Companies across the globe are reaping the benefits of rapid advancements in technology in business communication, yet are also aware of someone of the downsides to this era of change. Below are some of the pros and cons of technology in business communication.
A broker sentiment poll carried out by United Trust Bank revealed that nearly 9 out of 10 (84%) brokers believe that advances in business communication technology over the next five years are going to have a major impact on their businesses.
59% of the respondents, brokers and introducers working in the fields of property and asset finance, believe that advances in AI and ‘robo-advice’ technology could present the biggest digital threat with Open Banking and Crypto Currencies in 2nd and 3rd places.
However, brokers indicated that changes in business communication E-signature, Biometric ID verification and Open Banking would most likely benefit their businesses.
In Car Data
Data sharing has become critical across a wide range of sectors, including automotive. Leaseurope has said the European Commission’s third legislative Mobility Package, which covers a wide range of topics, including connected and automated driving, lacks clarity on access to in-car data.
The European leasing trade association is one of a coalition that had ‘serious concerns’ about the ability to legislate effectively for digital services around cars and the creation of a level playing field for businesses creating products in that area.
“[The coalition] welcomes the Commission’s acknowledgment of the vehicle manufacturers’ privileged position on ‘access to car data and vehicle resources’ and the issues it raises for fair and undistorted competition, in particular in the form of centralised ‘extended vehicle data platform servers’,” wrote Leaseurope.
“However, our stakeholder coalition has serious concerns because the package fails to set out a clear legislative pathway to guarantee a level playing field for all digital products and services ‘around the car’, which would ensure that consumers can truly decide who they share their car data with and for what specific services.”
According to BNP Paribas Leasing Solutions, a change in regulations can make professional communications equipment obsolete and force a company to change it.
This kind of a risk falls under regulatory pressure. It is necessary to identify the signs of this phenomenon and to anticipate it, to not only be able to cope with the costs that it may involve, but also to take advantage of it to achieve productivity gains.
Regulatory pressure must be taken seriously by any company, since it may involve equipment renewal fees. Whatever be the sector of activity of the company, it can be affected by this phenomenon.
Businesses should still welcome advancing technology in business communication. Nevertheless, they need to be constantly mindful of changing regulation such as GDPR in the European Union, concerns over the use and sharing of data, and careful consideration of how to implement AI developments.
As with all forms of change there will be innovators who thrive, and the over cautious who are left behind. When assessing the pros and cons of technology in business communication, businesses must accept that the more research and planning the better, and even then there will always be an element of risk involved.