In almost every sector of the business world, advances in technology are proving to be key drivers of success. The latest technology is incorporated into business practices to give firms a range of competitive advantages. For some organizations, the latest technology is used to adopt agile methods of working, support improvements in business efficiency, or offer the customer an improved experience when shopping online or in the design of products themselves.
In short, a wide range of benefits can be gained from harnessing the latest technology, and those previously outlined do not represent the entirety of what benefits tech can offer firms. In this article, two unique examples of how technology is influencing modern business will be explored.
1. The rise in internet-enabled home entertainment
Only a few decades ago, home entertainment options for households were severely limited when compared to what is available today. Before the 1990s, most homes did not have internet access and needed to rely on transmissions from TV and radio stations for much of their entertainment experience. In the early 1990s, what is now known as on-demand entertainment first started to roll out, although this was limited to streaming TV and films in hotels in the early years. In 2023, consumers will have a wide selection of internet-powered entertainment services to choose from. One example of this is the rise in popularity of online casinos.
Homeowning adults can log on to enjoy playing some thrilling games of real money slots simply by connecting their smartphone, tablet, or laptop to the internet and navigating to a suitable site. Here, they will find a diverse selection of slot machines and card tables where they can gamble by streaming the services to their device of choice. The on-demand nature of this form of adult entertainment has helped make online casinos soar in popularity. The industry is expected to enjoy continual growth thanks to its reliance on the latest internet technology to provide consumers with an authentic gaming experience that is similar to that of a high-class physical casino environment.
2. Informed data-driven decision-making
Technology has transformed home entertainment options and helped to create successful companies that provide these services, but it has also helped reduce uncertainty in business decision-making. Traditionally, business leaders would use their industry knowledge and business acumen to formulate plans that would play a key role in shaping the future direction of an organization. This could often lead to success, however, the vast range of external factors that shaped high-level business decisions (such as current market trends and geo-political influences) would not normally be fully considered. Today, the rise in the adoption of business intelligence platforms has reduced the inherent uncertainty in decision-making and offers companies a way to gain insights by using voluminous business data from a range of sources.
This data is combined in the BI platform where it is analyzed automatically with some pre-set commands. The insights gained from the data can form the basis of board reports and statistics that clearly indicate if a project or plan will be successful. In short, harnessing powerful BI technology is a key way to minimize uncertainty in complex strategic decisions and can lead to a greater level of success for a range of companies across the wider business world.