Business technology (tech) in today’s environment is often the tool that makes the difference between success and failure, mastering the competition or falling behind. Staying ahead of the competition requires savvy analysis of business tech tools and determining whether they meet your company and business needs.
To ensure you make the most informed decision possible, here is a list of the business tech investments that could help your company gain an advantage in your industry or market.
Why Is Business Tech Important?
No matter its size, every business is looking for an advantage. Technology is one field that yields consistent advancements in operational management, customer service, production, quality assurance, and logistics. Improvements in each of those add up, and eventually, profit increases as margins improve and new customers get added to a business.
As important as embracing logical technological advances is, ignoring them comes with greater peril. Ignoring tech is dangerous because of two factors:
- Your competitors are doing it
- Customers expect it
Businesses that are stuck in the “old days” lose out on today’s tech-savvy customers. While some industries are immune, most are not, and the organizations that lag will suffer with inferior products, worse communications, and less responsive processes than those who embrace technological advances.
There are many examples of this, but one of the best is in retail. While there will always be a place for physical retail outlets that allow customers to handle what they purchase, technology has completely reinvented the retail model.
Everything is automated and has at least an online channel and communications and logistics are streamlined. Customer service is quick and responsive and improving. The retail organizations that did not embrace the move to a technology-driven model were largely bought up by competitors or put out of business.
The organizations that did embrace technology and put it to good use have survived, and many are thriving.
Cloud Computing
Cloud computing is an effective and economical solution for retaining, controlling, accessing, and processing data. Storage on the cloud lets businesses manage data storage and how that data is transferred to applications, other databases, spreadsheets, and documents.
The following are some of the functions the cloud can provide:
- Enhanced security
- Greater collaboration opportunities
- Lower maintenance costs
Cloud computing offers improved security through offsite hosting of secure servers by providers such as AWS or Azure. Outsourcing allows businesses to avoid expensive, on-site server costs. Most cloud services also utilize encryption, another layer of security businesses might not otherwise get.
Another benefit is that anyone can collaborate with their co-workers, no matter where they work.
Finally, cloud service providers typically charge based on usage, allowing customers greater control over their IT infrastructure budget while maintaining top-notch performance.
When deciding on a cloud computing service, you must consider factors such as cost, storage capacity per user/app, bandwidth usage needs, and vendor SLAs.
Automation Software
Automation software can greatly boost businesses by allowing them to streamline routine tasks, freeing up personnel for more vital activities. Depending on how it is used, automation can increase accuracy, improve the customer service experience, reduce costs, and lead to greater productivity.
When considering automation software solutions, there are several options available.
Robotic process automation (RPA) uses bots or scripts to complete simple tasks such as data entry or order processing. Workflow automation enables data transmission between different organizational departments, enabling teams to collaborate more quicker and more precisely.
Automation can also aid in intricate operations such as natural language processing or predictive analytics. Once programmed, these systems can “learn” from prior experiences and take actions according to those encounters with the help of AI technology.
When deciding on an automation solution, costs should be considered if a business is not careful, automation can become a cost-center. The following are different fees that can apply to automated systems:
- Licensing fees based on the product chosen
- Front end Implementation costs, including hardware purchases
- Training expenses – both training the trainer programs and training end users
- Maintenance fees to cover hardware and software updates, repairs, and bug fixes
In addition, while an added expense, focusing on the quality of automation can lead to savings in the long run by reducing mistakes and improving productivity. The increased costs are because quality control is another step requiring more machines, personnel, and workspace.
Online Communication and Collaboration Tools
Today, companies have a wide range of online communication and collaboration tools at their disposal to improve their remote business. These tools enable teams to work together from different locations. Common communication tools include video conferencing, instant messaging, virtual business phone systems, and document sharing.
Video conferencing allows teams to hold meetings, present ideas, and discuss projects in real-time.
Instant messaging enables teams to communicate quickly and easily, and document sharing allows teams to work on the same documents simultaneously.
Virtual business phone systems are optimized for conference calls and allow seamless voice conversations among several team members.
Better communications tools and processes enhance transparency and accountability, as team members can track progress, assign tasks, and receive real-time feedback. Enhanced communications make it easier to identify and address any issues quickly, ensuring that projects are completed on time and to the highest standard.
Business Intelligence Tools
Business intelligence is an invaluable asset to any company, regardless of size. Knowing how your competition is doing, monitoring product throughput, and customer feedback, all make a business more responsive. The right business tools are invaluable and can lead to the following:
- Quicker, more informed decisions
- Targeted customer segmentation
- Greater operational efficiency
- Enriched consumer experience
- Augmented competitive edge
There’s a wide range of business intelligence tools available for organizations to leverage to gain insights from their data. These range from basic spreadsheet programs to advanced analytics platforms,
Spreadsheet software like Excel organizes and filters data.
At the same time, more advanced analytics platforms use techniques like machine learning to find hidden patterns in huge datasets.
Retailers can utilize AI-driven predictive analytics to anticipate future demand for items and services based on past sales records and consumer behavior trends.
Business intelligence technologies offer firms a great way to acquire knowledge about their operations, helping them take actionable steps and enhance performance.
Artificial Intelligence (AI) Solutions
AI is rapidly becoming a fundamental part of many businesses and organizations.
AI is a formidable asset that can automate tasks, improve user experience, heighten productivity and precision, and create insights.
The benefits of AI solutions include the following:
- Improved decision-making capabilities
- Increased productivity and accuracy
- Reduced costs associated with manual labor or services
- Enhanced customer service experiences through automated responses to inquiries or requests for assistance
AI can also reveal patterns in datasets and make forecasts about what might happen in the future.
When considering the types of AI solutions available, companies can choose from a wide range of applications:
- Machine learning algorithms to analyze large data sets to identify patterns and make decisions
- Natural language processing (NLP) for comprehending human language
- Computer vision utilizing cameras or other sensors to recognize objects
- Robotics automation systems for manufacturing settings
- Chatbots e used for customer service interactions
- Predictive analytics for forecasting based on past performance data
- Facial recognition software for security purposes
Each type of solution offers its distinct advantages and drawbacks depending on a company’s specific needs.
For example, one practical use of AI is customer service. With minimal input from the customer,
AI can route inquiries to the best categories and subcategories to better guide your clients within the menus. On the flip side, if the AI is not responsive or sounds “canned,” it can lead to high degrees of customer frustration.
FAQs About Top Business Tech Investments
If you still have questions regarding the best technology for your company to invest in, we hope to answer them in the following section:
What are 5 key technologies commonly found in businesses?
Here are the 5 most common technologies used by companies:
- Cloud Computing
- Artificial Intelligence (AI)
- Business Intelligence Tools
- Big Data Analytics
- Cyber Security Solutions
What trends are emerging in 2023 in business technology?
By 2023, technology will continue to evolve rapidly and develop. AI is expected to be used increasingly in many fields, with machines doing more complicated tasks. Cloud computing is expected to become the standard for businesses because it is a cheap way for them to use new technology without buying expensive hardware or software.
In addition, advances in robotics and automation are expected to expand industrial operations, optimizing speed and efficacy. Finally, 5G networks will become more available across the globe. This trend will revolutionize communication speeds and data transfer capabilities like never before seen.
Conclusion
The right business tech investments can provide companies with a great return on investment.
Putting resources into these advances will guarantee your organization is arranged to exploit its advantages. While some are pricey, the results will yield a quick and obvious Return on Investment in the former of greater profits and productivity and happier clients.
Even if your investment budget is smaller, embrace new business technology where you can yield greater productivity, efficiency, and profit.