Business

How Social Media Has Changed Business

How Social Media Has Changed Business

It is fair to state that social media has become a significant influence on how most things are conducted. With the advancement of technology, most people can access the internet, which has increased the number of people who are using social media.

If you are running a business, you may have experienced the influence of social media. We are currently living in a digital era where most companies have a social media account.

It is gradually becoming mandatory for different enterprises to have an online presence, and this includes having an account on various social media platforms. Both small and established companies like Lundin Petroleum are building their online presence. Below are some of the ways social media has influenced business.

Customer Service

woman with cardOne of the main ways social media has influenced business is through improving customer service. Customers are one of the main assets to businesses, and without them, most enterprises will not succeed. Through different social media platforms, customers have found effective means to communicate with various enterprises.

As a result of the information found about customers on social media, data has become essential. By reading what customers like, businesses have personalized their services; this has led to better customer service.

Transparency

Before social media platforms become popular, many businesses were not transparent to their customers and the public. It was challenging knowing what is going on in different business operations. It was nearly impossible to make businesses accountable for the services and the goods they provide.

In this digital era, things have changed for the better. Because of social media’s influence, companies are concerned about what is being said about them online. A comment on a given business on a social media platform like Twitter can help a business make more sales or losses.

Customers can communicate with businesses online, which has led companies to be more transparent when engaging with their customers.

Advertising

 Internet marketingAnother way social media has affected business is through advertisement and marketing. Many people are using different social media platforms, which provides an excellent opportunity for companies to market themselves and reach more potential customers.

By utilizing big data, businesses can find people who are most likely to purchase or be interested in the type of products and services they sell. This has enabled target advertising and has helped many businesses increase their sale and make a profit.

As technology advances, social media will have a significant impact on many businesses. There are more ways social media is influencing business.…

Importance of Oil and Gas Industry in the Global Economy

Importance of Oil and Gas Industry in the Global Economy

You should note that the petroleum industry has a huge impact on the global economy. That is because the oil and gas process determines the health of the global economy. The truth is that oil and gas are quite important to both businesses and individuals. Thus, to protect the economy, there is a need to protect this industry. However, it has its share of challenges as documented on Lundin Sudan Legal Case Website. These are some of the reasons the oil and gas industry is quite important.

Major Source of Energy

It is estimated that oil and gas provide more than 50% of energy. Thus, oil and gas are the primary resources. Without them, the country will come to a halt. Although there are sustainable and renewable initiatives, none contribute a considerable amount of energy in the world. They are either expensive, unreliable, or difficult. You should note that oil and natural gas run the world. In fact, without it, some countries cannot sustain their daily operations.

Energy Dependence

Without the production of natural gas and oil, some countries will depend on foreign supplies. As a result, the country’s economy is controlled by the price of oil and gas imports. For instance, oil is controlled by the OPEC countries that fix the price of oil. Also, this industry has been disrupted with shale oil.

Improve the Economy

oil drillingThe truth is that the oil and gas industry plays a critical role in shaping the economy of the country in different ways. For instance, some countries can now export oil instead of importing it. In this way, a country gets more money. This is quite important as most industries like manufacturing can get profitable margins without the need to increase the price of oil and gas. As a result, this results in lower energy and gasoline costs. With businesses spending less on energy and gasoline, they can spend more on other business operations. The economy will always grow when there is less spending on oil and gas.

The truth is that the future of the economy depends on the health and strength of the oil and gas industry. In fact, this sector keeps expanding from time to time. Therefore, with additional investments in drilling and pipelines, many countries are likely to become exporters of oil and gas. Also, there are companies that provide equipment for growth and expanding the industries. Thus, there is a need for governments and companies to invest in this sector.…