Influence of Technology in Shaping Business Models
by Ishika Verma, Kotni Amisha Lakshmi, Diptansh Agrawal & Meghna Singh
HOW TECHNOLOGY IS CHANGING BUSINESS MODELS
In today’s fast-moving world, technology is not just helping businesses but changing how they work completely. From how companies run things inside to how they talk to customers, tech is helping them do things faster and smarter.
WHAT IS A BUSINESS MODEL?
A business model is a simple way to explain how a business works and makes money. It shows what the company sells, who it sells to, how they deliver it, and how they earn profit. For example, a coffee shop sells drinks and snacks, gives people a place to relax, and earns money with every sale. That setup is its business model.
WAYS TECHNOLOGY IS CHANGING BUSINESSES
- DIGITAL WORK
Companies are moving from paper-based work to digital tools. Apps like Trello and Microsoft Teams help teams work together efficiently. - PLATFORM BUSINESSES
Some companies do not own products—they connect sellers and buyers.
Example: Shopify helps people create their online shops. It does not sell anything but gives the tools needed to run a store. - USING CUSTOMER DATA
Companies use data to learn what customers like and make better choices.
For example, like Stranger Things, Netflix watches what users view to recommend shows and decides which new shows to create. - AI AND ROBOTS
AI and machines are doing more tasks, making work faster and easier.
For example, Amazon uses robots in its warehouses and innovative tools like Alexa to help users at home. - SUBSCRIPTION SERVICES
More businesses now offer services you pay for every month.
Example: Spotify lets users listen to music through free and paid plans, making money regularly. - WORKING FROM ANYWHERE
Tech makes it easier for people to work from home or anywhere.
Example: TCS, a big tech company in India, plans to have only 25% of office workers by 2025 using cloud technology.
BENEFITS OF USING TECHNOLOGY
Technology saves time, reduces mistakes, and helps reach more people. It also helps companies earn money in new ways and give better service. Businesses can grow faster without needing big offices or equipment.
CHALLENGES OF USING TECHNOLOGY
Tech can be expensive to start. There are also risks like hacking and data leaks. Things change quickly, so businesses need to keep up. Also, some jobs may be lost to machines, and not everyone can access the internet or tech tools.
CONCLUSION
Technology is now a big part of business success. From fast fashion to online music, the companies using smart tech are growing faster and serving customers better. Those who use tech today will lead the future of business.
Great read! Team has effectively highlighted how technology is reshaping business models, driving innovation and growth. A must-read for anyone looking to stay ahead in today’s digital world! Keep up the good work and raise bar for others !!!