How Has Technology Impacted the Global Business Environment?
A computer in every home used to seem like a pipe dream, but we now live in a world where virtually every pocket or purse carries a mobile computer. These devices have drastically changed the way we connect with each other, with the brands that compete for our business and even with our employers and co-workers. For businesses, this presents an opportunity to leverage technology in new and innovative ways. From the way internal communication takes place, to the way marketing campaigns target a specific audience, technology has had a dramatic effect on the global business environment.
One of the greatest benefits regarding a truly global business environment is the ability to hire and manage employees who live around the world. According to a 2018 survey, 63 percent of employers had at least one remote worker, whether a freelance contractor or full-time employee. This figure is made possible due to enhanced communication strategies and management tools, especially cloud networking.
When working in the cloud, team members can receive up-to-date information from colleagues including documents, workflows and messages. This up-to-the-second sharing was once only possible on an in-house network of servers. Today, all you need is an internet connection. Thus, a group of people who once had to be housed under the same roof for the sake of efficiency can now be located in different countries without a marked difference in performance.
Technology has also made it possible for global business communication to occur across language barriers more smoothly than ever before. Although human interpreters and translators still offer a nuance that technology does not grasp, automatic translation software has proven highly functional. Even free tools and apps like Google Translate offer surprisingly accurate translations via voice recognition, image recognition or text recognition.
Voice recognition software also goes a step further in streamlining business communications. Call services and apps such as Nuance market a voice-to-text technology that turns voicemails into emails. Dictation software also eliminates the need to have recordings transcribed into notes, and complete reports can be "typed" by speaking out loud. Now busy employees and executives can choose how to receive or create their communications in the most efficient manner.
Thanks to technology, businesses can create a precise and accurate marketing strategy for virtually every individual customer. Gathering and tracking information about how long a user spent on the business's website or what items they put in their cart but did not buy helps the company to then execute a strategy to keep the customer in the sales funnel.
The data that is collected depends partly on the individual company's policies and partly on the laws that govern data collection. But one thing is certain: without the technology available to collect and track data in the first place, marketing teams would have to rely on old-fashioned, laborious methods to obtain a fraction of the same insights. Technology has undoubtedly changed the way businesses interact with consumers, as well as how they communicate internally.