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Evolving technologies pervade business world

(Image credit: Image source: Shutterstock/violetkaipa)

With unprecedented transformations in technologies, both businesses and customers have been largely impacted. Evolving technologies such as advanced automation and Artificial Intelligence (AI) have introduced the age of cognitive capability and machine learning. They not only complement human ability and skills but also enable businesses in successfully outperforming competitors. Technologies such as advanced automation support in delivering true value besides the quality of products and services, which in turn results in enhanced customer retention. Such intelligent technologies have changed the business landscape at a breakneck speed and have also led to the birth of new forms of competition.

On other hand, devices such as smartphones and tablets, powered by the Internet and innumerable web pages keep customers well informed. For instance, social media websites such as Facebook, Twitter, YouTube, LinkedIn and many more have proved to be an important platform for connecting with various business organisations and vice-versa. A report published on 'wearesocial' informs that approximately 37 per cent (2.789 billion) of the world’s total population (7.476 billion) are active social media users. Contemporary customers are tech-savvy and full of alternatives. In such a competitive market condition, it becomes imperative for businesses to embrace various forms of advanced technology.

Why are businesses embracing evolving technologies?

There is no denying the fact that advanced automation has significantly reduced complexities of running diverse business activities, but at the same time, it has led to innumerable challenges as well. In the prevailing market condition, businesses must think beyond maximising productivity and profitability. It is the value that matters most.

Evolving technologies are designed to create value, which is defined by the level of satisfaction delivered to customers. Solutions such as advanced automation support business organisations in standing true to customer expectations. They look for quality of products and services, economical price, expected time of delivery, instant solution to their queries, follow-ups and many such things that can make them loyal to a brand.

Social media play an imperative role in helping businesses to build a healthy relationship with customers across the world. Businesses use various social media sites for enhanced brand positioning. Customers are informed about new products and services. Businesses also make automated posts informing customers about sales, discounts or other promotional offers.

On other hand, customers, use channels such as Facebook to follow their favourite brand and accounts on Twitter to post their queries. And, it would be quite surprising to know that companies actually answer queries on social media networks such as Twitter and Facebook.

Other factor is automating marketing process. Evolving technologies such as advanced automation significantly reduce dependence on the human workforce. In other words, advanced automation enhances accuracy and leaves no room for miscommunication. Customers are sent automated emails, which address them by their names. They are sent messages wishing on their birthdays and anniversaries. This helps in building a personalised relationship with customers. Moreover, campaigns and promotions can be designed in advance and its launch can actually be scheduled at a much later date.

Another important factor that forces businesses to adopt evolving technologies is concern about rising operational costs. Right from ideation to delivery, advanced automation makes processes robust and efficient. Tasks with repetitive nature are automated and advanced measures are implemented to reduce variations in finished products and services. Technologies such as advanced automation also support in optimum resource utilisation, ensuring zero waste in processes. Moreover, diverse business functionalities such as HR, finance, inventory and many more are automated. Advanced methods such as Geo-Tagging is implemented to ensures timely delivery of products and services to customers. All these factors together play an essential role in cutting operational costs by a great margin and securing sound return-on-investment (ROI).

Success is achieved through effective implementation of strategies and that is only possible when businesses have a good understanding of continuously changing customer behaviour. Evolving technologies are apt for this.

Time to bid adieu to traditional automation solutions

Traditional automation solutions such as ERP, CRM and BPM did transform businesses but their inability to integrate with other applications is gradually leading to their decline. These traditional approaches had their days of glory, but now in a situation where technology can be so easily accessed, solutions such as ERP and CRM leads to cost-overrun.

With evolving technologies such as Artificial Intelligence (AI) and advanced automation pervading the business world, business leaders are not in a mood to invest any further in traditional business solutions such as ERPs and CRMs. Rather, they are resorting to advanced automation solutions, which can be customised as per new process requirements. 

With continuous advances in technologies, the time has come when humans must stay prepared to merge with their virtual co-worker. Machines are being programmed to perform diverse business tasks, which have for long been dependent on the human workforce. Therefore, with technologies growing at such an incredible speed, traditional automation solutions are no more able to eliminate inefficiencies within processes. 

On other hand, advanced platforms such as various social media networks support businesses in connecting with global customers, which also results in increased demand. And with old-day business solutions, businesses are no more able to cater to continuously changing customer preferences. With these various reasons, it won’t be wrong to say that it’s time to bid adieu to traditional automation solutions and give way to greater force such as advanced automation. 

Making businesses fit for future performances 

Evolving technologies such as advanced automation make businesses fit for future performances. Many of the world’s leading automation solutions are based on Software-as-a-Service (SaaS) delivery model, which facilitates updates at regular intervals. Business can remain free from hassles of installing software and handling too much of hardware. It even enables business leaders in controlling entire operational activities from even a remote location.

They incorporate proven business models to reduce error and eliminate wastes within processes, Thus, it support businesses in achieving organisational goals seamlessly. Moreover, evolving technologies help businesses in consistent performance and sustained growth. Therefore, this creates value at both ends - businesses and customers. At one end, companies get enhanced conversion rate optimisation, whereas customers, on other hand, get complete satisfaction besides quality.

Kumar Anand, Senior Content Developer, Cordis
Image source: Shutterstock/violetkaipa

Kumar Anand
Kumar Anand is a senior content developer with Cordis Technology LLC, UAE. He aims to learn & inform his readers about the changing world of technology.