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Innovations in the Business World

Feb 14 2012

Image representing Workbooks as depicted in Cr...

Image via CrunchBase

The past decade has seen a number of innovations which have revolutionized the business world, but what are the best innovations and how have they transformed the world as we know it?

Social Media

Since the launch of the Internet some years ago the face of business has altered drastically, and now the new generation of web-based innovations have unleashed themselves on the world.

Social Media websites such as Facebook and Twitter are revolutionizing the way in which we conduct business by adding another format through which consumers and businesses can interact.

Nowadays it is almost second nature for us to research businesses we are considering using over the internet by checking both their personal website and their social media pages: a businesses’ first impression is often formed without the client having any direct face-to-face contact with the business itself.

Mastering and monitoring your social media presence is therefore essential in making sure that your business is consistently held in high regard. Web based CRM software can help to achieve this by monitoring correspondence and activity in order to identify areas for improvement.

Smart Phone Development

Alongside social media, the development of the smartphone has been one of the biggest business innovations of the last decade. The birth and popularity of this technology enables the easier operation of business functions and monitoring.

The development of smartphone applications which can perform functions, such as translating documents and scanning barcodes of items to check prices, along with having in-built GPRS and navigational software means that the phone is now more vital to businesses than ever before.

Smartphone developments mean that executives no longer need to be tied to their offices in order to access the latest information with regards to their business. Being able to conduct their business on the go means that they are able to use their time most efficiently and get the most out of their working day.

By enabling businesses to access all of the relevant information from their phone this development has many features in common with CRM, which also keeps all of a business’ functions grouped together in one easily to navigate system.

Payment Development

Alongside the smartphone development, the ability to revolutionize payment methods has also occurred. The introduction of the ‘chip-and-pin’ system many years ago changed the face of payment methods permanently.

The ability to pay for products and services over the internet has also changed the face of trading. More recent developments include the use of ‘Secure Pay’ systems, which require the input of a specific password before card details are passed on for payment authorization, and systems such as PayPal, which store card details securely to remove the need to input important details to sites, which may be subject to threats from internet viruses and hackers.

These developments have enabled businesses to operate over wider playing fields and have opened the doors to international trading. Facilitating these processes, the above examples of business innovations have completely transformed the way in which we conduct our business.

This article was written by Workbooks, leading supplier of CRM software.

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