Ways the technological age is redefining how businesses make money

jeremy / November 9, 2018

It is often said that love is all you need, but sometimes, a little money also comes in handy! This is especially true for any business out there. From big multinationals such as Amazon to smaller businesses that propel the UK economy along, all of them need a healthy revenue stream to keep going.

The modern digital age that businesses now operate in has seen technology greatly impact how this is done. Most companies now have come a long way from posting adverts in local papers and only having a physical store in one specific location. All UK organisations will operate now in ways that were unheard of even 20 or 30 years ago. This has been a positive change as it has helped businesses to make more money and attract more customers.

All hail the internet

When it comes to making money using modern technology, the internet is central to it all. What is amazing about internet technology is that it is still constantly changing to redefine how your business can generate sales or leads. This constant evolution keeps it fresh and useful for businesses that are always needing to move forward to meet consumer expectations.

How is technology evolving the way money is made?

The digital age that we live in with its wireless connections and ultra-fast broadband speeds is constantly redefining how businesses make money. Here are some of the biggest developments that many have taken advantage of:

  • Online investing many companies now will use internet technology and fast processing speeds to invest spare profits online. This is done with the aim of getting a better return than if it is simply sitting in your business savings account. This way of making money is a direct result of technological evolution in the investment sector and digital space. It is not just the trading platforms themselves that have been affected here. Modern online forex news commentary is crucial to allowing businesses to keep on top of their investments and make the right trading decisions to profit.

  • Social media key to making money is building a positive brand with which people forge a personal relationship. This has been made much easier by the invention of social media, which was a major technological breakthrough arising from the internet itself. Modern social media platforms such as Twitter give businesses direct access to their customers and the ability to engage in a meaningful conversation. This in turn makes people more likely to shop with you or use your services, and generates more money.

  • Digital marketing making money in business largely comes down to effective marketing. Being able to tell consumers who you are, where you are, and why they should choose you is essential to survive. Digital marketing was one tech development that made this much easier and more trackable for businesses. Conducted entirely online, it uses advanced analytical software and website data to provide insight, while email and video marketing help businesses to reach more consumers than ever.

  • E-commerce the retail sector online is massive and many businesses will use this technology to make money now. When you think that this was just not possible before the internet and online payment solutions, it is easy to see why it has changed the game so much. Many companies now sell entirely online, and even those that do not do this will sell goods online to make money.

Mobile apps are big news

When we are thinking about advances in tech that have given new ways to generate money, mobile apps have to be mentioned. From booking tables to ordering pizza or buying train tickets, apps on modern smartphones have given lots of businesses a new way to make extra money. This has only been possible due to the advances in mobile phone technology over the years and advances in the internet itself.

Into the future – AI and beyond

The above are some ways that technology has already redefined what businesses do to generate revenue. But what can we all expect to see in this area in the future? Already, artificial intelligence (AI) is making its presence felt. This sees computers helping companies target products at specific individuals to sell more. This is likely to be huge as the years roll on and it will be interesting to see what else comes to the fore alongside it.

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