Featured Image Caption: Man Using Laptop while Working in his Office
Businesses are trying to get a leg up on their competitors. New products and services are being introduced rapidly, with no sign of slowing down. In the face of this technological upheaval, the need for greater agility and faster response times has never been more apparent. Businesses of all kinds are looking to technology to help take the edge off, streamlining operations and making processes more efficient. Here are 5 ways technology can help advance your business:
Build Customer Relationships Online
Social media has connected more people in the last five years than all the rest of the world combined. Social media has seen exponential growth in users, with more than 1.1 billion users now logging on daily. With these massive new user bases, comes an exponential increase in connections. When you have many connections throughout your organization, it can be easy to forget some of the more obscure connections. Telemedicine, virtual reality therapy, and remote surgery are just a few ways that technology can help facilitate more in-depth and personal relationships with patients.
Every business has operations that are more or less static. At the very least, these operations have a slow pace of change. With the growth of e-commerce and demand-based models, it has become more important to keep pace with your customer’s orders. Cloud computing has made this easier than ever before. Using this model, a business can host its applications across several platforms and servers without keeping track of each one. Operations with static websites or apps can now be replaced with a few keystrokes. When customers place an order, their information is automatically transferred to the appropriate team members for processing. Furthermore, data can be analyzed and reports generated faster than ever. Modern customer data analysis tools are powerful enough to identify trends and break individual customers into segments to be prospects for new business.
Make Better Decisions
When it comes to making big business decisions, try to keep three things in mind: consequences, risks, and rewards. The first thing is to take a look at the bottom line. Then, look at the revenue side to see if there is a reason to believe this is a viable business strategy. If not, move on to the second part of the decision-making process: risks. For example, imagine that you’re launching a new product. There is a small chance that the new product will be a flop. In this case, the rewards side of your decision-making process would be cut short. You would want to know the risks that the new product might fail so that you can devise a plan to avoid them. On the other hand, if the new product were to sell like hotcakes, then the rewards side of your decision-making process could go on for ages.
Invite AI-Based Helpdesks into Your Business
Automating common tasks such as providing customer service or conducting research often requires understanding the customer’s needs and problems. By using AI to build a model that breaks down each customer’s problems into smaller, more discrete problems, businesses can speed up the process and reduce the number of answers a customer service representative has to give. Companies are beginning to realize that having an AI-based help desk is a great way to speed up service and prevent backlog. This is especially important for smaller businesses with limited staff that can’t afford to have a full-time help desk. Investing in voice broadcasting software can be beneficial to your business.
Stay Ahead of the curve with AI Applications and Platforms
Adopting AI across the board is a significant shift in how business is done. Not only does it require a change in thinking and a different set of skills, but it also gives organizations the ability to test new ideas and implement new technologies before the rest of the world does. The internet has made it much easier to start up a new business. These business ideas are now being discovered in tech-heavy areas like artificial intelligence and data analytics. With AI and data, businesses can test new ideas and implement new technologies on a massive scale before they’re released to the public.
Technology is an ever-present presence in today’s business world. It can be a great source of agility and speed and a great monitor of your company’s performance. However, technology can also be put to bad uses. Companies often rely on technology to keep their operations running smoothly, but they don’t put enough effort into ensuring that technology is used properly. It is important to ensure that technology is not misused.
By Maggie Bloom
– graduated from Utah Valley University with a degree in communication and writing. In her spare time, she loves to dance, read, and bake. She also enjoys traveling and scouting out new brunch locations.