Leveraging Exponential Technology in Your Business
Authored by Kunal Sood, Founder WeThePlanet
In this rapidly evolving era, it is important for businesses to continue keep up with the accelerated pace of technological innovation if they are going to survive and not end up being a Kodak moment. Companies are moving to automation, artificial intelligence, machine learning, and chatbots to handle their core functions of recruiting, training, sales, sourcing, manufacturing, logistics, marketing as we move towards the singularity.
Technology not just enables but accelerates growth, helps create new markets, leads to hyper innovation in products and services, establishes lasting customer relationships, creates and holds talent, and enhances business output. Here’s what leveraging exponential technology could mean to your business goals:
Personalized customer experience
The most obvious utilization of innovation in any business is to assist customers. Part of digital evolution has helped customers access brands based on the kinds of products and services it offers. The educated customers of today are inclined towards comfort of e-shopping, online transaction options, an option to choose the kind of delivery along with area & time of their choice, secured on-line access and so on. By utilizing technology such as machine learning for up-selling & cross-selling and chatbots to respond to inquiries, organizations can help make tailor-made experiences for their customers and create thriving relationships to personalize their user needs and experience.
Effectively managing business operations
To any organization, its primary assets usually are human and financial. With the help of artificial intelligence, the utilization of these assets can be controlled, optimized, and channeled to make the most profits. In this way, an organization can improve its efficiency, diminish the extra paperwork and reduce time spent on doing the everyday duties. However, the first step is to recognize the areas where quality control and support is required. Utilization of cloud computing to store organization’s complete data can make accessibility easy and secured. Correspondingly, sensor empowered lights/cooling can help control power cost. A huge number of tech-based arrangements are accessible at reasonable expenses to make the most of technology.
Improving efficiency & effectiveness
Irregular supplies, logistics issues prompting delays and several other occurrences can bring loss of income and goodwill. With technology, businesses can distinguish bottlenecks, improve supply chain, recognize suppliers, digitize processes which are redundant in nature and coordinate frameworks. Artificial intelligence alone can reduce inefficient processes and predict future inefficiencies too.
Cultivating employee retention
Using technology to create better customer relations is important, but it’s more important to use it for the good of your employees. From identifying skill-sets, experience and capabilities to match the requirements of the business, streamlined on-boarding, and helping the new recruits settle in their teams to preparing adaptable work plans, assigning projects, creating work schedules, all of this can be done with the help of right technology in order to make the impossible possible and solve for our global grand challenges.
Whether you are establishing a new business or expanding it, technology can create a long-term impact on its standing. Technology allows you to experiment new ways that were once rare and make them work for you. It helps your business prepare for the uncertainty while maintaining the calm.