How to Improve Your Business Using Technology

In today’s day and age, you will very rarely find a business owner sitting on their laurels and simply allowing their business to move from one day to the next without change. With the current unsteady financial climate, most should be doing their utmost to move their business forward in order to attract and secure enough new customs to stay afloat. One of the many ways in which this can be achieved is to invest in the latest technology for your particular field of business.

Whilst this may seem a daunting prospect both in terms of a lack of technological experience and a strain on already limited finances, the advantages of making the investment could be profound. No matter what industry you find yourself in, there is almost certainly going to be a form of technology at your disposal – whether this be a specific system, programme or piece of equipment – that can have a positive effect on the way in which your business is run.

For instance, a retail setting that is behind the times in terms of technology could definitely benefit from the introduction of point of sale and EPOS software to make payment transactions swifter and stock counting easier. Although the transition from traditional ways to modern alternatives may be unnerving, if you are able to keep track on the amount of stock you have on the shelves whilst making payment at the tills quicker, this could have long-term financial benefits.

In an office environment, a large number of computers has now become the norm. In the world of computer technology, new system updates and program developments are common place so ensuring that your business stays up to date with such regular changes can be a struggle. However, by investing in professional help, you may then be able to divert your attention away from this area to concentrate on other pressing matters, safe in the knowledge that everything is being taken care of on your behalf.

IT support cartoon

Professional tech support could help prevent employees from needing their own!

Whether you decide to develop an in-house team to offer support when it comes to your IT systems, or decide that outsourcing will be a more cost-effective option, having one individual or a team of technologically savvy employees who are aware of technical changes that could influence the performance of your business will give you an advantage over your competitors.

It is no secret that attracting new custom can be a struggle and with many consumers now using the internet to find local services, ensuring you have a fully functional website and an online presence is more important than ever. Attractive website design coupled with an SEO campaign to get your business ranking in the search engines for particular terms related to what you offer could make all the difference and give your company the edge when attracting new customers.

Although the current financial climate leaves many businesses in a perilous position, it is clear to see that with an investment in new technology, things may well turn around. From developing a fresh and invigorating website through to purchasing the latest equipment and calling upon professionals to offer assistance, you and your business could see a turn in fortunes that leaves you in a far more stable position.

Five changes in video conferencing for the next decade

The collapse of the global economy has left big business needing to cut costs in every coroner it possibly can. For many executives the solution lies in finding high tech alternatives to many of the most costly aspects of business. One of the most effective ways this is being done is through video conferencing.

The constant stream of meetings and sales pitches being presented all over the world in the flesh accompanied by high priced business class air fairs and four star hotel rooms are coming to an end. More and more organisations are looking to replace this with video conferencing, making international meetings a far quicker and cheaper process.

As the quality of video conference technology improves and the experience gets closer to that of a real life encounter the adoption of video conferencing technology is only going to become more wide spread.

Video conferencing is already available in extremely fast frame rates at full HD resolutions, but what else can be done to help make the form of communication seem more real. What are the technological developments we can expect in the next decade?

Skype's Logo

Skype can be used as a video conferencing tool

1 – Translation software

With video conferencing making global operations affordable for even smaller business, more business are going to be looking to have presence over seas and this will call for low cost translation services.

Translation software is quickly developing; two years ago we saw the iPod app that used it’s camera to instantly translate any written text, and this will quickly be combined with high quality voice recognition technologies that are become standard on the new generation of smart phones. We are not far off software that will quickly and efficiently translate the spoken word.

2 – Holographic projection

Previously the types of light needed for this kind of projection were too hot to be used in the kinds of small devices available in offices. However laser lighting means that holographic projectors will soon be able to be built small enough for not only office use, but could also be built into many portable devices such as smartphones.

Flash memory in smart phones could soon be replaced with a new storage format based on this technology, holographic memory. This will greatly increase storage capacities as the same area of a storage device can be used multiple times by projecting the light at different angles, read speeds will also become much faster as holo-memory can be read from many different points in parallel. This eliminates many of the large file size issues that have been hindering the spread of video technology

3 – Video takes over from the written word

As high quality webcams become more standard features on modern netbooks and better integrated with communications services such as Facebook, it is expected that people will begin to move away from writing emails and instead compose video mail instead.

For many a video message is quicker and easier and also seems more personal, now that it is as easy as clicking a button on Facebook to send one it is only a matter of time until they over take emails in the frequency with which they are sent for personal communication. The paper trail that emails leave behind may mean it takes longer for them to be used in business.

4 – A rise in personal broadcasting

YouTube videos are increasingly becoming an entertainment format that rivals television. The content on You Tube that is produced by individuals or very small companies is now genuinely entertaining yet far cheaper to produce than more traditional formats. With cost cutting becoming more essential these lower budget forms of entertainment are only going to increase. This could shift the way the entertainment industry is structured with more talent choosing to run there own company and be there own boss broadcasting themselves over the web.

5 – Increased usage of Telehealth

Also expect to see the medical industries developing more technologies based on video conferencing which will allow doctors to diagnose and treat patients from a distance. Telehealth hardware is already on track to be a $990 million market by 2015 and predictions are that this will continue to $6 billion five years after that.

At the moment telemedicine technologies are very much focused on developing countries, where there are shortages of doctors in rural communities. As telemedicine technology improves though it could be adopted in the west too allowing anyone to be treated by the best doctors in the world, no matter there location.

What we now know about Facebook

As you may have heard, Facebook plans to become a public limited company (plc) and float on the stockmarket. It hopes that this will raise around the sum of $5 billion USD (this is only about half what most people thought it would try to raise) in finance for the business, a colossal amount!

Facebook's LogoThanks to the flotation it is estimated that around 30% (roughly 1,000 people) of the companies employees will become millionaires! That said, Mark Zuckerberg is reducing his annual salary to just $1 as of January next year. Why? Because he will have shares estimated at the value of around $100 billion!

Anyway, due to Facebook wanting to become a plc, it needed to release more detailed financial data than it ever had before, into the public domain. This means that we now know much more about this previously rather secretive internet giant, than ever before!

Finances

Thanks to its choice to become a plc, we now know that Facebook makes 85% of its income from advertising. Furthermore we know that last year it made almost $4 billion USD! Out of this, it turned an impressive 25% into profit, bringing it in $1 billion (supposedly exactly) in net profit.

It is now possible to value to company as a whole, and it is thought to be worth $100 billion USD. To compare that to other industry giants, Amazon is valued around the same amount, eBay is values at about half that figure, and Google is thought to be worth double that.

Ownership

Facebook will still be owned and controlled largely by Mark Zuckerberg. He currently owns 28.4% of Facebook and has a majority in terms of voting rights with over 50% of votes. Basically Zuckerberg owns Facebook still, and he seems to want to stay in the driving seat for a while yet!

Mark Zuckerberg the founder of FacebookUsers

We now also know that Facebook have around 845 million active users around the world, of whom, around 450 million visit the site very regularly – that is a crazy amount!

The Future?

Facebook would be worth nothing without its users. Some people say that its users are not Facebook’s customers, but in fact the networks products. If people get bored or move on, the site will die.

If you were buying shares in an internet based business, Google would probably be a much safer bet than Facebook, as its future looks much more certain. Facebook may pay massive dividends to investors in the future, or it may go into decline and cost investors a collective $5 billion!


Friends Reunited was once great, now it stands in Facebook’s massive shadow, as does Myspace, Bebo, Foursquare and many other social media sites. All these sites how now been superseded by Facebook, the question is, will Google Plus or something else dwarf Facebook? Personally I believe that in 10 years, there will be something bigger, but we will just have to wait and see 🙂