Nowadays, throughout the world, you may find many people who are doing various activities like surfing, ticket booking, making payments, shopping, watching the electronic version of various journals through their devices like smartphones, iPhones, laptops and other hand-hold devices. But a few years back all these were a distant thought and now today everything is possible because of the technological revolution that you have encountered over the past few years. These days, technology has penetrated in every sphere of your life and the technological wave is burgeoning day by day because every day the scientists and researchers are coming up with some unique and innovative ideas that are changing the definition of technology.
The technological revolution has been started with the arrival of the low-cost microprocessors in the 1970s. Later in the 1980s, networking technologies were introduced in the market which has taken the technology to its next level. Then we all faced another radical change when Google has entered the market and emerged as a market leader in early 2000.
In the year 2008, we are all encountered with another wave of technological revolution when the first smartphone has introduced in the market. Now, the smartphone is roaring everywhere. Very soon the companies realised that if they want to enhance their presence in the market, then they should opt digital technology. Now digital technology along with smartphones and mobile apps are very popular among the people as well as business owners.
Nowadays, the customers are also using various technologies like mobile apps, cloud computing, internet of things, artificial intelligence, and web analytics, hence, in order to win the customers’ heart, the companies and the existing business houses are redesigning their business plan.
In this 21st century, digital technology is ringing everywhere and the way of marketing a business has replaced with advanced techniques and this is simply commendable. Today, digital technology has become one of the pivotal marketing tools for all types of businesses.
Earlier in India, the internet usage was limited to only 16%, until the end of 2013, and in the year 2014 usages of the internet had increased and at that time 31% people were familiar with the internet. Now, in 2017, more than 70% businesses depend on the internet and Digital media and it is expecting that very soon near about 90% businesses in India will depend on online marketing. The companies are also opting for this technology because by using this new and advanced technology they can stay connected with their customers, can reply their queries any time and can share various information with the customers. Moreover, by using apps, blogs, or various social media sites they can get know a better idea about their customers and also know what kind of services or products the customers are looking for the companies. By evaluating all these information, the company can refurbish or redesign their business plan. The digital media will also help a company to enhance its mileage and brand value and with a few minutes, they can reach millions of customers.
So, it can be concluded that if you want to sustain in this competitive era, then you need to cope up with the latest technology revolution and should opt of various changes for the betterment of your business. But you may face certain challenges due to any technology revolution. Below, we are mentioning some challenges that you will face during a technological revolution.
- We need to invest a portion of the money or may be a humongous part of your existing revenue model so that you can deal effortlessly with the new business models.
- If you have already invested an enormous amount for your business, then you may again need to invest a bulk amount in the future technologies. So, always prepare your mind for this change.
- All employees and executives should cordially embrace the new technology and always remain open for the new approaches and innovative ideas.
You must accept all the new technologies contentedly if you want to drag more customers towards your business and want to conquer your competitor entirely. You can also go for cross-domain partnerships which will help you to integrate new functionalities into your business model and reduce time to market.
So, to conclude it can be said that always welcome all the technological changes contentedly and become the sovereign of the new technological era.