Impact of technology advancement on business models

@icthelpline Giving You The Information You Need!

Small businesses have the opportunity to improve their performance by rethinking their use of technology. Is your business a technology laggard, follower or leader? Find out more in this exclusive interview with Derek Kennedy, Partner and Managing Director from the Boston Consulting Group

source - Microsoft Europe
courtesy - Microsoft Europe
more - visit microsoft web page
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Related findings from gomodus.com
Technology is a Wave:  You Can Either Ride or Wipe Out
Regardless of your personal opinion—Luddite or technophile—the rapid advance of technology isn’t going to slow any time soon.  More and more small businesses that fail to adapt are going to find themselves left behind while the savvy ones who learn to keep up will reap the rewards.  You don’t have to rebuild your business from the ground up—there’s some kernel of merit that’s allowed you to enjoy success thus far.  You just have to understand how technology affects your business (for better or worse) and how to apply advancements in order to play them to your advantage


Social Impact
You can’t afford to operate your business as if it exists in a vacuum any longer.  The rise of social networking has figuratively shrunk the world and now users can connect without regard to geographical obstacle, financial background, or even social status.  Indeed, years ago you may have been able to skate by on “okay” customer service and product offerings but now you’ll likely incur a hateful rant on Facebook or a bad review on rating sites like Yelp.  And, to use a quote that’s often tossed about flippantly, what goes on the Internet stays on the Internet.  This means that if you earn a bad reputation, it’s going to stick with you.  That’s why you see businesses large and small worried about their digital footprint, their social identity.  They have community managers and such on the lookout for potential “bad press” and out making the rounds trying to be proactive.

Mobile Solutions
Mobility is “The Next Big Thing.”  So much so that Google has revamped it’s algorithms once again to prioritize websites that make seamless mobile web browsing easier.  Every aspect of your business can be handled from remote locations if your smart device or tablet is loaded with the correct software.  Everything from your sales enablement, content marketing and customer relations through back end processes like shipping and invoicing at the click of a button.   But mobile isn’t just for you—it’s for your consumers as well.  With the rise of Generation Y (Millennials) more people are using mobile devices to buy, sell, shop, find local businesses, and share their retail experiences with friends, acquaintances, prospects, and Facebook strangers every day.  This new paradigm has literally rewritten the book on marketing to prospects.

Decreasing Cost/Increasing Functionality
Two things have come together to create a “buyer’s market” when it comes to software solutions for your business.  First, the hardware and software necessary to create these software solutions has become increasingly easy to use and afford.  Secondly, the number of tech savvy and entrepreneurial minds who can exploit such crumbling barriers has multiplied exponentially.  A back end inventory system that once took a multi-million-dollar company a year to create in the not-too-distant past takes a couple of weeks for a few recent college graduates to put together.  These solutions are offered at affordable rates and are often simple enough to use that businesses don’t need to hire dedicated employees or sign long-term service contracts in order to make use of them.