Scaling a team, growing your revenue, and beating out the competition. These are the main objectives of every organization that wishes to thrive in the industry. From small businesses to large enterprises, each tries to sharpen its blade to achieve a competitive advantage and stand out from the competition.
To accomplish company goals, it’s imperative for businesses to invest in new strategies fueled by innovative technologies. Implementing the right technological solution is one of the most effective ways to skyrocket sales and become a market leader.
More than 80 percent of business owners agree that technology creates financial opportunities for them. In fact, today’s technology dominates almost every aspect of their business. However, the abundance of resources can lead to decision paralysis. Knowing the right solutions for your business can be a time-consuming task. The more options we have, the harder it is to choose which one to implement.
In this article, we will identify the seven hottest “I” trending technologies that are reshaping the way businesses operate today.
1. Insightful Financial Management with Automation
Keeping an eye on the bottom line has become easier with software to manage daily accounting processes. Developments in the technology space have led to applications that integrate with leading accounting software offering your personnel an efficient and effective way to simplify routine accounting tasks and other financial transactions.
Based on a Mckinsey Group study in 2017, 52 percent of accounting tasks can be fully automated. Technologies such as AP Automation and Expense Automation can reduce business costs and minimize errors by eliminating redundancy and improving tasks once performed manually. Automation enables a firm to fully optimize its financial management functions, such as expense management, accounts receivable, and payroll.
With the importance of integrated data analysis being clearly understood, the question then becomes how best to implement an insightful data analysis system. Here are a few practical steps that can be taken to develop an effective way to measure, monitor, track and report on your sales team’s performance.
2. Improve Communication with Digital Assistants
A.I infused voice and chatbots are indeed taking over the world. Businesses have reshaped and retooled their customer service and sales departments to offer round-the-clock responsiveness to answer customers’s questions and address other concerns. With the trend of 81 percent of customers trying to solve things independently before reaching out to a live representative, it is no wonder why companies are rapidly deploying this automated communication channel.
80 percent of customers prefer to purchase from brands offering highly personalized experiences.
3. Influence Your Customers Experience and Journey
According to Forbes magazine, 80 percent of customers prefer to purchase from brands offering highly personalized experiences. Improve customer relationships with personalized promotional emails that are customized to the target audience’s preferences. With email automation, a firm can nurture and monitor their customer’s journey and experience. Doing this can highly influence their future buying commitment. Having a friend in business and achieving that relationship level is no longer the holy grail of salesmanship. Both are easily achievable with the right technology.
4. Increase Productivity with Smart Customer Management Apps
CRM and ERP cloud applications are a single, central source to organize and customer-sales-related information. It can help businesses manage customer interactions with past, current, and future customers. Both improve efficiency and productivity by managing leads and customer data, communication, opportunities, and forecasts. It automates everyday tasks and provides tools to monitor performance and productivity. These software applications can help businesses gain deeper insights, retain customers, and maximize profits.
5. Interact with Your Customer and Give Feedback
Forty-nine percent of consumers say a business needs at least a 4-star rating before they would use them. One bad review can break a business. What people say about your business is more critical than ever. Online reputation platforms service can help maintain your brand’s value, visibility, and trust by strengthening your reputation. Social media platforms, online forums, blogs, and directories contribute to your brand reputation.
ORM applications are a perfect tool for businesses that depend on good reviews. They can monitor what your customers are saying about your business and communicate a response to demonstrate your care and commitment. Today, taking control of your brand’s reputation is no longer optional. It’s a necessity.
6. Information Security with Cloud Computing Adoption
“Providing data access from anywhere is the top reason for cloud adoption”. Today, cloud storage solutions provide businesses of all sizes and various industries easy access to their data anywhere in the world. Cloud computing offers a powerful alternative to on-premise computer servers. It’s a scalable, robust, and cost-effective solution that securely backs up, stores, and shares information to improve collaboration in real-time.
7. Intelligent Analytics for Better Decision Making
The most powerful tool in managing your business is metrics. Measuring your metrics can determine whether your efforts are helping your business reach its objectives. Analytics delivers insights to help decrease business costs and increase revenue. A recent study revealed that companies adopting data-driven marketing strategies can reduce costs by 30 percent and increase revenue by 20 percent.
It’s vital to ensure that you are using essential resources as effectively as possible. Data analytics tell you about the health of your business. You’ll have a clearer idea of whether you’re on the road to achieving your business goals, what’s happening in your business, and what you should do to make it thrive. You can embrace Analytics to drive business growth.
Embracing data throughout your organization has clear benefits. You create actionable insights measuring key performance metrics for your websites and business processes. You can track different activities and make measurements that produce actionable data.
Technology Leading the Way
These proven technologies’ importance is that it can have a net positive gain in managing the infrastructure, culture, efficiency, and relationships. Regardless of your business’s size and demands, technology has tangible and intangible benefits that help companies become more productive in their singular mission to grow.