7 Ways In Which Technology Has Made Life Easier For Young Entrepreneurs

April 5, 2020
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Polly Dom
Posted in Finance
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To say that technology has changed the way we do business would be an understatement. The business environment has tremendously transformed due to technological innovations. Things we used to do just a few years back have become obsolete only to be replaced by more efficient ways of doing it. From production to logistics, from marketing to retailing, from personnel management to storage – technology is omnipresent. Check out data science courses in Hyderabad to learn more about it.

AI agents, 3D printing, chatbots, virtual games, and remote conferencing are all a result of technology. The progress has been overwhelming. The business environment in today’s world is rewarding for those who put in the effort. But that does not mean it is not devoid of challenges. Young entrepreneurs struggling to find footing in the challenging markets might easily be intimidated. Once again, technology comes to the rescue.

Here are 7 reasons why young entrepreneurs should thank technology for making their life easier.

Anywhere. Anytime.

Imagine yourself taking a vacation in a remote location, assuming everything is under control back in the office. But what if an emergency strikes? It might not be possible for you to reach the office on time. But it no longer matters, thanks to technology.
You are no longer confined to your office to conduct your business. You can take it with you wherever you go. Technology has enabled you to carry your business with you and access it anytime from anywhere.
Telecommuting, remote working, and teleconferencing are becoming the new normal in the corporate arena. Seamless connectivity through mobile devices and cloud storage can keep you connected to your team at all times, no matter where they are. Heck, you can even earn a decent amount of cash as a side-hustle by using money making apps. These applications conveniently give you the opportunity to gain extra income with the use of your mobile phone.

Improved Communication

Communication is the key to the success of any business. And being connected over the internet to your colleagues and customers can be the best thing for your business. You can access your emails more often and respond to customer queries as soon as you receive them. Communication has never been easier than this!
Virtual workplaces, video conferencing, and social networking apps are just some of the ways to revamp your business communication within the organization. Technology has helped you make your communication more mobile and more flexible.

Enhanced Customer Service

Technology has also changed consumer expectations from the business. They not only have become more demanding but also more expressive in what they want. They don’t need just good products, customers are now increasingly demanding more personalized buying experiences. Businesses have to listen to these expectations if they wish to thrive.
Machine learning and artificial intelligence can provide useful insights into consumer data. This information can be used to realign business goals to meet customer demands in a better way. With live chats, AI assistants, and chatbots, you can assure the customer that you are always ready to assist them regardless of the time or location.

Digital Storage

Can you imagine the amount of space, effort, and resources you would need to store all the paperwork related to your business? If it wasn’t for technologies such as cloud storage and digital archiving, a large chunk of your cost would go into managing critical paperwork.
Digital archiving is an affordable and secure way of storing data in the form of text or numbers, videos, images, etc. in digital format on secured repositories. The data can be stored in the original format for a long time and accessed easily when required. Gone are the days of hefty lockers to store paper files!

Hassle-Free Banking, Accounting, and Taxation

One of the biggest ways in which technology has helped entrepreneurs is through innovative, hassle-free, and user-friendly banking, accounting, and taxation platforms. Why spend a lot of time doing taxes when you can spend that time in taking your business to the next level?
Banking assistance is crucial for businesses, big or small. But why go to the physical bank branch when technology is at your service. Access your bank from the ease of your mobile devices or laptops. Similarly, get hold of smart and reliable accounting software for your business. Rest assured to get error-free accounting through these innovative additions to the technology.
Taxation can be a big headache for young entrepreneurs. One minor fault can lead to heavy penalties. When the new taxation system of GST was launched in the country, many entrepreneurs were worried about incorporating the new guidelines into their business or how the goods and services tax network worked. However, the technology worked wonders here also. For instance, registering your business on the newly launched Goods and Services Network was simplified. GST number verification online is also a just matter of few seconds.

Better Marketing at Reduced Costs

Young enterprises are pressed for cash. Competitors are aggressively eyeing customer attention. Every penny that is spent on marketing should pay back. The technology ensures that your money is not wasted in marketing.
With technological innovations such as data mining and machine learning, you can get in-depth insights into customer behaviour. The data helps you go deeper into the markets and reach the customer where he wants.
Marketing and advertising are becoming more focused due to technological interventions. Personalized web advertisements have changed the way products are pitched and bought.

Research and Development

The avenue where technology has played a crucial role is research and development. Manufacturing, farming, transportation, space science, entertainment, biomedical, defence, IoT, environment – no field remains untouched by technology backed research and development.
Investments in R&D to revamp their technological infrastructure have helped industries make some tremendous innovations that have helped not only businesses but also helped mankind.

Future is Technology

From that mobile banking app on your mobile to the complex taxation software, you are surrounded by technology. This article could have been written without touching a single key on the keyboard. It is amazing to think of how technology has touched our lives and our businesses.
For young entrepreneurs, there could not have been a better time to grow your business. Technology can help you in every step of the process. All you need to do is adapt to the technological changes as fast as possible and learn to use them for your benefit. Check out data science course in Bangalore for further information