6 Ways Technology Is Driving Business Growth
New technology emerges daily in this digital world. Businesses have been integrating technologies into their different processes to streamline tasks, boost productivity and offer a better experience to clients and customers. Experts believe that by 2020, 85 percent of customer interaction won’t include a human employee. Chatbots have become ubiquitous during web-surfing sessions. Technology has the potential to foster growth and improve the products and services companies offer. Here are six examples of how technology can benefit the business world.
Improving Communication And Collaboration
Team members have access to different channels allowing instant communication, including emails, VoIP phones and video chat. Employees can communicate on the go thanks to mobile devices, and there are several options available for teams in need of collaborative tools with file-sharing features.
The downside of new communication methods is that finding a work-life balance can be challenging. However, technology is creating more cohesive teams and improving reactivity. Cloud-based solutions are making collaboration possible for remote teams since they can share a virtual work environment.
Optimizing Use Of Resources
Resource management is another area that emerging technology is transforming for optimum growth. In the near future, logistics could be dominated by self-driving vehicles and delivery drones.
Businesses also have new resources to manage such as digital business applications, intellectual property, digital content and data. Managing these new resources presents challenges, especially regarding safety, but the focus on digital resources is also causing businesses to find new ways to create value. Sometimes an entire business proposition can be based on digital resources.
There are also new technologies used to manage resources, such as AI and machine learning. AI is transforming the way businesses handle resource allocation by delivering predictive insights, and analytics can optimize resource utilization.
Simplifying Workflows With Automation
Some tasks, and even entire workflows, can be automated thanks to software-based solutions. In most cases, a specific event will trigger an action from the software-based tool that will activate a corresponding workflow. This approach helps save time and allows employees to focus on other tasks. Automation also prevents some triggers from being overlooked.
Automation has been applied to a wide range of business processes to improve productivity, foster growth, and to deliver a better experience for customers.
Designing Streamlined Processes
Analytics can provide businesses with better visibility over current processes and any existing bottlenecks. Businesses can accurately map their processes, analyze the problematic areas, redesign processes and use analytics to keep improving them.
In some cases, rolling out a new technology requires a business to redesign processes and streamline them to get the most out of the tech investment.
Making Businesses More Flexible
Technology is helping businesses become more flexible and responsive. This is a positive effect of the instant communication channels available to team members. Workflows and processes typically are designed and optimized to adapt quickly to a changing situation. Most businesses have a framework in place to establish a clear course of action when issues arise.
Cloud-based solutions are also making it possible for businesses to roll out new applications and tools rapidly so they can move on to new challenges.
Meeting Customers’ Expectations
Analytics are often used to keep track of satisfaction and to address recurring issues. Offering customer service and content over several channels such as email, social media, phone, websites and in-store makes brands and their content more accessible. Feedback across these channels can tell a company what it’s doing well, and, more often, where it needs to improve.
Customer service departments are also benefiting from technology as software-based solutions can be implemented to track tickets and make sure transactions run smoothly.
Technology is bringing customers closer to the brands they use, and businesses typically have a better understanding of who their customers are and what kind of expectations they have. Social media has been a game-changer when it comes to connecting with brands and getting one’s voice heard as a consumer.
These are only a few examples of how technology is redefining the way businesses work and generate growth. Technology by itself isn’t enough to drive growth and success. Companies need to design processes and workflows that leverage the technology available and rethink their business propositions to incorporate available technology into their business structures. Technology has been a powerful catalyst for change and growth and will continue to shape the way businesses work, especially when it comes to organization and relationships with customers.
At HJR Global, we help companies determine what technology they need and how to secure financing to purchase cutting-edge equipment. Contact HJR Global today for more information.
Read the previous blog post here.