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00:18 27 April 2023
There’s no doubt that technology represents huge business across the globe, with this lucrative and diverse marketplace continuing to grow year-on-year.
If we look at IT spending alone, thispeaked at a staggering $4.6 trillion in 2023, with this figure having increased by 5.1% year-on-year. This trend is also prevalent in developing regions and diversifying economies, with the UAE estimated to have spent $16.7 billion on information and communications technology in 2021 (withthis sum up 2.5% in relation to the previous year’s figures).
This has much to do with the capacious nature of contemporary tech and its ability to make businesses more profitable. I’ll explore this further below, while asking how the advent of technologies and 5G can also make traders considerably more profitable.
How is Technology Key to Business Profitability?
There are various ways in which technology can make businesses more profitable, depending on the nature of each firm and the precise applications.
However, one of the most obvious and universal exists in the form of digital marketing, which now enables firms to promote themselves online while reaching an increasingly digital audience and building highly efficient, integrated campaigns.
Not only is the online market vast and diverse, but it’s also relatively low cost, which means that companies can establish themselves in the virtual space without having to significantly increase their operational costs.
This can translate into increased turnover and profitability over time, particularly as you transition more of your business online and minimize operational costs further.
On a similar note, the utilization of online platforms such as Google and various social media channels has created more cost-effective marketing campaigns.
This not only reduces the typical costs associated with marketing, but it also allows marketers to become more efficient and targeted in their approach while optimizing sales conversions over time.
The creation of organic content for sites like Twitter and Instagram also helps to drive high levels of engagement through mobile devices, while this can be particularly effective at driving assisted conversions when combined with interactive offline media like billboards.
What are the Prime Examples of Technology Helping Businesses to Become More Profitable?
There are plenty of examples of how technology can help businesses to become more profitable, with big data offering a relevant case in point.
Make no mistake; more than 40% of small businesses believe thatbig data is inextricably linked to increased profits, while the development of open-source software on a mass scale is making this more accessible to firms across the globe.
Financial market traders also utilize various technologies to optimize profitability, especially in the digital age where trading activity is driven through online brokerage sites.
In this respect, intuitive trading platforms such as the MetaTrader 5 offer instant access to a diverse range of financial markets, while this technology can be downloaded onto any mobile or desktop device to create a more accessible and seamless trading experience.
This is also home to additional technologies such as in-depth technical indicators and even “expert advisors”, the latter of which allow for automated trading based on insightful algorithms.
This makes it much easier for novice or beginner traders to invest intuitively and leverage real-time macroeconomic conditions and economic events to their advantage. For example, currency traders can track and analyze key data releases in relation to spiralinginflation rates, before making more informed trades and decisions that increase their profitability over time.
What About the Rollout of 5G on These Shores?
From a more general perspective, the global rollout of 5G also has the potential to boost business profitability, particularly with this technology up to100-times quicker than the 4G alternative.
This can drive incremental savings over time, boosting profitability through improved efficiency in the process.
Of course, traders have also been able to profit directly from the rollout of 5G by targeting individual telecommunications stocks and equities, particularly those involved with 5G infrastructure and access.
From a technical perspective, 5G is also significantly faster than its predecessor 4G, as it delivers up to 20 Gigabits-per-second (Gbps) peak data rates. The technology is also noticeably faster, as it has been fundamentally designed to support a 100x increase in traffic capacity and network efficiency.
Naturally, 5G also has considerably lower levels of latency than 4G, enabling traders to minimize data transfer delays and optimize their efficiency when engaging in short-term and real-time trading strategies like scalping.
It also aids the use of forex arbitrage software, which encourages traders to identify temporary and short-term market inefficiencies through pricing errors and similar occurrences.
It certainly makes the deployment of this technology more effective, especially in an increasingly volatile and fast-paced marketplace.
This provides a direct example of how 5G is supporting businesses and financial traders in multiple ways through 2023, especially now that the technology is now widespread throughout the developed world.