How Digital Tech Is Helping Global Business
By Sophia Scott
Globalization and digitization are almost like the two sides of the same coin. While technological advancements opened the gate for cross-national exchanges, the growing need to capture the global market for any product fueled the need for digitization. Today, a business that does not operate online cannot grow substantially because of this cross-phenomena.
With the geographical boundaries out of the way, digitization has also created a highly competitive global market where brands of all sizes are combatting a similar consumer base. So, it has become vital for companies to adopt innovative modes of operation to stand out. But the very digital technology that has created the competition has also provided the aid to survive in such a fierce market.
Let's take a look at how digital tech continues to help global businesses in growth and sustenance:
1. Developments in telecommunication
Digital tech has contributed significantly to the astronomical development of telecommunication. Most global businesses today rely on digital communication, whether it be for advertising or selling, and without the revolutionary advancements of digital tech, none of this would even exist today.
Almost every individual on earth today has access to mobile phones, which is probably the most radical innovation in the field of telecommunication. Now, businesses are just a few clicks away from their consumer base. This has helped not only in smoothening of operations for organizations but also has opened a new paradigm before consumers who can now buy products readily from their mobile phones and have access to global businesses.
2. Enabling remote working as the new normal
Since the Covid-19 pandemic, several businesses have gone online, and many continue to maintain their remote work structures. The pandemic had forced companies to push themselves to adapt to the remote working environment quite suddenly.
By going online, companies also had to ensure that all their remote workers had access to the required technologies. Despite the few pitfalls of making employees work in the online mode, there has also been significant growth in productivity. Furthermore, by having employees work from home, companies are also able to save a lot of costs, including the areas of real estate and utilities.
3. Globalization and the free market
With the development of technology, markets all over the world have merged to create a global space where every brand can aspire for international success. Digital technology has also made other resources more readily accessible to the larger public. It has become much more economical to transport large-scale production of goods to different countries at lower rates.
People from different cultural and linguistic backgrounds now have the chance to participate in global trends. Thus, the demand for a certain product often crosses boundaries, giving a larger scope to the companies to grow. For example, even a few decades ago, Pizza Hut stores in India didn't exist. Pizza, and that too in a fast-food format, was so culturally alien that there was no actual scope of selling the product in the country. But the digital technology started to introduce foreign cultural elements to the Indian society, people slowly discovered the product, a demand was created, and now every city in India has multiple stores of the fast-food chain.
4. Growth of e-commerce
The development of the world wide web has taken e-commerce to unparalleled extents today. From small-scale to large-scale businesses, almost every known brand is operating on some kind of an online platform, be it their own websites like an escape room or third-party retailer websites such as Amazon, Alibaba, or eBay.
This has facilitated consumers to have access to their products from all over the globe. For all companies, the growing implications of marketing their products online are quite far-reaching. The growth of e-commerce has also led to the standardization of products all across the world.
5. Improved transportation services
The growth of technology has also helped in improving transportation services significantly. These services are now made available far more efficiently and readily than ever before. Whether your company has its own transportation service or relies on other third-party services for the same, things have become much easier now.
This is primarily because of the use of advanced GPS tracker systems, which help accurately locate items with just a click. The use of advanced technological systems has thus helped brands to even give their customers a tentative date of shipment and arrival of their products.
There is no denying the fact that digital technologies have revolutionized and democratized all aspects of global businesses by turning them super-efficient and readily accessible. With so much advancement already at hand, one can only imagine how the future of global tech and business would look like.