The Four Categories of Business Technology

Advanced business technology has more reach than ever before. It’s impossible to run a successful business without knowing what technologies you need to survive, thrive, and blow your customers’ expectations out of the water.

There are four primary categories of business technology, each with an important role to play that will vary depending on your business model. You might be surprised what kinds of business technologies can supercharge your business, especially if you’re one of the early adopters in your industry.

Staying on top of cutting-edge technology will help you stay ahead of your competitors. One of the best things you can do for your business is to keep up with new technology.

Digital Marketplaces

Are your competitors using digital marketplaces? If they are and you aren’t, you have a lot of catching up to do. The digital marketplace model is expanding into new industries and disrupting things along the way.

A great example is Nobul, an open digital platform that’s disrupting the real estate industry and bringing real estate agents into the marketplace fold. How it works is agents make proposals to prospective clients, and clients see information like verified reviews and transaction history.

As explained by founder and CEO Regan McGee, “Our marketplace is both revolutionary and evolutionary. Consumers have grown accustomed to online marketplaces, price and product comparison tools, professional and consumer reviews to make purchases. Nobul is the next logical step in this evolution when it comes to real estate.”

Software-as-a-Service (SaaS)

SaaS plays an important role for businesses. It comes in the form of productivity tools, platforms that make selling your products and services easier, Customer Relationship Management tools, marketing tools, and more.

SaaS can be critical to meeting your objectives on time and on budget, but it can be easy to overload on unnecessary expenses. One study shows that less than half of SaaS applications are regularly used by employees, meaning these tools should always be under scrutiny for any budget-minded business.

Don’t make life harder than it has to be. If a SaaS application provides real value, it’s worth the expense, but this is an area worth monitoring.

Extensions of Offline Operations

Some business technology doesn’t do anything new, but it allows customers and clients to do online what they already could offline. Perfect examples include technology like banking apps or ecommerce. They don’t necessarily change the nature of the business, but they completely alter the convenience of doing business with companies that invest in the technology.

Companies that invest in convenience are always going to have an edge on those that stick to old-fashioned ways of doing things.

Hardware

Technology hardware remains a critical component of business technology, enabling the kinds of innovations that power new apps and software.

The backbone of business technology hardware may be laptops and computers, but today, it goes so far beyond that. Increasingly, businesses are moving into spaces where they’re leveraging Virtual Reality, Internet of Things (IoT), robotics, 5G upgrades, and more.

Hardware is at the heart of business technology, and a successful enterprise should have a clear idea of the hardware it needs to meet its objectives.