As its name suggests, business development is all about growing a business – or making a business better. It is, therefore, the whole set of ideas and initiatives whose aim is to improve a firm’s performance. More practically, it is about the activities whose aim is to improve the firm’s revenues (and, in the end, the firm’s profitability). Whether the business is that of selling jets or giving a platform for people to play vulkan vegas darmowe spiny of charge, the subject of business development is critical. That is because all types of business enterprises have to keep on finding ways of improving their performances. And that aspect of improving performance is what business development is all about.
Like almost everything else, business development has come to depend on tech. As it turns out, certain technological trends are affecting business development. The said trends include those described below.
The Use of Artificial Intelligence (AI)
Thanks to AI, computers are now able to perform tasks that were completely beyond their scope. Further, thoroughness in the various tasks’ performance – including those that relate to business development – has become higher. Therefore people who work in business development have to think long and hard about how they can harness the power of AI in their work. Those who choose to ignore AI are at risk of remaining behind, even as competitors who see AI’s potential advance.
The Use of Big Data
Business development has traditionally relied on data for decision-making purposes. But tech that makes it possible to store and crunch big quantities of data has become a complete game-changer. Today, people who work in business development roles are under pressure to find ways of harnessing big data to take their firms to the next levels.
Thanks to cloud computing’s potential, people who are in charge of business development are now able to access the resources they need for decision-making purposes from anywhere, at any time. Decision-making is therefore faster. This has forced the adoption of cloud computing even in firms that were initially hesitant about it. Business development managers in firms that choose not to adopt cloud computing are increasingly finding themselves at a disadvantage.
Social Media Technology
Traditionally, an important aspect of business development work has been that of obtaining feedback from customers/clients and other stakeholders. Previously, this could only be done through various forms of (formal and informal) surveys. But social media has changed the game completely. True, surveys (and other such tools) still have a role to play. But there is no denying that social media has been a huge game-changer in the practice of business development.
The Internet of Things
Previously, businesses only had to communicate with people to push their agendas. But thanks to the increasing growth of the Internet of Things (IoT), the game is changing. That is more so in today’s 5G era. Businesses are often finding themselves having to communicate with devices. At least they are finding themselves having to get input directly from various ‘smart’ devices. This has brought about the need for investment in computing tools that facilitate communication with devices via the IoT.
Increasingly, businesses are finding that the data they obtain from communication with ‘smart’ devices is just as critical for business development purposes as that which they get from human stakeholders.
There is, therefore, growing pressure for people who work in business development roles to figure out how they can respond to these technological trends.