The modern world is heavily dependent on technology. You may not notice the iron in the water you drink or the pollutants you breathe with air. But once your Wi-Fi goes down, you are ready for war!
Look around you. The entire world is wired and technology is the epitome of modernity. In fact, technology governs the present so well, the world that existed decades ago is beyond our recognition. The same goes for the world of business.
The world of business has been improved above and beyond its known limits by technology. But what was business like before the infusion of technology? Will knowing this make us appreciate Fintech more?
An Era of Distance…
Today an interaction between a client and a service provider can happen from the opposite ends of the world. This wasn’t always true. Communication and information processing are some major revolutions in business, brought about by technology.
In the past most businesses were limited to their region and further outreach proved difficult. However with the introduction of emails, financial platforms, online banking and other parts of fintech, the whole world turned into one concentrated platform.
Below are certain aspects of the business world that have seen complete transformations with the infusion of technology.
- Communication
- Storage of information
- Data analysis
- Risk management
- Manufacturing
- Sales
- Advertising
The above aspects of business and their transformation with the introduction of technology will be discussed in the upcoming articles of this series.
Sudden Major Outreach…
The current business world heavily depends on computers and communication devices. Hence information reaches out faster and more efficiently. With the disappearance of the geographical barriers, businesses now outsource jobs in foreign countries. This in turn brings diversity to the workplace and accumulates the opinions of different employees. The engagement of the business reaches new levels through this. And saves the company 30% to 70% more working capital.
Clients can now seek support and services from overseas businesses. The availability of online platforms to contact the business is convenient for both the customer and company. Another sector that underwent transformation is the traditional auctions. Auction financial platforms are high up there in trends. The possibility for the seller to sell their assets without pre-scheduling a venue is god-sent.
The buyer can now access an auction financial platform and easily pinpoint a desired item. There is no longer a need to settle what is available at auctions. Auctions financial platforms offer multiple choices of the same asset from different sellers. So now you can purchase your favorite mug without a chip in it!
Technology is a catapult to all businesses around the world. It transformed the business world from the way it functions to its level of outreach. Hence, technology is a must-have key for a successful business.
Want to learn more? Read our second article of the series.
