How technology is transforming the way we do business

Just one lifetime ago, banks closed on weekends, VCRs were the pinnacle of technology and public phones were commonly used. Now,  70%  of South Africans use the internet, banking can be done from your bedroom, and all it takes to start a business is a dream and some data.

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HOW TECHNOLOGY HAS IMPROVED BUSINESS MODELS

From small start-ups to global enterprises, digitisation has completely disrupted the way we do business, connecting companies with audiences they could have never imagined and propelled us all into a future that was once the stuff of fiction.
A notable outcome of this transformative change is how it lowered the barriers to entry for so many businesses and made information so much more accessible. According to Lianne Williams, Marketing Director at Vuma, Connectivity has become the great equaliser, enabling small businesses to compete on a more level playing field – a positive development for our economy.

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GOING FROM ANALOGUE TO DIGITAL:

During the analogue age, communication moved at the speed of a postman, if you were lucky, a fax machine. Meetings with international partners were cumbersome and often required high travel budgets. Most importantly, the banking industry was dictated by teller work schedules.

The digital era has changed all of that. A recent study  investigating trends disrupting business travel revealed that nearly 33% of respondents said their companies had changed their business travel policies by cutting back on the number of business trips (60%) or by sending fewer employees on trips (56%). While the cost of travel is one reason for this another is that nowadays, it does not make much sense to spend big money on flights and accommodation when all you need is a fibre connection.

“The digitisation of the banking industry also means that businesses can manage their accounts anywhere and at any time. In fact, going digital has made organisational communication so simple to the extent that some countries have enacted laws around when employees can and cannot be contacted. These changes have culminated in more efficient organisations.”Williams

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With the shift from analogue to digital, Williams says organisations are now adopting new technical systems and machines that streamline business operations.

“Artificial Intelligence (AI) is rapidly changing how people do business. While concerns have been raised, some of these AI tools now boast more than 100 million active users every week. Technology like this helps businesses to improve their internal processes, increase efficiency and foster flexibility,” she explained.

In South Africa, the transition from analogue to digital has pushed us to look for a better work/life balance, and possibly even work/life integration. A recent study found that 44% of South African employees wanted more flexible working arrangements.

THE BENEFITS OF GOING DIGITAL:

The Internet has become the lifeblood of modern businesses. A fast, reliable connection links businesses to customers, partners, and markets worldwide, benefitting not only large enterprises but also small businesses.

“Going digital allows them to showcase their products and services to a broader audience, levelling the playing field with larger competitors. As the world becomes even more connected, going digital will give companies a chance to innovate in ways we have never seen.

“As connectivity continues to spread, driven by the power of AI, the future of business threatens to become less about your connections and more about the problems your ideas can solve. If you can get those solutions to anyone, anywhere, anytime, you’ll be successful. With digitisation, it’s never been easier to be everywhere all at once,” she explained.