Technological changes impact businesses in multiple ways:
1. Efficiency and Productivity: Automating routine tasks through AI and machine learning can drastically increase efficiency and productivity. For instance, robotic process automation (RPA) allows businesses to automate repetitive tasks, freeing up human resources for more strategic roles.
2. Customer Experience: Technologies like big data analytics and customer relationship management (CRM) systems enable businesses to offer personalized experiences to customers, enhancing satisfaction and loyalty.
3. Market Competitiveness: Companies that quickly adapt to technological changes often gain a competitive edge. Innovative use of technology can lead to the creation of new products and services, opening up new markets and revenue streams.