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Published On: Fri, Feb 7th, 2020

Four Ways Technology Can Transform Your Business

As a business owner, you will always be exploring different ways to improve. This could be offering new and improved services to customers, or perhaps outsourcing work to specialist agencies. Another effective method is by introducing new technology into your business. 

While you might be set in your ways with certain business processes, it is important that you are willing to explore the latest technology. After all, you don’t want your company to get left behind by the competition due to failing to adapt at the right time. 

With this in mind, this article will focus on four different ways technology could transform how you do business forever. 

photo/ Gerd Altmann

Automating tasks 

Time is money. If you run a small business, you will know how your time can be stretched trying to cover all the tasks that need to be done. Sadly, various menial responsibilities can cut into the time needed to focus on more important points such as marketing and securing sales. At least, that was the case before automation came to the forefront. 

There are various software packages available for automating. You can keep track of inventory turnover with sophisticated inventory management software for example. Another option is to utilize accounting software to automatically keep track of finances and invoices. 

Augmented reality 

When it comes to upcoming technology in business, augmented reality is arguably one of the most exciting. AR allows you to replicate the experience of a brick-and-mortar store, enabling customers to touch and test products – at least in a virtual world.

While it is currently in its infancy, more businesses – especially those in the fashion industry – will be implementing AR in the future. This is helped by the fact it is even affordable for smaller brands.

Cloud computing

Cloud computing isn’t exactly an uncommon form of technology at this point. In fact, more and more businesses are getting on the cloud – and for good reason. 

Cloud computing has several advantages, some of which are listed below: 

  • Long-term, it saves your business money. A tech support team isn’t needed to solve server issues, while cloud computing is also easily scalable. 
  • It increases and encourages collaboration between your staff members. 
  • As long as you have an Internet connection, you always have access to the cloud. Anywhere, anytime. 
  • You can view, share, and edit documents. Real-time collaboration is also possible. 
  • It decreases your carbon footprint. 

Artificial intelligence 

The aforementioned cloud computing is allowing businesses to take advantage of a certain other form of technology: artificial intelligence. 

As a tool for businesses, artificial intelligence is rapidly developing. The value of the AI market is also growing exponentially – valued at $16 billion in 2017, the industry is expected to reach over $190 billion by 2025 according to research. 

Even at this early stage, there are several ways to utilize the technology for your company’s benefit. One example is by providing automated interactions to customers. Instead of needing employees to provide customer assistance via online chat, AI can do the job. This is particularly advantageous for large businesses, as an unlimited number of customers can be dealt with at the same time – communication delays could become a thing of the past.

Author: Carol Trehearn

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