If you want your business to become successful, especially in this very competitive and challenging time in which the majority is coping with the effects of pandemics, relying on manual processes may not be a good idea.
Continued success and growth will require a form of operational competence, agility, productivity, and superb customer service modern technology can offer. In fact, they’re some of the ways to initiate the digital transformation a business needs to thrive.
Some businesses have adopted numerous technologies to boost their operations, from social media customer service and marketing tools, to cloud computing and mobility. However, that’s just the start. Meaning to say, if you want your business operations to remain efficient, profitable, and relevant, moving forward and keeping up with the technology trends is very important.
Here are some of today’s popular technology trends, and how you can leverage them to enhance your business operations.
1. IoT or Internet Of Things
The IoT is a network of physical items like home appliances, machines, smart devices, and vehicles that are linked to share and collect data and communicate without human intervention. Most businesses have a lot to gain now and in the near future from IoT.
With this technology trend, your business will have control over its processes and operations. What’s more, IoT can boost employee productivity, and enhance customer service. It can obtain an extraordinary level of insights to help you come up with better business decisions and analytical maintenance capabilities.
The use of IoT is, in fact, already implemented in different industries. What’s more, the chances of how this trend can modernize and transform business operations are growing continuously.
For instance, MRP (or Material Resource Planning) has started to leverage IoT that offers self-reporting and automation for better resiliency and added efficiency in manufacturing firms. If you’re in this industry, know that there are plenty of cloud-based MRP software you can use that can help you keep your business organized.
Because of artificial intelligence, chatbots have come into existence. Chatbots refer to computer programs that are specially designed to emulate a human conversation.
With this technology trend, businesses will be able to improve the customer experience, personalize communication, streamline the process of shopping, automate tasks and improve response rates.
The chatbots people are interacting with these days are made to do simple tasks. However, with the help of machine learning technology, a chatbot can perform more contextually pertinent interactions.
3. Machine Learning
A branch of AI or artificial intelligence, machine learning can offer machines the capability to progressively and automatically enhance performance without programming and human intervention.
This technology trend depends on a self-teaching algorithm that automatically studies and evaluates an enormous amount of data to determine patterns and use them to create decisions and predictions. Your current system can learn from experience automatically and offer better outcomes as the day goes by.
Another great thing about machine learning is that it significantly impacts your business’s profitability and efficiency, resulting in improved operations.
Machine learning will allow you to predict customers’ behavior, automate your business processes, detect fraud, and come up with product recommendations.
With real-time insight machine learning offers, your business will have a more excellent opportunity to determine profitable opportunities while avoiding unknown risks. Thus, you will gain an advantage over your competitors.
4. Big Data
Big data that are brought about by digitization is, in fact, the fuel for the fourth industrial revolution. This is critical to other tech trends that can improve business operations like autonomous robots and artificial intelligence.
Keep in mind that the more data you have, the simpler it is for machine learning algorithms to look for patterns and find relationships not noticeable before. After analyzing the day, you will be able to predict future results better and make decisions based on facts.
While the data isn’t entirely new, the unique digitization of the world, including the fact that almost everything leaves digital footprints in its wake, is what causes data explosion. Undeniably, data is overgrowing such that 90 percent of the data accessible in the world was obtained in just the last 24 months.
Therefore, businesses nowadays can utilize this access to data to inform business decisions, improve operations, deliver more intelligent services and products, and better understand trends and customers. It will also allow your business to make additional revenue.
If one fails or ignores access to data, unfortunately, their business might no longer remain relevant and competitive in the industry. This isn’t a good thing if one wants to thrive.
5. Virtual Reality
One of the significant advancements that don’t usually come to mind when it comes to virtual reality is how it helps to improve the process or operations in office environments. It is common knowledge that internal operative communication is crucial for the success of a business of any kind.
With that in mind, architects, for instance, are using this tech trend to build environments that can maximize interoffice communication, and significantly reduce development expenses. Virtual reality has resulted in more efficient decision-making and improved employee satisfaction and engagement.
Virtual reality has taken office design to a whole new level. What’s more, designers continuously improve their work by using a combination of data obtained from workers’ biometrics and smart devices.
For instance, a designer can use a heat map to track what office features workers typically use to justify the floor layout. Operationally, virtual reality is changing and improving how employees act and think every single day.
6. Face Recognition
The majority of businesses, especially the retail industry, have an offline and online presence. With facial recognition, retailers can prevent retail crime and battle shoplifting proactively. Further, it can bring a more personalized shopping experience, particularly in brick-and-mortar locations.
When a particular client is determined through facial recognition, your staff can respond to the customer’s unique needs better.
Though some privacy and legal concerns need to be worked out, it is still worth implementing because it offers a lot of benefits.
Whether you’re just starting a business or you’ve been in the industry for quite some time, doing what it takes to make your business operations as efficient as possible is perhaps the best way to achieve growth and viability.
So, by adopting cutting-edge technologies such as IoT and machine learning, you can position your business for success not only this year but also in the future.