’s why E-commerce sites like Amazon and eBay are booming as they bring a completely new business model to the table. With no physical overheads to manage, companies can now save a lot of costs and become more efficient in their work.

However, it is not just about sales and purchases anymore. Companies have now started to implement sustainable business practices by reducing their paper waste and, thus, their carbon footprint. This is all thanks to technologies like OCR that take care of the digitization of documents to make every piece of information available at their fingertips.

Smooth communication is maintained by tools such as Slack and Microsoft Teams, whereas QuickBooks software helps to reduce the complexity of accounting. Technology simplifies processes and helps companies to achieve more with less time and resources.

Why is Technology So Important for Businesses?

Technology is no longer just a nice-to-have, it is a necessity. Why? Because companies lag without it. Consider running a modern business without a website – it sounds impossible!

That’s because the current consumer demands everything ubiquitously and promptly, urging businesses to keep their web services running at all times.

Besides the need to scale and keep users satisfied with services, technology also plays a pivotal role in leveling the playing field for everyone. Before advanced tools and software, it was difficult for small enterprises to vie with major companies. 

However, now we have the power of social media and SEO tools like Ahref that can easily propel small, local businesses to the next level. 

Furthermore, technology is assisting companies to run more intelligently. Consider CRM tools like HubSpot that personalize interactions with customers and cleverly manage inventory to monitor stocks in real time. Hence, utilizing the available resources to the max and providing better ROIs for businesses.

Similarly, tools like QR code generators simplify customer contact. This technological development makes it easy for businesses to advertise their offerings, manage user requests, and allow users quick access to guides, videos, and other content.

The Flip Side of the Coin

Certainly, it is not all sunshine and roses. I’ll confess that learning to use the latest tools might be daunting. You’re not the only one who has gapped at a new piece of software and wondered, “How on earth do I even start?” Many entrepreneurs have this thought, and it is fine to feel this way.

The solution is again technology. Using the latest pieces of equipment like interactive 3D whiteboards, trainers and instructors worldwide facilitate intuitive learning and make complex topics easy to understand. This makes the learning curve gentler for a lot of business owners, helping them to revamp their companies for better outcomes.

However, this isn’t the end of the problems. With online infrastructures on the rise, businesses can compile unbelievable amounts of data, and safeguarding it presents an entirely new challenge.

Overnight hacks, breaches, and configuration failures can tarnish a company’s image and numbers, making them less credible for search engines to rank.

That is why proper training and investment are needed in smart networking software like NPM. You also need to take care of every open port, detect anomalies in traffic, and check DNS issues to resolve them before it’s too late.

Real-life Case Studies

Still not sure about the role of technology in restructuring businesses? Let’s examine it with some real-life examples.

Netflix: Starting as a DVD rental service, Netflix would have been nowhere if it chose to stick to its old business model. Thanks to cloud computing and data analytics, Netflix developed into a streaming behemoth. Moreover, the platform offers suggestions that help us to binge-watch movies and TV shows by leveraging the audience’s likes, dislikes, demographics, IP location, and other related data.

Tesla: Unlike Netflix, Tesla’s business model was always ahead of the curve. It was built around the idea of leveraging data and numbers to provide the best, most personalized driving experiences to the customers. That is why you must have heard people say, “Tesla is a technology company more than a car company” and it’s probably true. Tesla deploys software updates over the air to continuously improve their car’s performance even after you have had the ride for a while.

Zoom: Pre-2020, Zoom was just another video conference platform. However, after that, the company shifted gears as they started implementing AI into their platforms. This helped them cater to diverse customer needs like automating calls, marking events in the calendar, managing meetings, etc. As a result, Zoom is now the lifeline for many global enterprises.

What are Companies Able to Do Today with Technology?

Short answer: A lot. Technology has reshaped our business models in more ways than we can imagine. We have cloud storage options like Google Workspace and Dropbox, which allow access to crucial business documents and files on the go.

Secondly, we have project management and collaboration tools like Trello and Asana to allow employees to connect and work together remotely.

As a consequence of the aforementioned tools at disposal, many companies have started facilitating relaxed work environments, improving employee engagement and productivity.

Currently, organizations are investing in training and deploying AI models and tools for their work. In return, AI automates content development, customer service (e.g., chat support,) and a bunch of other tedious tasks for them, boosting efficiency and customer satisfaction.

What’s more, is that due to the high demand for such AI tools, many tech companies have started to shift their business models from product-based to service-based. That’s why you see a lot of software houses today marketing APIs and selling their services to maintain them. It’s a lot of money for nearly half the effort.

Final Thoughts

I know technology may be menacing. But it’s also thrilling. Amongst many other things, it allows the impossible to be possible, and levels the playing field for small businesses.

So, ask yourself: What can technology do for your business? The answer to this question can potentially change everything.