Corporate finance. Although not as flashy as corporate sports apparel, technology is a key ingredient to success in business today. Corporate credit, merchant services and other aspects of corporate finance continue to grow at an accelerated rate, resulting in higher consumer spending, higher investment opportunities for corporate businesses and increased opportunity for growth for the economy as a whole.
Tech has also played a key role in the way businesses manage their finances. Accounting, for example, has largely been replaced by computerized accounting systems that use sophisticated technologies to collect and report data electronically. Mobile tech like smart phones and social media apps have also helped the global business community to stay connected and aware. Tech companies like Yelp, Foursquare and other local social media sites like Facebook allow customers to share information about their local business with everyone they know and, in the process, spread the word on their favorite local restaurants. The impact on the local economy through tech-driven social media has been substantial.
Venturebeat, a blog and newsletter published by tech journalists, describes several ways that tech innovations have affected the small business community, which in turn has impacted the economy. For example, venturebeat writer Danny Sullivan lists five ways that social media has affected small restaurants: they can acquire more customers through Facebook and Twitter, serve food from local bakeries, gain exposure for new products or services or attract new customers through Yelp, Foursquare and other local social sites. According to the report, a New York pizza shop opened a delivery program through a mobile app that allowed customers to order through their phone. This program was apparently modeled after similar successful ventures in the past by Foursquare, Yelp and Foursquare’s chief competitor, Zagat, among others.