In the modern era of tech innovations, the consumer market has surely integrated to the best of its use. Technology has taken over so many aspects of life that it is hard to imagine that there has been an entire history of times when technology was not there. Two growing tech industries are the automation of the workforce and replacing physical sites by placing the business online. In this blog, I will discuss how both of them can help grow your business.
As far as the automation of the industry is concerned, there was a time when activities were rigorously carried out by the labor. Take the textile industry for e.g. from weaving of the cloth to printing and dying it, to cutting and stitching it, all was done by the employees of a company. But soon after the introduction of technology, so much was replaced by the machines. It surely did kick out a lot of people from jobs but on the other hand, it also saved costs incurred to the company and helped set economies of scale. It fastened the manufacturing process exponentially and helped produce orders in bulk. It also cut down the fixed cost incurred per article which in turn maximized revenue.
Another example of technology can be seen in the agricultural sector. Plowing the fields and trimming the grass was usually done manually by the labors. Now, these fields were acres long and usually covering the entire land would take up to a few weeks. Soon after technology kicking into this sector, such tractors and types of machinery were introduced which could plow, trim and irrigate the entire piece of land in a few hours only. This made it convenient for the farmers to maintain their farms and to acquire additional farms as well since maintenance time was saved which could be invested to get more revenue. This helped farmers grow their business and set monopolies in a few regions.
Well, automation is still expensive and requires capital to set up. But technology in the form of the internet has brought far promising results. It enables you to operate your entire business online. Imagine, you don’t even have to rent a place to display your inventory and make it look all fancy? All you have to do is take pictures of your stock, upload them to your e-store, and use SEO to attract customers. That is it! From placing orders to being paid, all can be done with the access of one internet click only. Lots of businessmen have taken advantage of digitalizing their business. Some existing physical outlet brands made online stores in regions at a geographical distance to understand how much their product is in demand and if the need for a physical outlet itself or not. This has benefited those businesses which operate on a large scale as well as the ones which operate on a small scale.
“Information technology and business are becoming inextricably interwoven. I don’t think anybody can talk meaningfully about one without the talking about the other.” Bill Gates