Chicago’s business environment has been transformed by technological advancements in recent years. From the rise of e-commerce to the adoption of cloud computing, technology has changed the way businesses operate in the city.
In this article today, we will discover how technological advancements have impacted the work environment of the city. So, keep reading till the end and discover the most knowledgeable facts about it.
Rise Of E-Commerce
One of the most significant impacts of technological advancements on Chicago’s business environment has been the rise of e-commerce. With the increasing popularity of online shopping, traditional brick-and-mortar stores are struggling to compete with online retailers.
Exhibit companies in Chicago have adapted to this trend by offering digital solutions and virtual exhibits that give customers a more immersive online shopping experience.
Adoption Of Cloud Computing
Another significant impact of technology has been the adoption of cloud computing in Chicago’s business environment. Many businesses store their data in the cloud, which allows them to access their data from anywhere, at any time.
This has led to increased mobility and collaboration between employees, as well as improved data security. Exhibit companies in Chicago have also adopted cloud computing, which allows them to store and manage their designs and client information in a secure and accessible manner.
Increased Automation
The adoption of new technologies has also led to increased automation in Chicago’s business environment. Many tasks that were once performed manually can now be automated, which has led to increased efficiency and productivity.
Exhibit companies in Chicago have also embraced automation, using computer-aided design (CAD) software to create more intricate and complex exhibits while reducing the time required for design and fabrication.
Use Of Data Analytics
The use of data analytics is another significant impact of technological advancements on Chicago’s business environment. Data analytics can help businesses make more informed decisions by analyzing large amounts of data quickly and accurately.
In the exhibit industry, data analytics can help companies identify trends in customer behavior and preferences, which can be used to improve exhibit design and performance.
Emergence Of Virtual And Augmented Reality
The emergence of virtual and augmented reality (VR and AR) is another significant impact of technology on Chicago’s business environment. VR and AR can be used to create immersive experiences that allow customers to interact with products and services in a more engaging manner.
Exhibit companies in Chicago have embraced VR and AR, creating virtual or augmented exhibits that allow customers to experience products and services in an entirely new way.
Remote Operational Environment
Technological advancements also help workplaces to shift their brick-and-mortar presence to digital. Along with the processes, workplaces are also becoming remote as well as digitized. The implementation of technology profoundly impacts the work culture in business firms. A number of modern businesses are transforming to remote or hybrid work cultures, providing flexibility to employees.
Thus, they can now function from almost anywhere without worrying about other issues. There has been a boosted business productivity. Hence, industries can plan activities in a more cost-effective solution.
Key Players Driving The Tech Growth In Chicago
Technological advancements are changing the outlook of Chicago’s business setting. But who are the heroes behind such a massive transformation? Today, we will have a look at the Tech giants that are driving the actual tech development in Chicago:
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Google
In the list of largest tech giants across the world, Google has topped. Its presence in Chicago is also not hidden. The firm has multiple offices in and around the city, which has an enormous workforce. It has been involved in different initiatives taking place in Chicago, and it offers free internet to multiple low-income households.
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Grubhub
This food delivery service also left no stone unturned in boosting the economy of Chicago. Founded in 2004, it has managed to make a large customer base and is still going strong. It has been growing significantly, and in 2020, Just Eat Takeaway.com acquired it.
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Motorola Solutions
This telecommunications firm offers communication solutions to several companies, including public and government sectors. It has its headquarters in Chicago, where it continues to expand its product offerings for a long time.
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Braintree
You might wonder whether the payment processing industry can be a driver of technological growth. Well, it is! Braintree, established in 2007, has been implementing the largest technological strategies. In 2013, Paypal later acquired it and had a critical presence in the city.
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ActiveCampaign
This marketing automation software industry has multiple offices in Chicago and was founded in 2003. It has been rapidly developing since then. Very recently, it raised a turnover of over $240 million.
What Are The Challenges Of The Chicago Tech Industry?
Although the Chicago tech industry has been flourishing, it continues to face multiple challenges that should be addressed. A big challenge that the industry has to go through is the talent gap. There are multiple established universities in the city, but the shortage of professional tech workers.
Another big loophole is the lack of diversity. As per a report presented by “ Illinois Science and Technology Coalition,” the percentage of female workforce is only 25%. There are only 9% of people of color. Such lack of diversity ultimately results in a lack of innovation which limits the growth potential of the industry.
Finally, the tax structure of the city makes it a bit challenging for startups to acquire access to funds. Businesses have to deal with the tax burden, especially if it’s a startup which becomes a little significant for hindering the ability to research. There are issues in hiring top talent as well as scaling their operations.
Conclusion
Technological advancements have had a significant impact on Chicago’s business environment, with changes ranging from the rise of e-commerce to the emergence of VR and AR. Exhibit companies Chicago have adapted to these changes by offering digital solutions, using cloud computing, adopting automation, using data analytics, and embracing VR and AR.
As technology continues to evolve, it is likely that the business environment in Chicago and beyond will continue to be transformed. Those who can adapt and embrace these changes will be at an advantage in the ever-evolving marketplace.
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