In the past century, humankind has come a long way. Technology has revolutionized almost every area of our lives and the way that every business functions. What used to be very difficult business decisions are now made easy with technology that society even sometimes takes for granted. Take a look at some examples and count yourself lucky you're not operating a business in the early 20th century.
Water
Perhaps the most important molecule in the world, H2O is as important for business as it is for individuals. With specifically high use in manufacturing, water is an essential ingredient in every supply chain. Until fairly recently, in some cases, businesses had to take the water they were given and pay the price that government monopolies set. This impacted the flexibility of the market as one set price did not cater to all the different types of businesses that consume water in countless different ways. Now, thanks to the speed of the internet and communications, businesses can easily compare business water suppliers and get the best deal for their needs.
Staff Promotions
It can be very difficult to select the right staff member for a promotion, but its importance is paramount. Choosing the wrong person can lead to a weaker business structure and can do very real long-term damage to a company. It's also very easy to do - if a staff member has the gift of the gab, it can result in you overlooking somebody more qualified, more diligent, and ultimately a better fit with the company. Luckily, technology is now making this job a lot easier with the introduction of Human Resource Artificial Intelligence (HRAI). HRAI involves tracking key performance indicators of staff members, making a difficult emotional decision one that's purely practical and based on hard facts. Promotions aren't the only element of HR made easier with AI; training, onboarding, and hiring talent are all set to be revolutionized by artificial intelligence.
Financial Transactions
When transactions were undertaken with cash, trust was everything. Receipts were the only official records of the transaction, and those could be forged, or cash could simply be stolen. Nowadays, any company needing to conduct a transaction with high and reliable financial security can just use blockchain. Blockchain can be used to achieve remote and autonomous consensus. Contracts can be made using blockchain, with a public ledger that makes them far easier to create, review, and even enforced. Invoices and payments can never be forged, and businesses have a far easier time with their privacy and security. The use of a decentralized system also serves the additional benefit of cutting overhead costs.
Any Analyses
A good analysis is one that's based on data. It logically follows that to make a great analysis; you need a lot of data. The onset of big data means that any business analysis can be made far easier with big data protocols. As long as a company has the means to collect as much data as possible, they will be able to make far more informed decisions than were ever possible a century ago (or even a decade ago).
