Over the past decade, society has seen a rapid increase in the development of technology, particularly within the communication sector. Of course, companies are among the first entities to implement these new technological features into their day-to-day operations. In the following sections, the various ways that technology has shaped the future of the business world will be discussed. This will include both its application and benefits to a company.
The name of the game within any company, small or large, is to cut down on the cost of production. Often, the most costly of these is obtaining a large building, adding furniture to it, and hiring employees to work within it. This is very expensive and may not even be possible for a smaller company to accomplish. So how has technology helped with this issue? Through the introduction of virtual offices. This not only provides companies with the ability to cut down on costs but helps employees become more productive as well as mentally healthy as they can better balance life and work. About 17 million people aspire to a technology-enabled independent location kind of lifestyle, causing an increase of businesses with remote workers.
Artificial Intelligence, or AI for short, has been a controversial topic as of late. Both top executives and the average worker are understandably worried that AI will take over jobs and put people out on the streets. Although some jobs will no longer be required, roles that utilize uniquely “human” skills are expected to grow. Additionally, AI will be able to help the worker and the executive by making their lives easier. No longer will workers have to do mundane tasks over and over; AI is a great tool to be utilized for these tasks. The worker instead can focus on quality and innovation rather than standing in one place performing a tedious task. Executives will begin to see an increase in their production as AI technology does not ask for breaks or question orders.
Customer Service Bots
A shared frustration between established and small companies is an overwhelming amount of customer questions. This can get in the way of more pressing matters. Not that customer concerns are not important, but they vary in urgency. Through bot technology, customers are now provided with speedy and accurate customer support. These bots provide companies with the ability to answer simple and common questions (e.g. hours of operations, return policies, etc.) without anyone having to sit on a computer.
Technology is rapidly changing the way business is done by way of the development of new technological features. This is so common that it has come to be expected for an established or new business to have these features available. Those who accept the incoming technological revolution will no doubt be positioned to have an advantage over their competition for years to come.
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