We live in an era of innovation unprecedented in human history. Thanks to advances in technology, society is making breakthroughs that seemed utterly impossible in just a few decades ago. It’s no surprise, then, that business has been dramatically affected by the rise and proliferation of technology. Things are changing in the business world.
It’s important to stay on top of the evolution if you want to continue succeeding in the future. Here are three ways technology is impacting business.
- Technology Moves Exponentially
Technology moves fast. So fast it can be almost impossible to keep up with, in fact. Business school often teaches entrepreneurs and the business-savvy to be methodical and exact in their decisions, and that’s not terrible advice. Unfortunately for us, information technology and the rise of interconnected global commerce means that the business world is getting faster by the day. There are just so many variables with which to contend! The second you’ve got a handle on things, the rules change.
Things aren’t as linear as they used to be. It’s not as simple as A to B to C anymore. As technology continues to improve and evolve, it’ll be the controlling and filtering of information that becomes most important for businesses.
- The Little Guy is Empowered
In the old days, size was king. The person with more resources was usually the one that found success. Technology is changing this. Smaller companies can use all sorts of innovations to keep pace with larger players. Think of what Uber — a taxi company that doesn’t technically have its own drivers — was able to do to the big players in metropolitan taxi service in just a few years.
- Business Models Decay
Business models used to be concrete. They used to be the foundation atop which you built your business. But things are different now. Companies can tap consumers directly these days, getting closer to consumer needs. Those needs often change now, too, which means business models need to morph to keep up continuously. Companies are already having to adopt more flexible models to accommodate this phenomenon.
There you have it. If you’re looking into running a business now or are currently captaining your ship, be prepared to stay flexible as the years go on. Technology is terrific on the one hand. It’ll improve performance and make it easier than ever to run a successful company. On the other hand, it makes things a whole lot more competitive. You’ll need to stay on top of the changes and be innovative if you want to survive.