The world is currently at the peak of a technological revolution. Studies show that 48.16% of the world’s current population uses smartphones daily. That’s 3.8 billion people glued to their phones. Some say this technological advancement is going to be the downfall of humanity. And others strongly believe that it’s the only way to move forward. No matter how the debate ends, it’s important to focus on the present and see how the technological revolution is improving lives.
One of the best ways to look at this is through the improvement of the local economy. There are several ways the technological innovations of the decade have made positive impacts on local businesses. And here are the six most significant effects.
Gone are the days of worrying about transferring physical money from the office to the bank. Files are no longer stacked up all over the room, too. But it’s not only about the space and convenience. The most important of all the impacts is the security that the tech revolution brings.
- Information – Even if the stakes are not as high as those of the biggest corporations, information security is still important for local businesses to thrive. The danger of corporate espionage is not only applicable to the goliaths of the industry. Idea theft is rampant in local businesses since getting ideas and products patented can be too expensive and too much of a hassle to work on for most small business owners.Luckily, the world is continuously going digital. With this, you don’t have to worry about anyone opening your office drawers late at night. Everything can be password protected. And even if you’re looking for physical security for your office, it is now easier to buy fairly cheap remote security devices.And getting your products and business models patented has also become one click away.
- Finances – The dangers of physical money have been constantly great. For local businesses, one day’s worth of profit can be detrimental to their success. And since local shops are more often targeted for burglary and petty theft, having an online payment system is a better and safer alternative.Shops can now earn with just a scan of a QR code. Not only is contactless payments and self-order kiosk more crime repellent, but their usage is also advisable to avoid health risks, especially in the time of a pandemic.
One of the most common worries related to the rise of AI and other advanced machines is its threat to the employment rate. But what’s rarely talked about is how it benefits business owners. Yes, even small independent ones.
- Efficiency – By using AI and other advanced devices, many processes are made easier and smoother. It shrinks the margin of error in manufacturing. It helps improve the speed of market analyses, data gathering, and other areas of research. It can even improve the performance of businesses by being able to reach heights that were thought of as impossible before.With the use of drones in agriculture, lay-outing, planning, and maintaining crops are made easier for local farmers. The rise of delivery apps has generated employment for delivery people and made it easier for local restaurants to earn more. Even the simplest way of making information more accessible has helped entrepreneurs to make sound business decisions.
- Effectiveness – Recruitment and skill development have also been impacted by technology, albeit indirectly. With lesser demand for manpower, the hiring and recruitment process improves drastically. Scouting technical experts in specific fields has become the focus. Hiring an expert to do a job normally takes four people with regular knowledge of the field is both efficient and effective.It’s quite simple, really. With the combined efforts of experts and machines, the rate of failure decreases.
Globalization is one of the best impacts of this technological revolution. Sure, its effects are more visible on larger scales, but small businesses also reap its rewards.
- Marketing – The heart and soul of all businesses, big or small, is marketing. You cannot be successful if you can’t sell your product or service. For local entrepreneurs a decade ago, the market was just composed of the four blocks intersecting their shops. Joining country fairs and other community events was the only way to boost their marketability. Otherwise, they’d have to go door to door and introduce their products to homeowners one by one.But those problems are long gone now. With digital marketing, you can reach places you haven’t even heard of. Social media marketing is also fairly easy and possibly free. With the current advancement of technology, everyone can create platforms to promote their products online. And with the improvement in the product delivery industry, marketing your business becomes a piece of cake.
- Outsourcing – The last one is related to both numbers three and four. Outsourcing has become very common in the digital workspace. And it’s not just exclusive to the BPO industry. Simply getting freelancers to help you improve your marketing campaigns is beneficial for your business. Hiring freelancers leaves you with fewer expenses such as healthcare and incentives. You can pay them by the hour or based on the numbers of their output. And since they can work remotely, your talent pool gets bigger. You can hire people from different countries with lower salary demands.
All in all, it’s safe to state that the only thing constant in this world is change. The world is evolving, and no matter if it’s for better or worse, it’s your responsibility to take advantage of it.