Rapid technical innovation has made it difficult for CIOs to oversee each aspect of organizational technology. Roles that were earlier compartmentalized have now become so ambiguous that business leaders have to rethink the company structure, all in an attempt to capitalize on the huge tech opportunities presented to their firms. At the same time, they must contend with the continued challenges of adoption and implementation. The key to success lies in understanding the current shape-shifting tech landscape along with the tools needed to navigate these uncharted waters. So, let’s take a closer look at the different technology truths business executives should look forward to in the coming years.
Learn more about changing customer expectations
The number of U.S.-based businesses exceeds 30 million, and out of those 99 percent are small businesses. These firms must eke out an existence in the interconnected global marketplace. But how — that’s the million-dollar question. What’s the best way for these companies to handle customers given the large number of options available at their disposal? Well, the answer may be found in the needs of the customers.
Most of them now express interest in interacting digitally with businesses just like they do with their loved ones, through mobile gadgets and social media. This is a major upheaval to the existing order that affords both new opportunities and challenges to business owners. The sooner you realize that customer behaviors and expectations are changing, the better equipped you will be to follow the trend.
Embrace technology for better business opportunities
Nowadays, most entrepreneurs prefer to work with remote teams. What does this mean? Well, you and your employees are not in the same building, maybe not even the same geographical location, but you still manage to coordinate the work so that everything flows like clockwork.
Office 365 and other tools are making this possible, adding an element of fun and productivity to the proceedings. Plus, remote real-time collaboration has never been this easy with integrated video conferencing and chat tools allowing you to work wherever, whenever, and however you want with your team.
Minimize business risks with data
Business owners are not averse to risks as long as they stand to make money. However, running a business costs more than money; your emotions and reputation are on the line as well. Thankfully, you can always fall back on data to minimize that risk.
One of the biggest trends in business right now is the increasing use and availability of business intelligence or big data. So, if your company has the setup to analyze the incoming data, you’re all set to unlock enormous value potential. From e-marketing campaigns to display ads, business intelligence can have a profound and positive impact on your company operations.
Embrace new modes of working by employees
Along with technology, customer behaviors, and expectations, your employees are changing as well. This has prompted a seismic shift in the entire business landscape. Employees, especially the millennial bunch, want to have the freedom to work the way they want. They not only expect employers to back them up but provide them with the means of doing so. Moreover, as long as you acquiesce with their demands, your business will run competently. Remember, behind every successful company is a bunch of happy employees who are more than willing to meet the incoming challenges head-on.
Consider an operational expenditure model
The majority of businesses nowadays have no stake in the buildings they operate out of; they merely lease the properties. By that logic, it doesn’t make sense for companies to invest in software, hardware, and hire in-house tech admins.
The truth is, computer programs, parts, and peripherals depreciate in value rapidly, which means there is little reason for a firm to shell out large sums of money on technology. Moreover, the amount of money required to maintain and support in-house tech infrastructures is quite a handful, and businesses often have trouble squeezing it into their budget. On top of all this, finding good manpower or talent to maintain or run that infrastructure is both difficult and pricey.
At first glance, managed services, the cloud, and Software as a Service do not seem like cost-efficient options for businesses. But if you look closely at the existing challenges involving the hiring, training, and managing of in-house tech staff, an operational or as a service model seems more appropriate to meet the demands of reliable technology and operational efficiency. The best part is, you pay only for the services you are using.
Don’t discount the popularity of old-school technology
The seasoned players of the tech industry like Intel are slowly but surely making a comeback, moving into chips powering mobile devices and tablets. It remains to be seen whether the older IT companies can complete the transition without eating into the costs.
Thankfully, their clout and expertise in the field may prove useful in reducing long-term costs while also expanding into newer markets, such as sensor chips that empower the Internet of Things trend. While many of the older players are struggling in the legacy markets, they are fighting tooth and nail to gain a foothold into the emerging markets.
Begin accommodating blockchain in your business
Although it’s not yet a household term (but it’s definitely a hot buzzword in IT circles), blockchain is slowly but certainly altering the very foundation of every activity conducted in the Internet landscape. After all, this modern day distributed ledger technology can be used by to monitor transactions and records in a way that cannot be tampered with.
Plus, developments made in this sector aid information security greatly as companies can use blockchain to monitor and handle transactions and records. Blockchain will prove useful across a wide range of industries, namely the ones that seek to protect sensitive data from malicious online entities, such as insurance companies and law firms.
Technology truths change every day
Just as technology is changing on an almost daily basis, so do the truths associated with the industry. Business owners should stay on top of these changes to stand out from the competition and stay relevant.
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