With globalization-based developments that are taking place, corporations from around the world are finding it relatively easy to expand. A few decades ago, entering a new market included countless factors that made the whole venture quite tedious. Now, however, crossing domestic and foreign borders is as easy as establishing a website with unrestricted deliveries.
This type of evolution happened as a byproduct of never-ending technological advancements. The power of online computing, data analysis, and virtual communication is at an all-time high. So, what exactly would be the many roles that technology has on entrepreneurship?
Connecting with Consumers
Arguably, one of the most important benefits of technology pertains to companies’ ability to connect with their consumers. Consider, for example, how Wayne T. Jackson developed and grew his Impact Television Network. Starting off as a tool that advocated for spirituality, the power of technological broadcasting helped it reach unprecedented levels. Now, Wayne T. Jackson has a network that is accessible to 80 million homes in dozens of countries around the world.
Similarly, service or product-based companies can leverage the power of technology to achieve the same type of growth. Courtesy of online shopping, businesses that offer tangible goods are able to sell way past their countries’ borders. Just consider how common something called “worldwide shipping” is nowadays.
Moreover, online platforms that connect buyers and sellers are the main facilitator of the gig economy. For those unfamiliar, this is a market where the individual or large organizations of freelancers offer their services. Thus, someone in need of web design can effortlessly outsource their task to specialists in China, India, the U.S., and more.
Higher Utilization and Efficiency
The next crucial benefit of relying on technology is the increased efficiency of operations. Due to the innovation in computing software, various low-level tasks are slowly disappearing. For instance, minor bookkeeping that used to require a few staff members is now handled by platforms like Quickbooks. Similarly, organization-specific areas that require a lot of data analysis are handled by algorithms and functions.
One major way in which this shift of power helps companies boils down to workers’ utilization. In other words, having more people who can think creatively helps improve overall performance. After all, an employee who enters data for 40 hours a week is much less utilized than someone who generates new ideas. Not to mention the surgical precision that is directly related to businesses using computing software and minimizing human errors.
Flexibility in the Workplace
Glancing at the employee turnover ratio is the easiest way to gauge how effective the internal management of some company is according to Wayne T. Jackson. Meaning, if a large number of workers are constantly leaving the firm, there are probably issues putting an end to their longevity. In the era of online systems, however, this concern is substantially reduced by being flexible, claims Bishop Jackson.
In simple terms, flexibility in the workplace comes down to communicating with employees to facilitate various working conditions. For instance, someone who operates mostly online could spend the vast majority of their work hours at home. Unfortunately, however, a lot of organizations have yet to adopt practices that will allow their employees these types of options. Those that do, however, are almost guaranteed to see an increase in their employees’ satisfaction rates.
Although professional recruiting used to be geographically restricted, it is now one of the most obvious indicators of globalization according to Apostle Wayne T. Jackson. Just think about the way that workers from 30 to 40 years ago went about getting hired. The entire endeavor would begin with printed job postings in their area. Then, these individuals would attend face-to-face interviews often accompanied by personal and professional assessments.
In the 21st century, on the other hand, the recruitment process has been completely revamped. First, the old-fashioned job postings have been digitalized. Companies now rely on their websites for applications that prospective employees can fill out. Moreover, social-media-based platforms like LinkedIn are effortlessly connecting eligible workforce with the hiring employers. Face-to-face interviews are no longer mandatory in most professions as well. Instead, phone or virtual communication is perpetuating a more diverse workforce that is not limited to one specific area.