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The last decade has experienced a shift from the traditional way of business operation and customer engagement due to the advancement in technology. The growth in the use of internet and mobile technology has been the biggest cause on why modern business are undermining or abandoning the structures which had been excellent for the past one century.
The advancement in technology in the current business world is helping to remove the commercial barriers that previously hindered interaction between the sellers and the buyers. The acquisitions of the current mobile technology means that people can now buy, advertise, shop and bank through the mobile web in their devices. As such, it is fair to conclude that the readily available internet services have brought about unimaginable advantages to the sellers as well as the consumers. It has helped to promote the brands, ease of shopping, and efficiency in delivery, cost cutting and improving the communication between the parties involved in the business.
Take an example of when a company needs the feedback of the clients when launching a new product or when the competition for the market share is high, the use of technology will help it to reach a significant number of the consumers instantly as well as provide a platform to communicate with them. Additionally, the business can reach the targeted consumers in real time unlike in the past where it would take a longer time. There are also times when the business needs to outsource some of its functions both locally and internationally. The modern technology allows it to do it at a minimal cost.
Although the advancement in technology has had a fair share of its advantages, there are some disadvantages such as requiring trained personnel, high maintenance costs as well increasing risks of fraud. It is, therefore, crucial that before a business adopts any technology to assess the capacity and readiness to handle and maintain it.
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