What is Technological Innovation Like in Business in 2021 Compared to 30 Years Ago?

Technology has come a long way from large super computers to tiny mobile phones more powerful than the lunar module that landed on the surface of the moon in 1969. There is no denying that the advancements in technology has shaped the modern world. It has helped us in almost all walks of life including medicine, security, sports, business and even our personal lives.

If we analyze the modern business world, the competition isn’t just tough, it is ruthless. Businesses are trying their best to outdo each other and technology is playing a big role in providing business a competitive advantage. These days’ businesses use technology to understand and study their clients and customers, they use technology to market themselves better and they use technology to be more productive and efficient.

Has Technological Innovation Really Changed Over The Years?

There are always some setbacks and hurdles in progress. Even though technology has made life easier for people, the process hasn’t been that easy. Not only because people resist change but also because some technologies couldn’t perform up to mark. However with continuous improvements, the technology can reach up to its full potential. This is the best thing about modern technology. If one thing doesn’t work, then there is always something already in plans to alternate that and this has been the basis of innovation in technology. This same concept was around in the old days as well but the reason that technological innovation is so fast paced these days is that there are several different groups and businesses working on the same thing and even if majority of them fail, a few are bound to succeed.

A German businessman Heinrich Buschmann Jr. once said that  “technological innovation is like a snowball rolling down the hill and it has been picking up speed and mass as it has rolled further and with all of this momentum it will keep going until it reaches its destination: a new, revolutionary future”.

This is enough to understand the direction of technological innovation. It is going in the right direction and at the right pace. As we move on, the technological innovation is only going to get faster and better.

How Does the Technological Innovation Look In the Present World?

The future of business is not what it used to be. In the past, technological innovations were developed at a slow pace and took a long time to reach customers. Nowadays, technology is changing the way we communicate all the time. Technology is more accessible and open-sourced now than it was 30 years ago. Consumers are in control of what they want and need.

There are many ways in which companies can use technology to improve their business in 2021. They can for example use it for customer service, sales, and marketing. Technology can also help them better understand their customers and improve their efficiency and profitability in different aspects of their business.

  • Automated chatbots for customer service
  • Information gathering
  • Search Engine Optimization
  • Social media marketing
  • Better machinery
  • Customer service made easy with apps

These are just some of the things that weren’t accessible to businesses 30 years ago however these technological innovations are greatly helping out businesses in 2021.