Digital 2022 April Global Statshot report by DataReportal revealed that more than 5 billion people around the world use the internet presently. It accounts for 63% of the total population of the world.
Gone are the days when traditional methods helped businesses with hefty profits and customers. It’s the age of digital revolution where you can’t aim at revenue growth without leveraging technology for business to reach those 5 billion active users connected in one space. You need to foster innovation, encourage risk-taking, and embrace new technologies to keep up with the digital revolution.
So, to know what technologies can help your business, let's get you acquainted with the latest technologies that you, as a business, can consider adopting.
The Internet of things has revolutionised the way in which businesses optimise processes and keep their customers engaged on their digital platform.
Wondering how? Here’s what IoT does for you.
The devices leveraging the internet of things record data and transfer it. It is done to keep a check on the vital processes involved in any business and to get insights on how efficiency and performance can be improved. Moreover, it contributes to making informed business decisions.
The IoT market is expected to surpass $176 billion by 2022, as per a report by Market Research Engine analysts.
To give you some benefits of leveraging this technology in business at your fingertips, we have listed some of them below.
Machine learning helps businesses to speed up their pace of work, improve accuracy, and reduce errors while performing tasks and scoring what was previously impossible to achieve. It is known to improve almost any function and automate processes by allowing operational adaptation based on changing conditions.
For a deeper understanding, here are some applications of machine learning in business that are widely being used to solve various problems.
Image Source: Pixabay
Artificial intelligence technology is defined as the ability of a machine (computer/robot, etc.) to do tasks similar to those of human intelligence. It has enhanced automation processes, customer service, output, and more for businesses.
Wondering where it is running the front scenes? Here’s a sneak peek into the list.
Virtual and augmented reality are computer-generated environments that appear to be real. Businesses leverage this technology to offer a real-time experience to their users. For example: A sportswear brand, Lacoste offers an app for in-store buyers to view the shoes of their choice via their smartphones so that they can know how they look on them.
Statista reported that the VR, AR, and mixed reality markets are expected to reach close to $300 billion by 2024.
Games and entertainment businesses is another popular sector that is making use of money from virtual reality games by selling them in stores. It is also being widely used for advertising by various brands.
Blockchain technology has enabled the traceability and verification of multistep transactions to offer lightning fast data transfer processing with added security. It has helped businesses to create an unfilterable, trustworthy, and uncensorable data and information repository that can be accessed from any part of the world.
The market study report states that the global blockchain market will reach $60.7 billion in 2024.
Industries like automobiles, banking and financial services, healthcare, insurance, telecommunications, and others are largely using and benefiting from blockchain technology in business.
Robotic process automation has enabled businesses to perform routine processes by mimicking the way people interact with applications via user interface and some simple rules to make decisions. These processes include categorising customer queries and sending them to respective departments, i.e. sales, billing, and others.
It has helped them hit accuracy goals with reliable consistency, produce data for vital analytics, boost productivity, and more. Moreover, it improves the overall efficiency of any work by undertaking unintelligent and repetitive tasks by itself and accomplishing them faster and more accurately as compared to humans.
Now that you are well aware of the role of technology in business, it’s time to learn how you can make the most of them.
The repeated and monotonous tasks that are included in a business are prone to human errors and low accuracy. By automating the routine tasks with the help of various software’s, you can save time and cost that can be put to better places in your business.
Technology in business is the fuel and vehicle that enhance productivity and collaboration among your teams. This will help you and your team to stay informed of the latest changes in progress made in your business and eliminate any downtime and interference causing hindrance to the overall growth.
Another trending benefit of technology for businesses is its capability to adapt to remote working. The emergence of remote working has helped businesses hire great talent from any location in the world without having to pay for any workplace or equipment costs.
With the use of cloud synced devices and mobile you can save money and space while staying in constant touch with the customer as well as employee simultaneously.
There are abundant software that helps businesses track the key performance indicators to keep track of their strategies and goals. It helps them with a clear picture of their performance based on the historical data and current trends in their business activity as compared to the whole industry.
Sage reported that the company's that leveraged data effectively grew 35% faster year over year as compared to the ones who don’t.
Moreover, this information comes in handy when making important decisions related to a company's future direction.
Image Source: Pixabay
Technology has proved to be a great asset for effective marketing. It has become a promising way of promoting information and websites on the search engines. Some of the many low-cost advertising methods include email marketing and mobile marketing. You can leverage various software and structure your marketing plans to attract customers through updates and coupons.
To summarise, digital technology has emerged as the most prominent way to break the barriers of advertising channels and attract new customers.
Simplifying the business processes by leveraging technology for business makes ample time to focus on growth and revenue generation.
They can invest more time in strategy planning and seizing new opportunities for their business to increase their pace of reaching their goals.
The Federation of Small Businesses reported that 85% of small businesses stated that investing in new technologies is the key driver for their business’s growth.
Businesses that are successfully performing in the market understood this years ago that technology will power up their journey to the top. The role of technology in business is so significant that it is losing on everything by not leveraging it. As a business that is yet to adapt to technology in this digital era, get ready to make in-roads into new markets, innovate in products and services, and more to welcome ceaseless growth in your business.
Are you ready to leverage the power of technology in a world that is becoming digital? At TransForm Solution, you can avail services like robotic automation, workflow automation, artificial intelligence solutions, desk research, and back-office services. We combine data analytics and automation services to provide technological solutions to our clients. You can check out our website to know more about our offerings.