SME Tech

Exploring the Virtual Side of a Business

The business world has experienced a lot of change ever since it was born. Today we are at the verge of a business world that is bold enough to do away with the accepted norm of having physical spaces for work. Slowly but very surely the future is going towards a business world where work is no longer restricted to only the premises of an office. The fact that many entrepreneurs have already started to replace office space with something more comfortable for their business shows that people in business are ready for the change. Those who still want to stick to the traditional way of doing things would need to realign their business structure with what is more popular way of working.

The technological growth and the easy access to internet has brought about this change in the business world. The International Telecommunications Union has shown that the internet users grew from 400 million to 3.2 billion in 2015. The possibility of a virtual office and a marketplace has become the favourite of the business world with an increasing number of entrepreneurs making the change. Here is a look at the innovation that has made it possible to make this change. If you are an entrepreneur who want to start working from a virtual place it is important that you know what exactly is shaping the business world.

1. Automation:
Automation is something that started off with businesses hiring machines to do manual labour. This has now moved on to the domain of the other more soft jobs like customer care etc. Automation makes it possible for entrepreneurs to make the pace of work faster. The fact that automation helps in making it possible to do work faster with less the finances makes it all the more alluring for entrepreneurs. The knowledge based jobs in a company will obviously take a lot of time to be replaced. They might not be replaced without some human intervention. But with the simple, repetitive tasks being taken care of by machines it has become possible to make the change from a brick and mortar office to a virtual office easy.

2. Digital Nomadism:
The popularity of digital nomadism has opened up the business world across borders. There has been a rise of the location-independent entrepreneurs who provide valued services to people from across the world. This is a side of entrepreneurship that many entrepreneurs are trying to explore. The various fields of accounting services, legal transcription services or marketing services can be done effectively by these digital nomad entrepreneurs. The fact that this allows one a great way to utilise their finances and also their free time has made it an exciting option for entrepreneurs to explore.

3. E-Commerce:
The giants like Amazon prove to the world how far the e-commerce industry has come. E-commerce initially started with books but now one can buy just anything from an e-commerce store. The Business News Daily says that the future will see a 17% of retail sales in the US through E-commerce. The fact that these e-commerce stores are made easily accessible with the social media platforms like Facebook, Instagram and Pinterest makes it easy to increase its popularity.

4. Business Intelligence:
Everyone in the business world loves what the Business Intelligence can do for them. The Business Intelligence software helps to collect scattered data and put them together to give out information that can help a business to improve. These Business Intelligence software are available easily on the internet. The fact that BI delivers real-time business data, monitoring and tracking ability topped with the easy accessibility through internet makes opening a virtual shop seem like a piece of cake.

Business Intelligence is a great factor that has allowed virtual offices and the gig economy to thrive to a level that was not imagined before.

5. Network Marketing:
Network Marketing has been in the business for a long time with companies like Avon and Amway leading the way. This is going to increase in popularity in the coming years with the infiltration of technology that helps to make this model work even better.

6. Online Training:
Online Training has earlier been regarded as a waste of time, but with the success of and Lynda.Com things have changed for the better. The education industry has seen a lot of potential with the possibility of one person being able to share expertise and deliver courses from across the globe. It is all but a win-win situation for all those who take part in an online training.

This has also brought about the possibility of entrepreneurs trying to open a virtual office that provides these skills at a larger level. It will be no surprise if the business world has educational virtual offices making a lot of profit in the future.

These are some of the businesses that has made the shift from a brick and mortar office to a virtual office a reality. This shift would not have been possible without the help of technology.

The future of business is going the virtual way. Many businesses that had been earlier thriving as a Brick and Mortar Business has slowly shifted to the digital world. You might be an entrepreneur who prefer to get your work done the traditional way but maybe the people you work with would rather love to work the digital nomad way. You cannot conduct your business properly if you are not aligned to what people who work for you and with you want from you. It is important that you start to bring in the shift gradually so that when someday some important business client would say that it wants to work remotely through a virtual office you do not have to say a no to a lucrative deal because of a lack of infrastructure. The business world is moving towards the digital nomad way and it is wise for you to prepare your business to be able to accommodate them.

About the author

SPI Group

An integrated platform created to serve entrepreneurs and service providers. SPI engages with over 100,000 Entrepreneurs & Senior decision makers through a unique combination of cutting edge business magazines, high profile B2B summits and conferences, strategic alliances with Govt, business associations and government bodies. SPI also leverages the power of digital marketing and social media.

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