Ever since the foundation of the first primitive factories right to this date the evolution of the business world was always dictated by the pace of the tech landscape. This train, however, went truly off the rails with the arrival of digital technology that makes the main pillar of the present-day tech world.
Digital tech overhauled the very core of our society changing the way we think, work, communicate, and all other aspects of our lives. These shifts were not marked only by the massive scale but also by the relentless pace at which they occurred.
Well, a similar thing happened in the business arena as well making it incredibly interesting if very hard to get a good grasp of.
Let us take a look then at how technology changes all major industries and how we can turn this knowledge to our advantage.
Foundations for a globalized economy
The global economy was always very closely integrated and mutually dependent. However, this level of integration was always very impeded by the infrastructural shortcoming. These days, when most of the business world exists in the cloud and no longer depends on the analog processes to keep spinning, these limitations are gradually disappearing making the national borders irrelevant and the global market very closely connected. This process is only made faster by the rise of online commerce and the growing relevance of remote and hybrid workforce that don’t, in any capacity, depend on their current location.
Higher level of automation and efficiency
Even though this trend was mostly associated with the industries that already involved at least some level of automated manufacturing capabilities the gradual expansion of digital technologies threw almost all business-related activities under the same rug. These days, any sort of business process from very specific activities like bookkeeping to grander workflow hierarchies has dedicated platforms designed to make them more streamlined, faster, and overall more efficient. Since these developments are present across the board, the entire global economy becomes much nimbler and leaner as a result.
Safety becoming a priority
Keeping in mind the constant perils of cybercriminals it is very easy to assume that the transition to the digital world made the business world more vulnerable to external threats. However, the cybercrime figures are only the result of the law of large numbers. These days, sensitive business data is stored behind the walls of encryption on safe cloud servers. At the same time, the intrinsically safe devices we use to access this data make interaction possible regardless of the conditions or environment. All these things make digital tools much safer than physical documents that were perishable and easy to steal.
A strong contributor to global GDP
When talking about digital tech and IT, people like to observe their influence on the global economy strictly in the way these sectors help other industry branches improve their own results. What we often fail to remember is that the IT sector is a behemoth in its own terms, contributing approximately 15.5% to the global GDP and growing more than two times faster than the global GDP over the last 15 years. So, keeping in mind how interconnected the global economy is, such strong growth certainly sends ripples across other sectors allowing the business world to get out of the slump it found itself in the last couple of years.
The engine of innovation
Innovation was always seen as one of the main driving forces of business world development. Up until recently, however, any innovation required extensive use of resources which effectively put a lot of smaller players out of the race from the get-go. Today, most of the active business infrastructure exists in the digital environment that allows companies to explore their ideas as far as they see fit without the heavy involvement of expensive physical resources. What’s even better the technology necessary for doing so is becoming available across the corporate ladder allowing smaller entities their shot at glory.
Increased pay and job resiliency
Last but not least, we would like to remind you that the US and the rest of the developed world are currently going through one of the worst labor shortages in recent history. Well, it is good to know then that a higher level of automation and the greater usage of digital tech as a means of relieving the overall workload have proved to be excellent tools for opening the doors to higher earnings, making employees feel more engaged at their workplace and improving the average job resiliency. Also, the greater reliance on digital tech makes the labor market more even allowing a much greater level of workforce mobility.
We hope these couple of examples gave you a general idea about the ways the development of tech (most notably digital technology) is shaping the present-day business world and changing its outlook regardless of the industry in question. Of course, this is only the tip of the iceberg and the outcomes of this development are too extensive and far-reaching to be covered in a single article. The most important thing to realize is that this bandwagon is speeding and becoming increasingly hard to keep pace with. The sooner you decide to jump on it, the greater chance of success will your company get.