Four ways technology has changed business models

Editor’s Note: Here at Dispatches, we are always looking for ways to help our readers do things. For some of our readers, that means helping navigate the working world, for others, it means assisting in the ever challenging question, “what’s for dinner?” For still others, it means figuring out how to balance family life with everything else. In an effort to aid in all of these endeavors, we have collaborated on this article written specifically for our readers.

Business is just one of the areas of life that have been totally transformed over the last few years in particular. Many companies don’t just rely on technology these days, they are totally co-dependent on it. Countless opportunities have now up that were simply never available in the past. 

Technology Leads Business
In the early days of computers, technology would aid already existing businesses. Advances like email made communication easier, while the first websites were created for companies already in existence. With the widespread success of the internet, tech-savvy entrepreneurs sensed an opportunity like no other. Now, many of the top performing companies in the world are based solely on technology, evolving at a rapid pace. Many businesses hire data center designers to create storage systems that act as their nerve center, and other firms specialize in particular areas of technology. Businesses now have to keep on top of any changes and be ready to move with the ever-changing times.

Increased Flexibility
Though the traditional 9 to 5 working day is still king for many companies, flexibility in working is essential for many modern businesses. With the advent of smartphones, employees have access to their emails wherever they are. This is a revolution that has been both celebrated and scorned. While the working day used to end at 5, many people find it harder to switch off from work knowing that they are contactable 24 hours a day. While technology continues to move apace, modern employment practices often struggle to keep up with this warp speed.

Distance Has Become A Minor Concern
The improvement in communication means that companies halfway across the world are able to do business much more easily. Skype conferences even make it seem like everyone is right there in the room. Employees no longer have to all be under the same roof, but instead are no longer restricted by distance. Again, this presents a challenge for traditional businesses as many employees are calling to work from home to have increased flexibility in their own lives.

Business Models Constantly Change
In the past, a business model could be printed in a textbook with very little need to be updated over the years. Now, they are constantly evolving. If a business is based solely on technology, sometimes the challenge can be to make sure they actually turn a profit. Many online businesses that we would think would be the most successful, struggle to turn their popularity into tangible financial success.

With signs that things are only starting to speed up even more, technology has provided endless opportunities, but challenges have also sprung up everywhere. Just like Darwin’s theory of natural selection, it will be a survival of the fittest and only those that continue to evolve will survive.

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