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The Fascinating Link Between Technology Innovation and Social Media

Ryan Kh, @ryankhgb
09.06.16
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Technological innovation is evolving more rapidly than any other time in human history. The European Patent Office recently reported that new patent filings increased by 2.8%, a record increase from the previous year. Many factors are fueling the new technological revolution, but the emergence of social media is probably the biggest driver.

Technological innovation and social media are transforming virtually every industry. This is creating a stronger demand for brands to improve their presence on LinkedIn, Facebook and other social media platforms.
Here are some trends affecting businesses.

1. Borderless Workplace

The modern workplace is no longer confined by traditional geographic barriers. Employees can easily coordinate over social media and VOIP messaging tools. This has stimulated innovation in several ways:
  • Telecommuting eliminates the fatigue of driving. Conserving mental energy allows employees to be more productive and innovative.
  • Remote teams enable companies to reach the most talented workers all over the world. This leads to higher quality teams that have proven to be more innovative.
  • Companies can use money saved on transportation to boost their R&D budgets.
Social media and other technology was originally implemented to improve employee satisfaction. Yet, the benefits have proven to be much more numerous.

2. Reduction of Human Error

Human error is responsible for about 90% of all workplace mistakes. Fortunately, technology has helped manage it more effectively.
One of the biggest benefits is with compliance and accountability. Digital technology has enabled employers to easily track employees and monitor their mistakes. Combined with a strict compliance program, this can drastically reduce the costs of their mistakes.

3. Better Relationships With Brand Partners

Social media has helped brands form stronger relationships with their partners. Many brands have nurtured these relationships over LinkedIn, which subsequently allowed them to pool resources to deliver better solutions for their respective clients. As a result, many brands are using LinkedIn optimization services to foster better relationships.

"Without a fully Optimized & Professionally crafted LinkedIn Profile any prospecting or lead generation effort you may undertake on the LinkedIn platform, will not be as effective. It is simply because your LinkedIn profile is the first thing that people will check when they find you either from a LinkedIn search or by any other means," says Dennis Koutoudis, Certified Social Media Professional and founder of LinkedSuperPowers.com.

4. Saving Time

Time is the valuable resource in any organization. You simply cannot put a monetary price tag on it, because it's infinitely valuable when managed properly.
Technology innovation and social media have helped organizations operate much more efficiently. Here are some of the many time-saving benefits they offer:
  • They can easily locate electronic records, which saves time searching through files for lost documents.
  • Information is exchanged much more quickly, so employees don't need to waste time waiting for each other.
  • Employees can access and process information in seconds that used to take days.
Howard Tullman, CEO of 1871, said that these are the most important benefits of social media and other forms of technology.

5. Improving Consumer Satisfaction With More Control

Tullman also claims that technology is giving customers more control. "It's all about control. The consumer wants to sit behind the wheel and drive the car."
They have always wanted as much agency as possible. New technology finally allows brands to deliver on their expectations. Social media applications in particular are developed to give users the ability to customize settings to their liking. They can collaborate with others to create a unique user experience.

6. Becoming Consumer Advisors

Brands are providing a more well-rounded service experience than ever before. This is particularly true for retailers. They no longer exist merely to fulfill consumer demands. They actually use information from Facebook, previous purchases and other social media and big data sources to provide sophisticated recommendations to their customers.

"Stores are realizing they have to offer an experience in-store," states Aaron Shapiro, CEO of Huge. Retail has to prove itself as more than just a fulfillment channel. "How can the store be an expert advisor to make the right product decisions?"

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