Veena
Last Updated on July 19, 2024 by Team Experts
Businesses face new challenges every day. Recently, we all observed how the COVID-19 pandemic forced them to change their routine operations. From complete in-house production to remote work, the pandemic has been a game-changer for businesses across the globe.
And if we think about it, there were a lot of possible hiccups that could’ve deterred businesses from operating as efficiently as possible.
How to keep track of projects? What if we need to access specific files but are not in the office?
How do we ensure that our clients or customers can reach us?
These were all genuine concerns that businesses had to face head-on. But they did, and they continue to do so because this is the world we live in now. Businesses have to be able to adapt to the ever-changing landscape, and that’s why we’re here to talk about the latest business technology trends.
1. Leveraging Advanced Sales Software
Businesses that rely solely on sales inquiries through phone calls are way behind the curve.
In this day and age, sales software and systems can automate many repetitive and tedious tasks that salespeople must perform daily.
One tedious task is to remember the prices of each product and itemize them. It is essential to do this because the more accurate the quote, the more likely the client will accept it. If you’re stuck in a monetization process or pricing rut, the cpq software can help tremendously.
CPQ stands for “configure, price, quote.” It’s a software application that provides pricing guidance and generates sales quotes.
It’s a huge time-saver because it takes care of all the tedious work, so salespeople can focus on more important things like building client relationships.
Another task that salespeople have to do is send follow-up emails. It’s a necessary part of the sales process but can prove time-consuming. With an email automation tool, you can set up automatic email responses triggered by specific events, such as when a client views a proposal or downloads a file.
2. Cloud Computing
The second business technology trend on our list is cloud computing. Although cloud computing is not new, businesses have only recently begun to leverage it fully.
What is cloud computing? It is the ability to access information and applications over the Internet.
Organizations can store data and run applications on remote servers accessed from anywhere. It meticulously streamlines workflows and makes it easier for companies to collaborate.
The benefits of cloud computing are many. Perhaps the most apparent and impressive one is that it allows businesses to save on costs. They don’t have to invest in costly hardware and software because they can access everything they need from the cloud.
3. Analytics Tools
How is your business performing? Are you meeting your sales goals? Are your marketing campaigns effective?
If you don’t have the answers to these questions, you need to use analytics tools. Analytics tools help you track your performance and understand what’s working and what isn’t.
Various analytics tools are available today, but some of the most popular ones are Google Analytics and Tableau.
Google Analytics
It is a free, highly advanced tool that gives insights into your website traffic. It precisely shows where your visitors are coming from, what they’re doing on your website, and how long they stay.
This information is highly valuable because it allows you to change your website and marketing campaigns based on what’s working.
Tableau
It’s a data visualization tool that allows you to see your data in a new way.
It helps you make sense of large data sets and see relationships that you wouldn’t be able to see otherwise. It is valuable for businesses because it allows them to make better data-based decisions.
4. Artificial Intelligence
Every industry deals with data, and that data will only grow in today’s tech-reliant world.
The problem is that humans cannot fully leverage and capitalize on vast data sets. And that’s where artificial intelligence comes in.
Artificial intelligence is mainly the ability of a computer to understand and learn from data and is used to make crucial decisions and accurate predictions.
The utilization of artificial intelligence is growing in many industries, such as
Healthcare – to diagnose diseases and recommend treatments. NLP applications analyze unstructured data, such as doctor’s notes.
Finance – to predict stock prices and prevent fraud. Analyzing a borrower’s financial history also eases the loan application process.
Retail – to recommend products and personalize shopping experiences. Barcode scanners, POS systems, and chatbots are all examples of AI in retail.
Construction – to design buildings and plan construction projects. The use of robots makes lifting and construction work easier and more efficient.
In the future, advanced artificial intelligence may also be used for driverless cars and homes that can be controlled by voice.
5. Digital Trust
As we become heavily reliant on technology, it’s essential to consider the issue of digital trust. Digital trust is the belief that a company or website is safe and reliable.
It is crucial because it determines whether or not people will do business with you. Many factors, such as website design, customer service, and privacy policy, contribute to this.
Website Design
It is vital because it gives people an impression of your company. If your website is poorly designed, it will reflect badly on your business. So, always opt for a professional website design.
Customer Service
It is essential because it shows that you care about your customers and are willing to help them. Always respond to customer inquiries and complaints promptly.
Privacy Policy
A privacy policy is important because it shows that you respect your customers’ privacy. Be sure to have a clear and concise privacy policy that explains how you use customer data.
6. 3D Printing
Did you know that you can print three-dimensional objects? This technology is called additive manufacturing or three-dimensional printing.
It is used to create objects by additively building them up layer by layer. The first three-dimensional printer was designed in 1984, but it has only become widely available in the last few years.
There are many different applications for three-dimensional printing, such as
- Prototyping – to create prototypes of products before they are mass-produced
- Manufacturing – to make small batches of custom products
- Education – to develop models and illustrations for educational purposes
- Medicine – to create implants and prosthetics
So, evaluate if your business could benefit from 3D printing technology.
Wrapping Up
Today, there are many new and exciting business technology trends. And every small or large business setup must remain on top of them to attain a competitive edge. These trends can help you improve your business in many ways. Improved efficiency, better customer service, and more personalized experiences are just a few of the benefits you can enjoy. So, don’t wait – start investigating these trends today. You might also have to train your staff to use new technologies. But, that’s a small price to pay for the many benefits they can bring.
Read more: 5 Financial Planning Tips to Remember Before Starting a New Business
