Everything is in transition. So is the business world. Technology has greatly helped the way we do business. Not only the new groundbreaking business technologies are more promising, but they are also available to small business firms and owners. This has helped businesses reduce their expenses, make their processes faster, and compete with bigger businesses. Here are a few business technologies that matter in this decade. ~ Ed.
The best thing about the technology field is that, almost by definition, it never stands still. What was a breakthrough just a year or two ago is commonplace today. And what business owners consider impossible now is likely to be tomorrow’s next big thing.
Owners, entrepreneurs, investors, and even customers seem to have a love-hate relationship with the speed and unpredictability of business tech developments. What are the most beloved programs, software, devices, and systems in current use? Four stand out.
Here’s a quick look at each one, along with a bit of speculation about what might come in the next wave.
4 Business Technologies that Make a Difference
Old technologies have given way to new ones that help transform our businesses. The four business technologies that facilitate businesses in the 2020s are fleet management, CRM software, tax planning software, and ATS technology for hiring.
Sophisticated fleet management software has literally transformed the transport industry. One of the newest offerings in the niche is part of the new wave of enhanced fleet software, namely collision avoidance systems.
If you’re unfamiliar with the concept, a good way to acquire a basic understanding is to review an online guide that explains how these systems operate to decrease severity of a collision under all sorts of adverse driving circumstances.
One of the quickest growing niches of the entire software field is CRM (Customer Relationship Management) processes and systems. Not long ago, only larger companies could use high-end CRM products, but with recent advances, even one-person firms are able to leverage the incredible power of this technology. What happens when merchants can capture every relevant aspect of every customer interaction in a single location?
For starters, they gain an in-depth view of who’s buying. But more important than that, a key benefit of the software is that it can make very good guesses, based on demographics and other buying habits, about why people are buying. Next wave CRM products promise to offer detailed descriptions about not only current but potential customers and help companies adjust long-term marketing plans to accommodate shifting consumption habits.
The world of accounting was one of the first to use cutting-edge computer programs, and today’s major firms are still taking the lead in this area. For instance, after teaming up with IT development and programming experts, some of the world’s leading CPA firms came up with software that aids significantly in long-range tax planning by taking thousands of economic and financial variables into account.
What’s next? Look for full-scale programs that whisk through complex business tax returns and prepare them to exacting specifications.
ATS for Hiring
The entire HR field has undergone massive changes in the past decade, and there’s no end in sight. It’s safe to say that ATS (Applicant Tracking Systems) is perhaps the single most important development of all. These smart programs can be designed to search through hundreds and thousands of résumés and seek whatever qualities you’re looking for, mostly based on the significant keywords you choose.
In fact, since most HR departments of larger companies now routinely use high-powered ATS programs to scan candidate applications, cover letters, and resumes, applicants who use the wrong keywords or omit important ones are unlikely to ever see a live interview. Upcoming developments in ATS tech include the ability to do full-scale social media investigations of every applicant and red-flag potential problems.
The changing business technologies help change the way we do business. The next wave of technologies will bring more features, ease of doing business, and help manage businesses in a better way.
Though the present business technologies will become obsolete in the times to come, they are essential to facilitate a smooth transition to a better business world.
Over to you
Which business technology has helped you manage your business better? Share your thoughts and experiences in the comments.