6 Ways Technology is Transforming Business in 2023

The history of business is an extensive one, dating back thousands of years ago and filled with various numbers of sectors that can’t seem to stop growing. In our modern age, the business industry merges with another, one whose landscape is ever-evolving and takes business operations onto another level, a.k.a the technology industry.

Though AI has become a major player in transforming the business landscape, especially in the last few months with its buzz not going away any time soon, various types of technology can enhance business operations in many ways.

With technology now often deemed as something used to stay relevant or marketable, its contribution to creating more efficient and high-quality solutions to market problems can get overlooked. Well, here are 7 ways technology can truly transform business:

1. Streamlined Hiring Processes

Searching for the perfect candidates to hire, especially when there are plans to expand or jobs that require a particular level of skill and meticulousness, has always been a tricky aspect of running a business.

Before the height of advanced technology, businesses used to search and hire employees by word-of-mouth, newspaper ads, or job fairs and could only hope to meet people who could potentially be perfect for the job.

Now, with hiring and job search platforms like LinkedIn or Freelancer, those looking for jobs can easily find ones they are interested in and qualified for, and businesses looking for employees can search through several candidates based on their qualifications like their previous place of employment or their university degrees.

Being at what is potentially the pinnacle of AI technology now, hiring has become even easier for businesses, with tech companies like Weekday simplifying the process of finding and hiring trustworthy employees.

2. Efficient Work Performance Through Automation

Whether we like it or not, time-consuming but necessary busywork like risk management processes or manually writing responses to customer complaints still very much exist, and it is still a must to assign several employees to do them.

These mundane tasks prevent employees from developing the skills needed to perform well on more significant work. Working on heaps of tedious tasks repetitively can also potentially lead to burnout, lowering employee morale at the workplace.

Thanks to the advancements in technology, and especially AI, however, more companies are building platforms that can automate such tasks. This includes DealPage with its sales engineers copilot and Slite with its automated company knowledge base.

With the right technology, businesses can allow their employees to maximize their skills and expertise on value-added tasks.

3. Reduced Operational Costs

High morale for employees isn’t the only big advantage automation can bring. With the availability of automation tools and platforms, businesses can lower the risk of human errors that happen quite often when running repetitive busywork.

Though one error may not seem like much, it may end up disrupting a whole workflow, causing a project to not get done on time and the potential waste of a resource that needs to be handled with quick timing.

Cloud computing tools have also contributed greatly to reducing a business’ operational cost. While companies usually have to store and manage their data using in-house storage that needs constant, expensive upgrading, advancements in technology have provided cloud storage that offers enhanced mobility, scalability, and makes overall storage-keeping more efficient.

4. Remote Work

One of the biggest changes that occurred due to the COVID-19 pandemic is remote working. It is pretty safe to say that remote working is only possible thanks to technology, with video conferencing platforms like Zoom and Google Meet keeping working remotely afloat.

According to Gallup’s annual Work and Education Poll conducted in August 2023, remote work has, in fact, become stable at a higher rate post-pandemic. The poll shows that about 53% of Americans perceive remote work as just as productive as working at the office.

The rising number of remote work software platforms like Oyster, ChartHop, or Slack that have been developed over the years, all thanks to advancements in technology, is what keeps the perceived productivity of remote work going.

5. Improved Safety and Cybersecurity

In the digital age, the risks and threats of cyber-attacks are never-ending and often unpredictable. Technology has made a suite of cybersecurity platforms and tools like CrowdStrike or McAfee to protect businesses from ransomware, spyware, cryptojackers, and so on.

According to CSO Online, US organizations face the highest costs in cyber-attacks, with an average of $8.19 million per breach. Equivalent to setting up a burglar alarm for a video store, technology provides numerous ways for businesses to take action to protect their assets and data, whether before or after a breach has been done.

6. Wider Customer Base with Enhanced Experience

Though searching for new customers remains challenging to this day, businesses have had to rely on word-of-mouth, cold calling, personal networks, and advertisements that they placed in newspapers or television to find customers, which we can imagine would get tough and taxing.

Widening one’s customer base was a tough beat, and though it isn’t exactly a piece of cake now, advancements in technology have helped make networking and gaining exposure less demanding. Businesses can optimize their website with SEO to reach more readers, place advertisements on social media to gain worldwide customers, and use CRM platforms like SalesForce to track potential customers as well as identify sales opportunities.

Having a large customer base may seem daunting, but with AI now on the rise, companies can integrate AI-powered chatbots into their systems to create enhanced customer experiences without being overwhelmed.

With chatbots trained to be intuitive and understand every single piece of knowledge mankind has learned in centuries, they not only offer instant, 24/7 availability but personalization as well, creating the best experience according to each customer’s needs. With most chatbots able to have multilingual conversations, having global customers is made even more possible too.

In the age where businesses are demanded to stay ahead of the curve, utilizing technology has never been more crucial. Like how horses used to be the main mode of transportation, now transformed into automobiles, an abundance of advanced technology ready right up everybody’s sleeves gives businesses the chance to thrive, transform, and compete. The odds have never been better.

Meme & AI-Generated Picture

Job Posting

• Huntress - Senior Product Designer - US/Canada (Remote)

• Machina Labs, Inc. - Software Engineering Manager - Los Angeles, CA (Hybrid)

• Peapod Digital Labs - User Experience Research Strategist - Chicago, IL+ (Remote/Hybrid)

• Rocket Travel - Senior Software Engineer, Backend - Chicago, IL+ (Remote)

Promote your product/service to Digger Insights’ Community

Advertise with Digger Insights. Digger Insights’ Miners are professionals and business owners with diverse Industry backgrounds who are looking for interesting and helpful tools, products, services, jobs, events, apps, and books. Email us [email protected]

Your feedback would be greatly appreciated. Send it to [email protected]