Over the past couple of years, there have been many great technological advances, which have allowed businesses to optimize their workflows. Modern-day businesses can leverage the power of technology to make their operational processes more efficient while ensuring better employee engagement and customer satisfaction rates. All of that has led to more opportunities for enterprises to drive higher revenue.
As today’s world is becoming increasingly dependent on digital modes of transactions, be it finding a service or buying a product, it is important for businesses to adopt digital measures to cater to the demands of their customers. In addition to the need for staying competitive in the modern digital-first market, the effects of the COVID-19 pandemic further mandated businesses to accelerate their digital transformation strategies. However, the results are quite promising for those who adapted to the situation and adopted emerging technologies to streamline their business processes.
By working with the best Augmented Reality Agencies, you can bring a fresh perspective to the way customers engage with your brand. In the past few years, industries like fashion, real estate, travel, and tourism have benefitted greatly with the help of Augmented Reality. They have been able to show their products and services in innovative and exciting ways, creating more demand for the same.
Harnessing the Power of Digital Transformation
Digital transformation solutions can help businesses to effectively overcome the challenges in their respective industries. From optimized day-to-day processes to improved cost-efficiency and superior customer and employee experiences, digital transformation can help organizations in a wide variety of ways. This has led to a massive rise in the adoption of digital culture across industries.
According to the 2020 Connectivity benchmark report by MuleSoft, around 82% of enterprises are focusing on innovative technologies to deliver connected customer experiences, and the trend is likely to grow by 40% in the next year. It is evident that businesses need to respond to digital acceleration demands proactively to manage rapidly changing consumer trends and employ emerging technologies to incorporate systemic risk into their long-term planning. Below are some of the advanced technologies, which organizations should keep an eye on moving to 2021.
Also Read: A Road Map To Digital Transformation in 2020
Artificial Intelligence
Artificial Intelligence (AI) will play a significant part in transforming the business culture in every industry in 2021 and beyond. Its impact can already be seen across the globe, be it in the healthcare sector or manufacturing industry. AI-powered solutions are being employed for a variety of day-to-day business functions like data management, customer support, inventory control, and more.
AI and automation tools are also helping businesses in improving efficiency, reducing errors, freeing employees from repetitive tasks, and more, and its involvement in optimizing business operations is bound to grow in the next decade.
Mixed Reality
Mixed Reality (MR) takes Augmented Reality (AR) and Virtual Reality (VR) to the next level by merging real and virtual worlds. This creates new environments and visualizations where people can interact with physical and digital objects in real-time. In fact, AR and VR technologies are already changing the workplace culture and leading to improved interaction between remote teams.
VR and AR are also being explored to be used in other business functions like in the recruitment process to create a more immersive experience. Likewise, it can also transform customer support and lead to quick problem solving and enhanced client engagement, which is vital to drive better business revenue.
Edge Computing
According to IDC reports, edge computing is expected to change all aspects of digital business in the upcoming years. Edge infrastructure can be one of the most promising growth engines in the storage and server market in the next decade as more and more applications and devices are now focused on interconnectivity via IoT.
Edge Computing has evolved greatly in the last decade and moved beyond the telecom sector to penetrate almost all industries. Its implications can already be seen in enhancing efficiency and security as well as facilitating easy analysis of data, and more use cases are likely to come up in 2021.
Cybersecurity
The burgeoning number of cybercrimes in recent times led to strong demand for robust cybersecurity measures. As more and more businesses are adopting remote work culture in wake of the COVID-19 crisis, it means that more devices are being connected to the company network. This makes cybersecurity a top priority for businesses looking to bring their business operations back on track.
Advanced technologies like AI and Machine Learning can help to bolster cybersecurity by efficiently analyzing user behaviors and deducing patterns to identify any anomaly in the network. Along with data analytics tools, this can help to easily identify cyber vulnerabilities and quickly respond to threats.
Blockchain
Supply chain traceability is an important part of modern-day business that allows companies to track the journey of their products and inputs throughout the supply chain and to its end-use. Blockchain technology helps to store the transactional records in a digital network that is connected via peer-to-peer nodes. This not only makes it simpler to monitor the supply chain but also protects the data from counterfeiting.
When coupled with IoT solutions, Blockchain can allow businesses to make automated micro-transactions in a faster and much cost-effective way. At the same time, Blockchain can also facilitate a secure and scalable framework for seamless communication between IoT devices.
How to Make the Most of Technology to Become More Profitable
It is vital for businesses to adapt to the growing changes and take proactive measures for successful tech innovation. The traditional approaches and strategies that worked earlier will not work moving forward. That is why companies need to adopt robust policies and redefine their business models with the right technologies to become more adaptive and flexible to the upcoming disruptive changes that will characterize the next decade. Finding the best approaches to digitally transform their work culture is the key to success in 2021 and beyond.
Here are some ways in which businesses can adopt technology and move ahead with digital transformation without disrupting their existing processes.
Automated Accounting
As banking technologies have become more advanced and secure, businesses can now process orders more efficiently. Automated accounting solutions can enhance the experience by making the process faster and allowing account monitoring in real-time. This will in turn lead to speeding up the sales process and improve the cash flow while saving time and effort for the employees.
Invoicing Software
Traditional ways of processing sales orders and invoicing manually can take a lot of time and reduce employee efficiency. Modern invoicing software solutions powered by AI and RPA technologies can help to automate the processes and make the administrative task simpler. It will also reduce the chances of errors while freeing up employees to focus on other productive aspects of their jobs.
Email Marketing
Promoting the brand using digital channels is a must in today’s competitive industry. Email marketing software can take this aspect of advertising a brand to another level by targeting customers based on their interaction levels, interests, and purchasing behaviors. Automating the process also allows businesses to contact potential customers on the go while staying in touch with their regular clients.
CRM Solutions
Having a reliable customer relationship management system is vital for businesses to have a wide reach and create a bigger impact on customers. With automated CRM solutions coupled with Advanced Analytics, Intelligent Automation, and other emerging technologies, companies can easily manage all customer interactions and communications effectively, which will in turn lead to improved business growth.
Sales Funnel Software
Sales funnel solutions help businesses to follow up on the leads generated by their marketing campaigns. This way, they can easily sort the highest probability leads and reduce the likelihood of spending hours on cold calls. Automated sales funnel software can also decrease the sales-time cycle and boost the closure rates to improve the overall revenue of the company.
Wrapping Up
Technology has revolutionized how businesses used to operate in the early days and has created vast opportunities for small-scale companies to large enterprises to reach their customers. Those who adopt digital transformation and move strategically with their approach in 2021 will surely see higher revenue generation in the years to come.