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How Is Technology Reviving Business?

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Hamid Farooqui, CEO, SogoSurveyAn alumnus of State University of New York, Hamid specializes in the field of information technology such as Software as a Service (SaaS), cloud computing, mobile applications and many more.

Technology is one of the most obvious forms of innovation in action. At its best, technology turns a smart idea into a powerful reality: something, more or less, out of nothing. Business analysts dream of this kind of ROI, and technology absolutely delivers. Even existing businesses and ideas are being revived with the support of fresh thinking and fresh tools from the technology industry.

Everywhere around the world, technology is transforming existing businesses and making new businesses possible. The sharing economy isn't something new, but technology explodes the possibilities, enabling businesses like Airbnb to grow at a rapid scale and connect strangers at a very personal level. The gig economy isn't new, but apps like Uber make it possible for people to fine tune their availability and connect with clients more easily than ever. Freelancing isn't a new idea, but sites like Upwork allow collaboration & contribution world-wide. Selling handmade arts & crafts have been going on for a long time, but online marketplaces like Etsy mean sellers connect with buyers at a totally different scale.

Even in just these few examples, a key commonality is clear: Technology enables connection. It's no surprise that communication apps are one of
the biggest growth areas in the tech industry ­ everyone wants to figure out how to bring people together. Beyond that, businesses want to make sure they bring their money along, too. Taking a closer look at India, connection is certainly a major factor in the successes of technology-enabled business growth. Further, consumerism, convenience, and quality of life benefit, too.

Consumerism
There are some necessities just about everyone must by ­ maybe food, clothing, and supplies for the home. In addition, most people also have plenty of things they simply want to buy ­ jewelry, electronics, music, and much more. Now, it is possible for people to order almost anything they can imagine from the comfort of their own homes. As a result, businesses of all sizes benefit from the increased access, and that access becomes a business by itself. Many small businesses benefit from aggregators and e-Commerce giants like Amazon and Flipkart.

Convenience
The restaurant industry is a perfect example. While nothing beats a home-cooked meal, time is always of the essence. Too busy or tired to cook? Order takeout! Too much traffic between you & your favourite restaurant? Get your dinner delivered! Whether you're ordering from a big-name brand through its own app or choosing from the wide menu of options on Swiggy, Food Panda, or Zomato, there is always something tasty waiting for you on the other side of the screen. Small businesses can grow far beyond the capacity of their meager dining rooms by feeding the growing need for convenience.

Quality of Life
In India, technology is rapidly turning our national brainpower and human capital into a huge industry. Approximately 10 million people in India are now employed in the technology industry, either directly or indirectly. These jobs are paying employees good salaries, enabling them cover their needs and enable many of the optional extras that can enhance their quality of life. These good jobs can empower citizens, as well as generate additional demand for goods & services like home rentals, cars, and more.

There is no question that technology plays a huge role in the growth of business. From India to abroad, technology has created innovative offerings and brand new jobs, breathed new life into older industries, and woven closer connections between producers and consumers. While the future of technology will always continue to evolve; smart businesses will be paying attention to align their own evolution for sound financial growth.