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How Smartphones are Changing the World of Business?

For a very large percentage of smartphone owners, their favorite devices are mostly communication tools which allow them to stay in touch with their friends and family. Some see smartphones as mostly entertainment devices, allowing them to have fun on the go. However, for some people, smartphones are business tools, devices that enable them to do business while they are outside the office.

And truly, smartphones are bringing an evolution to the world of business, changing how most of us do business and work. This is exactly what we will be talking about today – the role smartphones are playing in the world of business today.

Enhancing Communication

For one, smartphones can be fantastic for enhancing communication in business. Just 15 or 20 years ago, people not only didn’t have smartphones, but mobile phones in general. You could only be reached at a certain place at a certain time. People missed very important business calls and their companies suffered because they were not in the right place at the right time.

Today you can converse with a person thousands of miles away and do it with video. You are seeing that person as you are setting up deals. Communication goes further than this, though. For instance, entire teams can now collaborate on something as if they were in the same room. Ideas can be bounced around more quickly and efficiently and no time is lost because people cannot get in touch with each other.

Knowledge Is Everywhere

The thing that the internet has changed to its very core is the availability of information. Before internet, you had the newspapers, the radio and the TV when it came to staying current. You had books if you needed extensive knowledge. All of this was much less accessible than any piece of information is today. For business people, this access to knowledge and information can make a difference between a business success and failure.

With smartphones, an average business person can access as much information as the President of the United States couldn’t just 25 years ago. This access to information also allows business people to make their decisions quicker and more efficiently, thus increasing their chances of reaping success.

Everything is Faster

This is something we have already touched upon, but we believe it is so important that it deserves an entire section. Namely, smartphones speed up everything for business people. They allow them to make quicker decisions that will also be much more effective than ever before. We will probably best explain this on an example.

Imagine a stock market trader from 30 years ago. Imagine they were not in their office but in the park, enjoying a day with their family. A certain event has transpired and their stock began to plummet. They cannot be reached by their broker because mobile phones have not yet been invented. When they come home, perhaps they get a message saying that their stock is losing value. They then have to either turn on the TV and wait for that segment to come on or they have to call their colleagues in the hopes they know what is going on.

Now compare this to the situation we have today thanks to smartphones. Let’s take a famous day trader such as Timothy Sykes as an example, since day trading is a much faster game than regular stock market. His buddy from college sends him a text saying that a certain new startup is going to come out with a new product. He checks it online on his smartphone in matter of seconds. Once he has all the info, he pulls the trigger and buys the stocks of this company, all on his smartphone. It takes less than a minute from the moment his friend learns about the new product and the moment he purchases the stocks.

These are just some of the ways smartphones are revolutionizing the way the modern world does business. In fact, it is almost impossible to imagine a business person keeping track of everything without a smartphone.

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