Technology has developed at a rapid pace in the past 20 years, revolutionising much of the way that we do business. As further investments in the sector spur on the 'digital age', we look back at technology that has had a major impact on the economy.

  1. Email
    • It is hard to imagine office life before email. However, email was only integrated in the early 2000s. With the help of the BlackBerry's release in 2003, email quickly changed the way that professionals worked and interacted with each other. Companies could send their clients documents electronically and get a reply within hours or even minutes. Now 125 billion business-related emails are sent out per day, with content ranging from the mundane to serious commercial matters.
  2. GPS
    • Originally conceived within the US Department of Defence to address limitations of previous navigation systems, the commercial introduction of GPS brought great economic benefits for businesses. The positioning software allowed companies to track shipments and deliveries, helping them to keep track of their products and assets. Additional benefits of GPS include raising productivity, reducing costs and increasing security.
  3. Social Media
    • Social media has exploded in the past 5 years impacting the way that businesses operate and interact with their consumers. By reducing the barriers to reach and communicate with consumers, social media has allowed smaller brands to gain a foothold in the market. Trends like craft beer, food trucks, and local fashion, have been established by using social media platforms to build a following in a cost-effective way.
  4. Skype
    • Skype revolutionised the way that people could collaborate. By facilitating video communication businesses could hold functional meetings with people from across the world from the comfort of their own office.  Skype paved the way for global correspondence and enabled smaller businesses to build a network across the world without needing to travel.
  5. Cloud computing
    • Through providing data storage and computing power without active user management, cloud computing creates a level playing field for businesses of all sizes. Using the cloud lifts a significant burden off smaller businesses as they no longer have to waste time and resources maintaining IT infrastructure.
  6. Blockchain
    • Due to its highly complex and encrypted design, Blockchain protects company data in a way that no security system could previously come close to.  Its ability to record digital transactions and interactions in a secure and efficient way offers transparency and protection that companies can rely on. Using this technology saves companies from spending on back office and helps prevent fraudulent activity.