Technology and innovations to expand your Business in 2021
- Published | 24 February 2021
Gone are the days, when the businesses were used to run solely on word of mouth and goodwill. Now, the brands, businesses are competing to get real-life traction from the prospect consumers/ customers in order to achieve their targets. This is strongly aided by the business tools which are growing stronger, more innovative, technologically appropriate and efficient. Additionally, several prevailing creative business associated strategies are making the task of promoting, marketing, and spreading the business around with less feasibility, more added reach, and lastly connections with the promising, genuine, and reliable consumer base.
Inculcating technology has proven to be extremely helpful, in recent years, especially with boom of the internet, well access networks, ease of availability of data, etc. all of which are extremely important to devise the relevant technology or business tool(s). From which a lot of small-scaled, start-ups, etc, have gained a considerable amount of substantial gain, growth and identity among other well-established and bigshot businesses as these tools have ease of access, readily available, non-feasible to use or apply on one’s present business model. It has made these tools and technology a much crucial part of emerging businesses. Mentioned are some of the technologies or tools which could potentially help in attaining that desired pull.
AI service or Artificial Intelligence
Artificial Intelligence has been around for quite a few years and has helped businesses around like nothing else before; according to a study by Accenture, adopting AI has the potential to increase productivity by 40% or more. Additionally, the World Economic Forum statistics over the AI takeover has stated that by the year 2022, over 75 million human jobs would be replaced by AI. At the same time, creating 133 million fresh opportunities, refuting the misconception that the adoption of AI will leave more people jobless. The adoption of Artificial intelligence in business simply involves the usage of intelligent computer-based software aided with fast reasoning skills, decision-making skills, data collection and interpretation in order to boost revenue, increase productivity & efficiency, improve customer experience, and drive business growth towards valuable transformation. Moreover, there is an “n” number of methods and ways of AI application in business such as:
- AI in customer service
- Business Intelligence
- Natural Language Processing
- Predictive Analysis
- Personalised targeting
It is the process of analyzing raw information or data to detect the latest trends and answer questions, it would be non-justified to put data analytics in a single definition; however, it consists of many techniques with many different goals. The procedure of data analytics has some components that can help a variety of initiatives, by adding these given components, a successful data analytics initiative will provide a view of where the business stands and would also guide the steps one could take to carry out a successful business plan. It’s crucially essential for small businesses to invest in data analytics, as they provide an insight into internal information that tracks consumer data including email open rates to time on-site to completed conversions. Tools like IBM Watson, Google Analytics, Tableau, etc enable small business owners to collect information that will further influence business decisions and help them to set goals that streamline their work and productivity efficiently.
Inclusion of IT Automation
Process of automation is the creation and usage of technologies such as data management software, systems, etc to produce and deliver goods & services with minimal human interaction, inclusion or intervention. The automation technologies are extremely helpful as they enhance productivity, improves efficiency, and the overall pace of carrying out tasks that were previously carried out by humans. Automation tools, software and programs offer many ways to blend along with existing software via different applications so that small business/ start-ups can still get the following essential tasks such as accounting, customer service, data management, and marketing email in the preferred time-span.
Blockchain could be considered as distributed or decentralized ledger technology, making the past data of any digital asset/information or data unalterable and transparent through the use of decentralization ( not present at a single nodal) and cryptographic hashing. This technology has really taken off over the past few years, as it gave crypto-currency to the world making it gain popularity amongst consumers worldwide. The term cryptocurrency that was once liked with black-market and illegal purchases, transactions and ransomware payments to hackers is now averting the small businesses, start-ups from having to invest in payment processors. This technology is useful in ways such as securely transmitting financial contracts, ledgers or data with built-in verification to ensure everything’s accounted for security with an added ambiguity. As per Statista.com, the number of blockchain users has risen from 3.1 Million in 2015 to 28.9 Million in 2020; promoting this specific business tools and technology.
Voice Over Internet Protocol Technology
The Voice over Internet Protocol or VoIP is the kind of technology that enables the user to make voice calls using a broadband Internet connection, in place of the conventional (or analogue) phone line. There are some VoIP services that may only allow an individual to call other people using the same service, but others may allow calling anyone who has a telephone number be it local, long-distance, mobile, and international numbers. Businesses use VoIP for protecting their telephonic conversation from data hackers, or for colleagues anywhere around the world at any time to carry out data-sensitive conversations without fear of data leakage. It aids small businesses to conduct meetings with an advanced, cloud-based, hosted telephone system that includes business-class service. Which saves lots of resource, time, and managing time. Also, these VoIP calls have better call quality, feasible-free and affordable set-up, and calls are recordable.
The selection of mindful choice from these technologies and AI business tools could help a budding organisation or business flourish on multiple levels, including better data management, better customer interaction and their requirement anticipation; lastly, it all helps in providing a well-enhanced experience for company as well a sense of added fulfilment to the customer/ consumer.
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