In this rapidly evolving digital age, it is unimaginable for a business to continue to remain relevant and sustainable without leveraging technology. Be it BFSI, automotive, hospitality, retail, or even something as traditional as national governance, technology has disrupted every single aspect of our lives. Hence, as boundaries between buyers and sellers dissolve and businesses expand across geographical borders, perhaps the only way to stay competitive is to adopt technology to its fullest and, sometimes, even find new uses for it.
Businesses that are successful have taken cognizance of this fact – technology not only facilitates but powers their journey to the top, helping them make inroads into new markets, innovate in products and services, build successful client relationships, attract and retain talent, or even scale up or down when needed. The increased availability of user-friendly technology and its extensive use are enhancing business productivity manifold. Here are some ways you can leverage technology to your organisation’s benefit:
Personalize the customer experience at each touch point: The most visible impact of the use of technology in business is in the area of customer service. The all-pervasiveness of digital has given rise to well-informed consumers who research and compare the products and services on offer, in a quest for the best. The tech-savvy consumer of today has a marked preference for convenience, online payment options, choice of delivery method/location/time, minimal response and resolution time for issues, flexibility, secure on-line payment options, etc. By using data analytics and leveraging AI such as machine learning, or chatbots to respond to queries, for instance, businesses can provide exclusive and tailored experiences to customers, building relationships and driving growth.
From CRM solutions to predictive analytics, technology can help identify prospective customers, enable retention of existing customers through targeted marketing, ensure timely responses to clients, and provide extremely personalised services/products. E-commerce platforms/businesses are excellent examples of how technology has changed the way customers are approached and engaged. From purchase suggestions based on historical data to delivery at the desired time/location to targeted digital marketing– technology is the driver for customer experience enhancement.
Better manage organisational processes and resources: One universal challenge for all businesses is the management of resources, including financial and human. Using AI, data analytics, and machine learning helps optimize the use of resources in an unprecedented manner, improving productivity, reducing paper-work and cutting down on time spent doing routine, repetitive tasks. Identifying and reducing expenses, quality control and maintenance, process validation, statutory compliance, and risk mitigation are other areas where technology can be leveraged to drive improved efficiencies. The use of cloud computing tools and solutions for the storage of soft-ware and data, for instance, allows for secure, easy, any-time access without restrictions on physical location, minimizing costs. Similarly, sensor enabled lights/air-conditioning etc. can help control electricity costs. A multitude of tech-based solutions are available at reasonable costs to save money and improve output.
Improve operational efficiencies: irregular supplies and bottlenecks, logistic issues leading to delays in delivery—operational inefficiencies can often disrupt schedules, resulting in both revenue loss and reputational damage. This is where technology is a boon. Technology can be used to optimize and streamline business processes, identify bottlenecks, improve supply chain management, identify new suppliers, automate day-to-day tasks of a repetitive nature, and integrate systems for enabling real-time business decisions. In fact, using AI, a large chunk of these inefficiencies can be predicted and, hence, prevented.
Enhance employee experience: While using technology to better serve your external stakeholders is important, what’s even more critical is using it to improve the lives of your internal stakeholders. Matching skill-sets, experience, and qualifications to the needs of the business for recruitment of the best talent, seamless on-boarding and integration of new recruits into the teams, enabling individually tailored benefits at fingertips, modern reward and recognition systems, training and development, flexibility in work schedules, tele-commuting—by leveraging suitable technology, every touch-point of the employee’s journey in the organization can be simplified. The biggest plus is that technology can be leveraged to personalize every aspect of the employee experience within the overall parameters, making each individual journey unique, tailored to their requirements.
The pace at which technology is changing the business landscape can look scary to the uninitiated! Blockchain technology enables better logistics management. Cloud computing and storage facilities provide convenient and secure access to IT resources and a more cost-effective alternative to on-location infrastructure and systems. Data analytics are used for effective operations and provide valuable insights to create the desired experience. Machine learning facilitates predictive and preventive analysis and action. Amidst all this, to remain relevant in the present-day business milieu, leveraging technology is imperative. Digital transformation is not just inevitable but is probably all that stands between existence and obsolescence.