One of the important, if not the most important, purposes of technology is to make our lives better, easier, and more convenient. It is a fact from both a personal and organizational perspective.
As we keep this in mind, let us explore in detail four important technology trends in business.
For businesses to thrive, not to mention survive in a dog-eat-dog environment, they need to do things better, faster, and more efficiently than their peers. After all, we live in a corporate arena where competition is fiercer than ever before, a buyers market where customers, be it retail or business to business, have innumerable options for the choices they make and the products and services they buy.
Companies in all industries can do this by applying integrated solutions that improve the speed at which processes are done and combine tasks into one central database where everything is easily managed. For instance, enterprises in the transportation and delivery industries can use a vehicle fleet management system that plans and tracks servicing and repairs and creates purchase orders and invoices. Aside from integrating key procedures, it reduces running costs and ensures everything is in tip-top shape for the smooth running of an organization.
A satisfied, stable customer base is the number one ingredient for business success. There are two reasons for this. First, they are an organization’s source of income, and without them, firms cannot exist and will go bankrupt. Second, satisfied customers are an enterprise’s best promotional tool. If they are happy with the products or services you are offering, chances are they will let at least two or three others know about this. As such, your company will have the ability to grow, consolidate itself within a particular industry, and expand to other existing and potential markets.
Because of this, a customer relationship management system, or CRM, is vital. Whether you choose less robust options like ClickUp or Monday.com or go for a more inclusive, more thorough system with a wider range of features and unlimited possibilities of expansion like Salesforce, you must have one.
In today’s business environment, a CRM is no longer a luxury for large enterprises or those in the retail industry. Instead, it is a pressing, basic need if your company wants to compete.
Automation in Recruitment
Measuring potential, drive, and motivation is incredibly difficult to do. Let us look, for example, at the world of sports. Considered by most athletes, coaches, and experts alike to be the GOAT or greatest of all time, Tom Brady wasn’t chosen until the sixth round of the NFL draft. In April 2000, 198 players were chosen before him, none of which still play, none of which has reached a level of success even remotely close to his. On the other hand, several athletes were selected number one overall but never managed to reach the expectations placed upon them.
From a business perspective, the same holds true. A 4.0 university grade point average doesn’t guarantee an employee will be exceptional. Likewise, bad grades or a lack of extracurricular activities will not always prevent an individual from achieving corporate prosperity.
So what can companies do? How can they ensure they are hiring the best staff possible available to them? The answer is AI in recruitment. Aside from being an unbiased, unemotional tool, it is also a useful mechanism that uses algorithmic science and historical data to aid HR managers in making the best possible choice.
Maximizing of Resources
Basketball is a sport where height is significant. Given two people with similar skills, teams will often choose the taller one. Even in situations where the taller person is marginally less skilled than his shorter counterpart, he will still be selected. By marginally, we are talking about values as high as 30 or 40 percent.
What this tells us is that resources matter based on specific needs. And in the corporate arena, few of them are more important than technology. Those with the most tower over their peers, allow themselves to reach a wider market, and create the biggest impact on society.
The question, therefore, lies in how smaller organizations can compete without having an exorbitant amount of financial resources to invest in technology. Enter cloud computing and virtual engine systems, the possibility for businesses to use the latest machines and get all their benefits without having to purchase them.
Four key technology trends in business are integrated solutions, customer management systems, automation in human resources, and cloud computing. In an ever-developing, increasingly competitive world, they are sure to define how companies do business for the years to come.