Six ways technology can streamline business operations

Embracing innovation is a must if your business is to stay ahead of the game in a fast-paced, competitive business landscape. Leveraging technology is one way for leaders to drive innovation, improve products and services and boost customer experience. Here, we outline six top tips from the experts.

1.Change mindsets around technology.

Some employers are more daunted by digital age advancements like AI, machine learning and big data than might be expected. Adopting an innovation forward mindset and being open to new ideas and the changing world is a critical step towards embracing innovation and helping your business reach its full potential and maintain profitability, according to Sal Pazoor from Naztec.

It’s equally important to get employee buy-in for new technologies: when your team isn't convinced that a new technology will help, then integrating it into your workflow becomes very difficult. But in a business environment that supports and champions new innovations, the team will embrace them.

“Technology is about a company-wide outlook, not an executive decision,” says Veronica Buitron from TangoCode Inc.

2. Automate business processes to stay competitive

Automation technology can help streamline processes like managing customer service, inventory management and other essential tasks. This can reduce inefficiencies in processes, make cost savings and help businesses to keep their competitive advantage.

Automation tools can also take the work out of cumbersome and repetitive tasks like data entry and data management and save valuable time, says Entrepreneur’s Adam Jacobs. “You can even automate your entire company's website, so you don't have to lift a finger to update product stock,” he adds.

Another example is customer relationship management (CRM) software. Implementing CRM systems can streamline operations by managing and segmenting customer data, identifying new sales opportunities, saving records of customer interactions, and monitoring personalised marketing campaigns.

3.Use data analytics and AI to discover what your customers want.

Analysing the reams of data available to businesses with data analytics technology can give business owners valuable insights into their customers’ behaviours, preferences and needs to help them make better decisions. Artificial intelligence can be harnessed to both collect and analyse not only customer data but also market trends and internal processes. 

What is more, data analysis enables businesses to spot new growth opportunities through process automation and personalised customer experience. All of this is gold dust for discovering where products or services may be falling short, enabling businesses to develop new and improved products and services tailored to business need.

“By analyzing this data, leaders can identify areas where their products or services could be improved, develop new offerings that better meet customer needs and streamline operations to increase efficiency,” says Matthias Walter Eser, from ESER Capital.

4. Choose the right technology.

There’s so much technology out there right now that it can feel overwhelming. So which is the right technology for your business? You should be guided first and foremost by the ones that best fit the needs of your customers, improve their experience and result in the greatest customer satisfaction, says Cover Genius’s Angus Macdonald:

“Leaders should look to create seamless experiences that meet customers where they are. Whether that be embedding relevant services directly in the customer journey or leveraging data to personalize their offerings, customers want to feel as though their time is being valued,” he says.

Portera BV’s Baris Kavakli adds: “What we usually see in various industries is that the starting point for executives when innovating is usually technology. However, with this approach, they usually miss the shot in terms of meeting the needs of their customer or consumer. Therefore, in our line of business, we advise our client partners to start with the business or customer pain point, move toward the solution and only then move to tech.”

It’s also critical to choose the right technology solutions for improving your business’s operational efficiency, says Blueboxglobal. Leaders should look for tech vendors with experience of your industry and they should determine what the ROI would be for different tech solutions to carry out a cost-benefit analysis for each. What’s more, consider the scalability and compatibility of the solutions to make sure they are a good fit with your existing systems and will be able to keep up with the business’s growth.

5. Take full advantage of cloud computing

Cloud-based computing is a boon for small businesses and large alike, offering opportunities to innovate and optimise workloads for all. Large enterprises have taken advantage of this digital transformation to streamline operations, improve scalability, and make cost savings. Startups have been able to use the cloud as a place to experiment, practice and scale up quickly without the massive outlay in traditional infrastructure that used to be required.

“Few technological advancements have had as profound an impact as the rise of cloud computing. Looking back at the cloud revolution illustrates how this paradigm has reshaped global business operations. From established enterprises optimising their workloads, to startups "born in the cloud," the cloud's impact is pervasive and continually shaping the landscape of innovation,” says Emil Sayegh in Forbes.

The cloud plays a crucial role in AI applications, including predictive analytics. AI predicts future steps using the cloud's capacity to gather, process, and serve information at a previously unheard of speed and scale, aiding businesses with decision-making.

“Organizations can harness the cloud's computational capabilities to process extensive datasets, unveiling patterns, trends, and actionable insights in the process. This power drives advanced machine learning algorithms and predictive analytics, enabling businesses to make informed decisions and gain a competitive edge,” adds Emil Sayegh.

6. Use KPI tracking and project management software

Key performance indicator (KPI) tracking software is fast becoming an indispensable tool for any modern business.

In this age of big data, businesses rely on KPIs to monitor progress, make informed decisions, and drive strategy. KPI software simplifies the process of visualising complex data, gathering metrics and getting insights from several different data sources by bringing them all into one central place. Some examples include ClickUp and Tableau.

Similarly, project management software is invaluable for streamlining the management of multiple projects for maximum efficiency. Software such as Scaletime can help you to identify and troubleshoot any risks, find bottlenecks and inefficiencies, view all of the information involved in one place and encourage employee collaboration with the project.

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