Technology shifts can radically change business principles. New technologies are being developed all the time, and the impact this has had on the world of business is immeasurable. As technology continues to move forward, it is important to understand how technology is transforming business:

#1 – THE COLLABORATION CRAZE

Collaborative consumption – where physical goods are shared among a group of people, rather than individually owned – might seem more reminiscent of flower power than of Gordon Gekko, but the business threats they embody are very real.

For companies in a growing number of industries, it’s no longer sufficient t0 leverage digital technologies to rationalize and optimize internal production. If the business relies on a model of consumption that is inefficient for consumers, chances are that there’s already a new sharing economy marketplace that is looking to streamline it.

#2 – TECHNOLOGY HAS FLATTENED THE MARKETPLACE

In the same way that technology has allowed for collaboration beyond geographical borders, technology has also reduced the barriers to entering markets around the world. This allows buyers and sellers from around the world to connect and do business.

#3 – TECHNOLOGY HAS MADE BUSINESS FASTER

It is undeniable that technology has made the business move much faster than before. Personal computers and the Internet have revolutionized the way we work. E-mail interactions have replaced memos, phone calls, and faxes. Smartphones can connect you with your entire business network while you are out of the office, allowing you to respond quickly. Workflows and automated tasking systems have cut down on organizational bureaucracy, streamlining operations.

Everything can be done via email, or through your web browser.

#4 – THE APPS REVOLUTION

Smartphones and tablet-PC have already disrupted or is disrupting many different businesses. The potential to disrupt several other businesses is huge, so is the opportunity for incumbents to adopt the smartphones and tablet-PC before more agile start-ups disrupt their business.