How Technology Has Impacted Entrepreneurship

American Express reported that technology has led to major changes in the way businesses operate. Social media, virtual office, and cloud computing are a few examples of innovations born in the modern era of digital technology. Big data, Artificial Intelligence (AI), and advanced analytics applications are key drivers of innovation that have been changing the landscape of what is possible in predictive business decision making.

Sean Glynn, a president and COO at Cuemarketplace, said that advantages and opportunities of technology are enormous, but so are the pitfalls. Entrepreneurs are constantly looking a way out to optimise the business by capturing, measuring, structuring, and analysing data from sales, marketing, operation, and others. And none of this is possible without the right software behind each core business function. According to MSN, technology advancement has helped big business and company to step onto the next level. Amazon, the giant company, already use robots working in its warehouse worldwide to work on repetitive tasks. Uber, Tesla, Capita, Target, and many other companies has also feel the automation, thanks to technology.

Terry Brock, a hall of fame speaker, marketing coach, & author, revealed how technology is enabling better entrepreneurship:

Geography is less of a factor – Technology opens up an amazing opportunity for both personal and professional matters. For example, technology can ease the job of people working in marketing department, help networking, and expand the business globally. Today’s technology can also enable company to easily recruit and bring top performers from all over the world as a remote worker. Terry said that if we can get full access to the internet, then geographical factor will no longer be much of significant obstacle. Thus, technology, now than ever before, can give enormous income-generating possibilities.

Voice input becomes easier – Technology has increased productivity, thanks to the ability of voice input. These voice inputs such as Google voice typing, voice recognition, recording, and others can save our time. Thus, we can focus to the more important job that needs more effort. Terry mentioned that with faster internet access and increased AI, the accuracy is also dramatically increased. Voice input might become our daily tool in the future. The key is to use technology wisely to help others. It is all about creating value-for-value relationship with customers, suppliers, colleagues, and many others.

Improved internet access – According to Our World in Data, our progress on the technology advancement is improved approximately every two years. Not to mention, the speed of internet access has also improved greatly in many places. It can be concluded that technology is better today than ever before. As a result, you can provide customer service better than ever before as you can employ chatbots, emails, or other chat platforms to engage with current and potential clients.

In the end, if you have all the advanced innovations, imagine how the future will be, even better. Let the profit-making ventures begin and increase.

Read also: The Impact of Startup on Global Economy