Realizing that technology is the corporate oxygen, businesses can move towards fruition by adopting these latest game-changing trends.
FREMONT, CA: Technology is transforming the industries at a rapid pace. In many sectors, technology is the sole reason for the gap between organizations. Digital technology is especially at the core of several business solutions. An MIT analysis of companies with above $1 billion annual revenue stated that companies with digital-savvy directors performed significantly better than their counterparts. The leading businesses experienced:
• 17 percent higher profit margin
• 38 percent higher revenue
• 34 higher return on assets
• 34 percent higher market cap growth
Thus, it’s essential to explore and incorporate the trends that have the maximum potential to transform the businesses. Here is an insight into them.
Augmented Business Intelligence
The businesses have access to massive data sets as a result of big data explosion. The challenge is to refine those unstructured data sets to gain useful insights with respect to the existing business requirements. Artificial intelligence (AI) and machine learning (ML) can be useful incorporations in such a scenario due to their ability to access and analyze huge piles of unstructured data and extract hidden insights from them. Further, technological incorporations and automation have the potential to replace 64 to 69 percent of current data collection and processing activities. Augmented analytics can be used to expand the pool of users who can access and analyze data via user-friendly interfaces.
Security and privacy are among the top priorities for enterprise technology. The increased data breaches have left the enterprises more concerned about data security and safety. Against the conventional methods that used antivirus software where potential threats matched a directory of viruses, using active-learning security with integrated ML can identify and resolve threats in real-time. Further, proactive measures to enhance security can limit a company’s data exposure and minimize vulnerable zones.
Enterprises are increasingly moving towards automated solutions to handle the huge traffic of customer queries. Chatbots are AI-driven customer support system that saves money as well as time for the firms. Further, several chatbots have redirecting options in case the customer needs to talk to customer support staff. AI is further improving chatbot experience for the users due to its ability to evolve using the past data records. Thus, with time, AI will be able to resolve more customer queries without much assistance from support staff.
Robotic Process Automation (RPA)
RPA refers to computer software that tends to automate redundant and frequent business operations and transactions. RPA has enabled the industry to cut down on human staffs significantly. The remaining workforce can be engaged in more productive causes that can result in enhanced business operations. RPA is increasingly gaining popularity as it can be applied across the sectors in the industry. Firms that incorporate the technology now will certainly reap its benefits in the coming years.
Technology-driven transformations are here to stay. Firms that opt for transformations now will have an edge against their counterparts. Some might argue over the cost of installing new technology, but the benefits from those incorporations will overtake their installation expenses.