Technology is one of the main elements that are influencing the development of business. In the field of computing five major waves are being identified. Four of them are the advent to computers during the 1960s. They also include along with the growth of smaller computers during the 70s, the development PCs in the early 1980s and the rise of the Internet in the late 1990s. Fifth wave technology is linked to notions like openness, creativity and accessibility since social media provide a platform that allows for a wide range of information sharing (Andrews & Mickahail, 2015). Like every other technology growth this one has provided a wide range of possibilities for businesses. The possibilities include effective marketing research, cost-savings as well as a more effective way to interact with customers, and so on.
One of the greatest advantages of this new wave is that it is connected to the marketing research (Bail 2017,). It isn’t necessary to find participants in studiesor solicit opinions from the streets since the same task is done with out leaving in the workplace. Of course, the traditional methods discussed above are used, however social media provides a platform to share data effectively. Customers can express their needs or concerns, as well as provide feedback quickly. Furthermore, managers can analyse customer opinions and preferences by analyzing social media (Andrews and Mickahail 2015). Marketing has gained new capabilities as customers advertise their goods on social networks.
Creativity is now a crucial aspect of modern-day business world. Connectivity is another key that is a characteristic of the contemporary business environment. It’s not just about connecting people to one another. Services, products and various items can also be linked to one and larger platforms. Information systems are able to connect internal data about products to information available on social networks. This means that the rate of sales may be linked to opinions expressed by people on different social networks. Data analysis is more effective.
It is important to remember that social media is also linked to major improvements in business processes. For example, instant messengers help employees communicate effectively. Important information can be shared and reviewed in just a few moments. Employees can provide feedback right away. Information sharing has grown to be one of the essential elements of a successful operation. These applications like Skype allow employees to communicate regardless of distances. Multinational companies benefit from these technologies since they reduce the amount of money that would have been spent on travel costs and scheduling in the past.
In addition, accessibility is among the major advantages of the new technology. Tablets, laptops, smartphones as well as a variety of other devices allow you to be connected at any part of the world. Many devices have been created to help make supply chain more efficient. The use of barcodes as well as the associated devices help companies keep track of items at every stage of their process. The process of placing orders is becoming simple and fast as well. Customers can use a variety of tools and programs to get the services they require. This new generation offers numerous ways to communicate effectively between customers and companies.
The possibility of working from home is a great option for people This can help businesses save money. Furthermore, there’s no requirement to purchase expensive software to manage data that is growing to be overflowing. Cloud computing allows users to store massive quantities of information online (Andrews and Mickahail,). Anyone who has access to a database is able to access the information needed from anywhere in the world. One of the main problems with the systems is security of data and privacy. But, it is important to recognize that these problems can also be encountered when hardware is utilized.
Transparency and transparency also contribute to the growth of businesses (Andrews and Mickahail, 2015.). Customers are eager to have control over numerous processes. For example, they might wish to track their purchases rather than just waiting for delivery. In addition, the accessibility of information makes them avid users of various services. Users can access information via their phones or other devices. Businesses can share information through social media, which is significantly more effective than press releases or official websites. Customers value transparency because they want to make certain that businesses are operating in a sustainable and responsible manner. In this regard, transparency and openness can be considered reasonable because data is protected and secure through the application of advanced software.
On the whole, it’s possible to conclude that this fifth phase of technological advancement is connected with the use of social media or cloud computing technology. These tools allow companies to save money, improve their operations, conduct research, interact with their clients, establish an image of positivity and more. Distances are no longer a factor as information sharing has become an ongoing process.
Users can access all the required information via their tablets, smartphones, laptops and personal computers. However, there are some issues that arise from the technology used. One of the most significant issues is the security issue and privacy. However, a lot of these issues are dealt with effectively. Thus, the advantages from the 5th wave of technological development cannot be understated.