Smartphones have quickly surpassed other mobile devices as the primary means for people to communicate, connect with others, purchase, and access information. This tool has allowed us to save time and money while also increasing overall workplace efficiency. Furthermore, the use of these devices has made businesses and gambling here, more efficient, resulting in faster task completion. In this post, I look at how cellphones have changed the corporate landscape in the modern era.
How widespread smartphone use has transformed the modern corporate sector
As a result of the proliferation of smartphone technology, the corporate sector is undergoing unprecedented changes. And it has completely supplanted PCs and all other types of electronic devices in the modern era. Smartphones are quickly becoming the primary mode of communication for many people.
They use it to communicate with friends, family members, and coworkers by sending and receiving text messages, making phone calls, and sending and receiving images, videos, and music. This has resulted in a new type of consumer-brand connection, in which the majority of customers spend some time on social media sites like Facebook or Twitter while researching the goods and services offered by businesses.
As a result, businesses have decided to move their marketing campaigns online to reach specific audiences and provide customized solutions to meet the needs of each consumer. According to the results of a Google poll of 9,000 adults from around the world, the majority of people access the internet primarily through mobile devices, specifically smartphones. On the other hand, according to another study commissioned by Microsoft, the number of users who access their email on their laptops will drop by half over the next three years. Over the same period, smartphone web browsing will grow at a much slower rate than tablet PC web browsing.
What Is the Role of Smartphones in the Emerging Mobile Economy?
One of the clearest indications that smartphones are an integral part of the mobile economy, as well as the economy in general, is the fact that so many people now own them. According to Pew Research Center findings, approximately 64% of adults in the United States own a smartphone, while 90% of adults in the United States own some type of cell phone. As smartphone prices continue to fall and manufacturers add more features to their products, that 64% figure will almost certainly rise.
The percentage of the world’s population that owns a smartphone has nearly doubled in the last five years. Smartphones were estimated to be used by approximately 20% of the global population in 2010. It was estimated that 37% of the global population used smartphones in 2014. Looking back to 2008, the first full year that Apple’s iPhone was available (and widely regarded as heralding the beginning of the modern smartphone era), we can see that the percentage of people who own smartphones has more than tripled, rising from around 12% in 2008 to 37% in 2014.
The Economic Impact of Smartphones and Apps
Since smartphones have been adopted at arguably unprecedented rates, several business articles have concluded that they have contributed to economic globalization and growth. The following are a few of the ways that smartphones have contributed to global economic development.
The capacity to communicate and work together will see a significant improvement
There is no doubt that the ability to communicate with other people from anywhere in the world has contributed significantly to economic growth. Nonetheless, it has aided businesses in reducing costs associated with expenses that are no longer required. Smartphone users, for example, can use mobile-compatible conferencing software such as Citrix’s GoToMeeting to share voice and data from their workplaces or any other mobile location. As a result, delays are reduced, and executives are no longer required to physically travel to locations all over the world.
The Birth of a Completely Unique “App Economy”
The growth of what has been dubbed the “app economy” has also been a major driver of overall economic growth. As early as 2012, it was estimated that the growth of the app economy created approximately 500,000 jobs. It is important to note that the estimate excludes the design, manufacture, and promotion of mobile devices such as smartphones and other mobile gadgets.
The so-called app economy has a significantly lower barrier to entry, which is just one of the many benefits provided by this emerging market sector. Entrepreneurs can take a great idea, learn how to code it themselves, or hire someone to do it for them, and use the platforms built by Apple, Google, or Microsoft to distribute their software solution to a truly global market. This eliminates the requirement for a large manufacturing capacity or labor pool.
The ability to better utilize unused capacity
Another significant development enabled by the proliferation of smartphones and the app economy is the development of apps that make use of “excess capacity.” The term “excess capacity” is derived from economics and refers to a situation in which a company’s available resources are not being used to their full potential.
The taxi industry is being severely impacted by Uber, the ridesharing app that is currently sweeping the globe and wreaking havoc on the traditional taxi industry. Anyone with a car and access to the Uber app can use it to earn money by giving rides to others, as long as the car is relatively new and in good condition. Uber’s smartphone app allows them to very effectively manage drivers and riders, lowering the costs associated with getting a ride. Car owners now have the opportunity to use their vehicles that would otherwise be parked.
Influence on Developing-Country Economies
Another incredible benefit brought about by the proliferation of mobile technology is the ability of smartphones to close the technological and infrastructure gap that exists in developing countries. In many parts of the developing world, the installation of a cellular signal is a far more practical option than installing hardwired telephone and data lines. The availability of mobile technology and smartphones at ever-lower prices presents an incredible window of opportunity and promise for businesses all over the world.
Despite the impossibility of moonshot projects such as Google’s Project Loon, these types of endeavors provide a glimpse into a long-term trend in the developing world. This trend includes increased global access to the global economy, made possible by the increasing popularity of smartphones.
Smartphones will remain an essential component of the economy even as we work to improve their capabilities and make them easier to use. For those with a keen interest in working in the international business arena, the online Master of Business Administration program provides the technical, financial, cultural, and political knowledge required to secure a successful career.
How are businesses adapting their practices to account for these changes?
Companies must adapt to these developments as soon as possible in order to avoid falling too far behind their competitors and losing their ability to compete. Because of the growing popularity of smartphone shopping, the process of making a purchase has become less complicated, more convenient, and less difficult for the client.
To complete the transaction, the customer no longer needs to leave the comfort of his or her own home. Gamblers have benefited from the proliferation of smartphones as well, as they can now entertain themselves while playing at online casino sites.
The preceding article examines how smartphones have improved business operations. It explains how they are changing the industry landscape by increasing workforce effectiveness. As a result, businesses must pay attention to this trend and implement strategic plans to capitalize on the opportunities presented by this cutting-edge platform.