With all of the technologies touted as the next big thing, it can be difficult to figure out which ones are or will apply to your business.
The fact is that some technologies are not suitable for certain industries, while other technologies may only be suitable for larger companies. So, what could help your company now and in the not too distant future?
We list six of the most exciting technologies currently available and show how they can increase efficiency and productivity and, in addition to improving the customer experience, also improve the growth of your company.
1. IoT helps improve operational efficiency.
The Internet of Things (IoT) is a network of devices connected to the Internet, which can be sensors and devices or even smart home appliances. According to a report by Research and Markets, there are expected to be 100 billion IoT devices capable of generating sales of nearly $ 10 trillion by 2025.
By connecting to a network, your company can collect data from various sources and gain a better understanding of a particular environment.
For example, a company could use IoT to study climate change, traffic jams, how busy offices are, or whether one of its systems, bots, or machines needs to be repaired.
Depending on the industry, there are almost always suitable use cases. But not only the operational efficiency benefits from the IoT, but it can also generate new revenue streams. By using IoT sensors, for example, production downtimes can be prevented or high customer footfall in retail can be detected to use advertising more specifically.
2. Machine learning improves the customer experience.
Machine learning enables software programs to track user behavior, recognize patterns, and learn from experience. In this way, recommendations or decisions can be continuously improved without the need for reprogramming.
The simplest form of machine learning is the “Customers Who Bought This Item Also Bought” scenario found on some of the largest e-commerce websites. It increases user interest and can improve the customer experience.
Customers enjoy special treatments like personalized experiences tailored to their last store or location or answers to their online questions that are answered in real-time. These are all great opportunities for using data your company collects to improve customer experiences.
You need a robust network that can handle these numbers. So, make sure your network is up to the challenge.
A virtual contact center relieves your employees so that they can concentrate on strategic priorities.
Many companies are now using chatbots to talk to customers online about their needs. This means that customers no longer have to call your call center and that in turn means that you can use resources for other tasks in the company.
Chatbots use machine learning to understand what the customer needs and then react accordingly. For more complicated inquiries, the customer can be referred to a human customer service representative via instant messaging or telephone.
One of the main advantages of chatbots is that they can handle numerous simple requests, which reduces staff and office expenses.
Cloud-based contact centers can help companies by enabling call center staff to work from anywhere. This means that companies can easily increase the number of employees.
4. Data security and cybersecurity tools
To avoid virtual attacks on bank security, cybersecurity innovations will take on special relevance in enterprises of all sizes. In the digital age, important information is no longer physically stored, and that presents its benefits and challenges when it comes to balancing accessibility for users and protecting against malicious hackers.
At the same time, consumers have become acutely aware of the implications of sharing their data with certain entities. So cybersecurity, data protection, and greater control of data by users will be recurring, so to make your business successful in this digital era you need to pay special attention to this issue.
5. Payment methods innovations
The main barriers to purchase both online and offline commerce have to do with payment methods. How many customers are you willing to lose by not innovating in it?
Each generation has an attachment or rejection of certain forms of payment and this is mainly due to the effects of the inclusion of technology in their lives. Many users of traditional banking, especially those over 50, had not finished adapting to it when technological modifications emerged to provide greater security and ease of use.
The age of the largest number of the economically active population influences the generation of new models for making payments. This segment of the population that can buy and will have to adapt to their lifestyles and take it as an on-going activity.
At this time, the world is faced with a majority of the population that includes Millennials and their need for simplicity in banking is prevailing, the same reason why FinTechs have monopolized a large part of the market. Make sure that you have all the modern payment methods which will allow the customers to buy from you not depending on which method they prefer.
6. Artificial Intelligence reduces the time it takes to process documents.
There are so many different types of documents that need to be edited daily, But technology can make the process easier and more efficient.
Just think of the number of applications that HR has to sift through for each job posting. AI can help comb through the applications; decide whether an applicant has the skills required and narrow the search accordingly.
Artificial intelligence can also be used to examine documents for evidence or other important, legally relevant details. Besides, it processes documents faster and with greater care than humans, so that the staff's working time can flow into value-adding activities elsewhere.
These are just a few examples of how technology can help increase productivity, improve customer experiences, and fuel business growth.