Impact on Business

Emerging media plays a crucial role in businesses, providing numerous benefits and opportunities for growth. For example, customers no longer need to physically visit a location to report issues with a product or service. Additionally, businesses have significantly improved their ability to respond to customer dissatisfaction and negative reviews, thanks to emerging media. An AI-powered chatbot utilizing Natural Language Processing (NLP) can be deployed to handle customer inquiries and complaints across various channels, such as phone, email, and social media. This chatbot offers 24-hour customer support by answering frequently asked questions, resolving simple issues, and directing more complex problems to human customer support agents. Additionally, the chatbot employs machine learning to enhance its responses and deliver personalized recommendations.

Here are some of the key importance of emerging media in businesses;

Increased Reach and Visibility

Emerging media platforms, such as social media, podcasts, and online videos, have a broader reach and enable businesses to connect with a global audience more effectively than traditional media forms. Emerging media allows for targeted advertising, enabling businesses to reach specific demographics, interests, and behaviours, which enhances the effectiveness of their marketing efforts. It can also improve Search Engine Optimization (SEO), as businesses can optimize their content to rank higher in search engine results, thus increasing their visibility and reach. Furthermore, emerging media facilitates influencer marketing, where businesses collaborate with influencers to access their followers, further enhancing their reach and visibility.

Increased Efficiency and Productivity

Emerging technologies, such as artificial intelligence (AI) and machine learning (ML), allow businesses to automate repetitive tasks, freeing up time for more strategic and creative endeavours. Tools like instant messaging and video conferencing streamline communication, making it more efficient and reducing the need for in-person meetings. Additionally, digital documentation and e-signatures minimize paperwork, increasing efficiency and lowering administrative burdens. Technologies like mobile devices and cloud computing enable businesses to work on the go, further enhancing productivity. Moreover, collaboration platforms and social media facilitate more effective teamwork by allowing businesses to share information and resources in real time.

Data-Driven Decision Making

Emerging media offers businesses access to vast amounts of data, allowing for data-driven decision-making and strategic planning. Tools such as social media, IoT sensors, and mobile devices facilitate real-time data collection, providing companies with up-to-date information to guide their decisions. Once the data is collected, businesses can employ emerging media tools like big data analytics, machine learning, and artificial intelligence to analyze the information and uncover deeper insights and patterns.

Additionally, data visualization tools and virtual reality applications help organizations visualize complex data, making it easier to understand and communicate insights. Emerging media also includes customer feedback platforms and sentiment analysis tools that enable businesses to gather and assess customer feedback, offering valuable insights into customer satisfaction and loyalty. Furthermore, predictive analytics and machine learning tools assist businesses in forecasting future trends and outcomes, enabling proactive decision-making.

Cost Savings

Emerging media can assist businesses in reducing costs through various means, such as automating processes, minimizing the need for physical infrastructure, and improving supply chain management. AI-powered chatbots and automation tools allow businesses to handle routine tasks automatically, which cuts labour costs and enhances efficiency. Furthermore, cloud-based software solutions enable organizations to lower IT expenses, scale infrastructure as needed, and increase flexibility.

Also, social media and content marketing provide businesses with a cost-effective way to connect with their target audience compared to traditional marketing methods. Other emerging media, like cloud-based accounting and bookkeeping tools, help companies lower accounting costs, enhance financial visibility, and ensure better compliance. Technologies such as blockchain and supply chain visibility tools allow businesses to optimize their supply chain operations, reduce inventory costs, and improve logistics efficiency.

Access to New Markets

Emerging media offers businesses access to new markets, customers, and revenue streams, facilitating expansion and growth. Platforms such as social media and e-commerce allow businesses to connect with a global audience, thereby broadening their market reach and potential customer base. Mobile payment systems and other mobile commerce platforms enable companies to reach customers on the go, enhancing convenience and accessibility.

In addition, emerging media tools, such as translation services and multilingual websites, help businesses communicate with customers in their native languages, thus breaking down language barriers and further expanding their market reach. Furthermore, geo-targeting and location-based marketing enable businesses to target customers based on their geographical location, increasing the relevance and effectiveness of their marketing efforts.

Societal Impacts

Changing Norms and Values

Emerging media is changing cultural norms, values, and behaviours, often challenging traditional social structures and institutions. There has been a significant shift from face-to-face interactions to digital communication due to the rise of new digital media platforms. Additionally, norms around privacy are changing as there is an increase in the sharing of personal information in online spaces. Relationships and data privacy are also evolving with the popularity of online dating apps and new forms of courtship, such as online flirting and digital gift-giving

Transforming Education and Learning

Emerging media is revolutionizing education by enabling personalized learning experiences, remote access to educational resources, and new pedagogical methods. Teachers can create tailored content to meet individual students' needs, while learners have the flexibility to study at their own pace through online courses and adaptive learning software. Real-time feedback on performance helps students identify areas for improvement, and students with disabilities can participate in inclusive learning activities. This technology has also led to the emergence of flipped classrooms, where lectures are delivered online, allowing students to access learning materials anytime and from anywhere.

Redefining Identity and Community

Emerging media tools allow individuals to curate their identities and connect with others who share similar interests, forming online communities that transcend geographical boundaries. Examples include 7 Cups, an online therapy and support group for mental health; Massive Open Online Courses (MOOCs), which provide access to new skills; and Meetup, a platform for organizing and attending both in-person and online events.

Shifting Power Dynamics

Emerging media has significantly altered power dynamics, challenging dominant narratives in several ways. It has decentralized information, enabling anyone to create and share content rather than relying solely on traditional media outlets like newspapers, radio, and television. Content creators also have the opportunity to monetize their work through advertising or sponsorship, leading to new economic possibilities. This shift also empowers marginalized communities to represent themselves and raise awareness about social justice issues, organize, and mobilize for change. Moreover, emerging media facilitates entrepreneurship, with individuals able to build businesses through e-commerce and online services.

Increasing Awareness of Digital Rights and Cybersecurity

Emerging media has heightened awareness of digital rights and cybersecurity. There are growing concerns regarding data protection and the necessity for robust measures to safeguard citizens' information. The importance of cybersecurity is also emphasized to protect against cyber threats and ensure the integrity of digital systems.

Influencing Politics and Governance

Emerging media is reshaping the political landscape by increasing transparency and accountability. Citizens can access information about government activities, policies, and decisions, enabling them to make informed choices and hold leaders accountable through social media, online petitions, and other digital tools. Political communication has transformed; politicians now communicate directly with citizens, bypassing traditional media channels. They can also send personalized messages to targeted individuals or groups. Emerging media has introduced new forms of governance and participation, allowing citizens to engage in online consultations, surveys, and other e-participation efforts. Furthermore, technologies like blockchain are enabling decentralized governance models, such as decentralized autonomous organizations (DAOs), which operate independently of central authorities.

It is no secret how merging media has impacted society, transforming people's lives and businesses for the better. Social media, in particular, has enabled individuals and businesses to connect, fostering social cohesion and collaboration.

REFERENCE

Information from https://www.researchgate.net/publication/356303912_Role_of_Social_Media_in_Socioeconomic_Development_Case_of_Facebook, https://www.igi-global.com/book/impacts-media-african-socio-economic/166729 and https://cepr.org/voxeu/columns/economic-and-social-impacts-media was used in this story