4 Emerging Business Technologies to Implement into Your Daily Operations
Read this article to know about the top 4 emerging technologies that can help advance your business by streamlining operations, training, analytics and more. See what advantages these technologies offer and how you can go ahead with their adoption.
With unprecedented rates of brick-and-mortar locations closing, it's no surprise that a highly digital transformation has unfolded over the last decade.
With this change, it's important for executives to understand the need for innovation in a competitive landscape where remaining stagnant can be the ultimate cause of a company's demise. We've seen this come to fruition with companies such as Blockbuster, General Motors, and Toys R Us, all of which chose not to adapt in their respective markets while their competitors were finding niches.
Innovation is often driven by advancements in technology and increasing consumer demands. Because of this, executives must stay alert to emerging technologies as they enter the market, and research what impacts these technologies could have on their business. With proper implementation, technology can help companies remain agile, competitive, and financially secure in even the most volatile of business environments.
In this article, we'll discuss five emerging business technologies to consider implementing into your daily operations.Robotic Process Automation
In robotic process automation (RPA), software and robotics are taught to replicate and interpret human processes, eliminating the need for humans on tedious and repetitive tasks.
This allows employees more time to focus on high-level activities that require more strategic input than robotics is capable of. Examples could include data collection, order processing, and prioritizing customer requests.
53% of respondents in a 2018 Deloitte RPA Survey said they have already begun implementing RPA into their business. This helps fuel efficiency in many aspects of operations across their companies. The reduction of employee time spent on repeatable processes means that there will be a more substantial likelihood of increased production and decreased costs, which is a benefit to any company. Virtual Reality & Augmented Reality
Virtual reality (VR) creates a three-dimensional figure or environment from a computer-generated software. On the other hand, augmented reality (AR) takes a computer-generated object and superimposes that into a user's real-life view.
Businesses are beginning to use a combination of AR and VR for a variety of purposes. In retail, some stores have incorporated this technology into customer shopping experiences. With the simple download of an app or a step into a store, customers can visualize what a product may look like within a room in their house, how glasses look on their face, or how a wall of their home would look as a different color. By incorporating seemingly realistic visual effects and sounds, customers are engulfed in new experiences that could ultimately drive their purchasing decisions. This innovative technology can help to significantly improve your customer experience, something that many businesses are placing at the forefront of their priority list nowadays.
Additionally, VR and AR can also be used to increase employee efficiency in select use cases. Some businesses are using this technology as a training tool for creating virtual seminars on how to build, fix, or operate specific procedures and technology. This can help visual learners more easily adapt to changes in production or the use of new technology. Cloud Software
Cloud-based software may seem confusing at first to anyone unfamiliar with its capabilities; however, it can be an invaluable tool for any business to utilize. Cloud software operates through online storage centers, which helps reduce the need for clunky on-premises servers. It can also be accessed at any time and from any location, which can be useful for remote team management.
Whether you're utilizing cloud-collaboration tools, cloud-based ERP systems, or cloud storage, there are many options available for moving your business to the cloud. Technology at this scale is beneficial to have as your company grows, so you can quickly increase the size of your storage space or features to equal the caliber your company has reached.
Cloud software also allows for greater integration with new and existing applications, a benefit for any business that already uses a multitude of programs. Cloud-based software provides organizations with increased security for programs that are required to comply with more stringent regulations that protect against fraud and hacking. Predictive Analytics
Through the use of predictive analytics, organizations can use collectivized data to analyze historical analyses and make predictions about the future. Through a culmination of machine learning and statistical techniques, this process is simpler than it would be through personal data collection and analysis. Besides the fact that this is a time-consuming task for humans, computers are also more capable of processing large amounts of data and translating it to an easily understood summary for analysis purposes.
Organizations may wish to utilize these predictions to forecast sales, make smarter hiring decisions, or create targeted advertising campaigns. With this information at your fingertips, your business will be able to innovate products, services, and operations to keep up with and surpass the competition.
In conclusion, it's critical that you research, plan, and implement tech tools properly before making any hasty decisions. However, you mustn't let your business fall victim to failure based on a lack of innovation or refusal to connect with modern advancements in technology either.
Dedicate your time and resources to allow room in the budget to incorporate emerging technologies into your daily operations.
