July 1, 2017 will mark 150 years since Confederation in Canada.
Since that time, a lot has happened, especially in regards to the business environment. Today, it is undoubtedly much easier to do business than it was 150 years ago, thanks in part to technology. I would like to explore some of the ways in which technology has played a role in transforming the business environment in Canada.
1. It Has Led to Improved Efficiency.
The modern business workplace in Canada has undergone a major shift in how workers spend their time. Today, businesses are better able to manage time and the effort required to achieve tasks has been lessened. For instance, if a business in Canada needed to create a thousand pamphlets for its business, they would have had to hire someone to type all of them. The printing machine has lessened that process into just a few minutes work.
Since such tasks now take a little time, it has allowed business to concentrate on other tasks. Additionally, the level of expectation from clients has changed because of technology. They now expect more in much less time from a business.
2. It Has Led to More collaboration among Employees.
Technology allows employees within the organization to communicate at a level not possible 150 years back. Today, employees can connect to any of their fellow employees at any time of the night or day by pressing a few buttons. With increased collaboration, it allows projects to proceed flawlessly no matter how far away individuals are from each other.
3. Better Cost Management.
The aim of all businesses is to become profitable. To do that, they will need to cut down costs of running the business. When a business uses modern technology, it is able to cut down on the cost of doing business.
When a business makes use of modern software and technology to do business, it is able to keep better of its finances for instance. Since employees optimize their time at the office with technology, less time is wasted and more time is used to make money. By reducing costs and increasing productivity, the business is able to become quite profitable.
4. Better Security for Business Data.
The security of business’ data is important to its success. 150 years ago, businesses had no choice but to store in a large room protected by nothing but a padlock. However, today, technological innovation has made it easier to store data. For instance, companies can transmit their data to an offsite location where access is limited. The technology of today has made it almost impossible for individuals to access information unless they have authorization.
5. The Use of the Cloud.
Cloud technology has had one of the biggest impacts on how businesses handle digital data in Canada. Today, even a small company can afford to make use of server services without having to invest in the physical infrastructure. The cloud also allows companies to access software that would have otherwise driven them out of business. In short, the cloud is making it possible for small businesses to compete with big businesses, thanks to the availability of affordable resources.
6. Businesses Can Now Afford Advertising.
A while back, only the huge companies could afford to post an ad on television. Other small businesses had to rely on word of mouth and a few posters around the town. However, the internet has changed all that. Today, companies can spend a few hundred dollars and grow awareness about their business to tens of thousands. In the last few years since the inception of Canada, this was unheard of. Only the big companies could afford to splash dollars for advertising.
7. Business owners Can Work Anywhere.
One good thing about technology is that it allows business owners to keep track of their business even when they are far away. In the past, when a business owner traveled, he or she had to find someone trustworthy to manage the business. Modern technology allows a business owner to have peace of mind even when they are halfway around the world. In short, a person on the eastern edge of Canada can comfortably manage a business in the western end, using a computer.
8. It Allows For Better Customer Segmentation.
With businesses having so much access to data, it has made it easy for them to understand what the customers want. This is a luxury that Canadian businesses did not have 150 years ago. Besides that, there are many tools on offer for analyzing customer data.
With these tools, you can segment your customers in a way that allows you to sell only certain products to certain people. Besides that, it allows you to avoid spending ad dollars on unresponsive customers. The result is that you can convert better than you could ever have imagined in your entire life.
9. You Can Now Interact with Customers.
Thanks to the rise of social media, businesses are able to have a personal interaction with all their customers. A while back, you could only post an ad and hope that enough of your customers see it. However, today you can actually read their responses on social media to determine if they like the product.
Today, a business cannot ignore the power of social media. A single rant on a site like Yelp could go viral. The result will be that a business’ credibility could be damaged forever. This is one of the dangers of modern technology. If the business does not stay on top of things, they could be swept away by falsehoods that spread quite fast on the internet.
Technology is here to Stay.
Despite what you may think about technology, it is here to stay. The businesses that survive the next 150 years in Canada are the ones that will survive as history has shown. Those that fail to adopt it will find themselves being left behind, unable to catch up. It is thus important to conduct research often to keep abreast of the latest developments in technology and their implication on how you do business.
