In today’s world, no business can function without employing technology. Technological advancements are taking place so fast that if you do not employ the latest tech in your venture, you are at the potential risk of losing out on competitive advantage in the market. Although businesses thrived even before the advent of technology, the onset of it has made our lives easier. It has helped to achieve several important business goals such as reduced paperwork, diversity of employees and better accuracy of data. Here are 5 ways in which technology has revolutionized business and its events capabilities:
- Easier Communication: Thanks to speedy internet and free-of-cost long-distance calls, businesses find it a lot easier today to communicate. Earlier, call drops, telegrams, and letters via post would be a nightmare, especially for companies having offices spread across countries. Today, it is possible for the CEO of a company to arrange a meeting with his top managers with just a click! Improved communication not only helps in speedy completion of work but also boosts team morale and cuts down on operating time and costs.
- Virtual Events: What had seemed to be possible only in sci-fi movies is a reality today. A virtual event witnesses individuals interacting over a common simulation-based platform. This not only reduces the time and cost hassle employees have to go through every time a meeting is arranged but is also extremely interactive and fun.
- Outsourcing: Is it possible for you to place an order for Pizza in India and the person taking your order over the call to be from China? Thanks to the impact of technology on businesses, it is. Outsourcing is practised by almost all major businesses. It is cost-effective and also ensures that the best talent pool can be tapped by the company, even if they are miles apart from the office premises.
- Easy availability of knowledge: Technology has made it possible for entrepreneurs to gain knowledge before jumping headfirst into a risky business venture. The ability to access expert opinions, current market trends and failsafe procedures to kick-start a business venture at just a click of a few keys greatly reduces the chances of a business venture failing due to lack of depth in understanding.
- Cheaper promotion: E-advertising is extremely beneficial and cost-effective for businesses. Technology has revolutionized the way people get to know about new brands and businesses. What used to be a tiny box in the ‘Classifieds’ section of newspapers can now be seen as a prominent flashing box on the top of your computer screen. This allows even small-sized businesses to make an impact on the customer. Further, a target-based advertising system makes sure that a business is marketed with its target customer group.