5 Ways Technology is Changing Business

Technology is changing the way businesses operate and connect with prospects; how will innovation change your business?  

The self-driving, ride-sharing car, robots that replace humans when it comes to not only manual labor but the inputting and processing of data and even the ability to build an entire home in 24 hours or less using 3D printing. These business technology innovations make headlines every day, and the brands that are using them are running faster, better and more efficiently.

It’s one thing to read about these big brand, cutting-edge innovations from instantly recognizable companies like BMW, and another to integrate technology into your own business – it may even seem like the innovation and digital transformation is leaving small and mid-sized organizations behind. The truth is, though that some of the latest digital innovations can easily be integrated into any organization and reduce hassle, improve output and even transform your entire workflow process. Learning more about the most recent changes allows you to make the best possible decisions when it comes to integrating technology into your own organization and to make investments in all the right places.

5 Ways Technology is Changing Business – and How to Put it to Work for You

Boosted Efficiency and Productivity via Automation and Robots

One of the biggest innovations is impacting both B2B and B2C businesses in a huge variety of industries, from insurance to healthcare and IT. Organizations can use robots to input data and perform basic processing and workflow tasks, reducing the need for a human workforce and increasing both accuracy and productivity. These “robots” are not physical beings at all, but automated software applications that exist in your network and work diligently around the clock to intake, process and store information for your business.

In the insurance industry, robots are already at work, inputting information collected from customers and for claims. When a robotic system intakes data, there is no room for human error; hearing a number, name or address and then writing it down or entering it into a workstation can cause errors when you rely on a human operator. That same task can be effectively handled in seconds by robotic technology and the data is error free. BY integrating claims intake and processing with artificial intelligence, digital leaders in the insurance industry are improving productivity cutting costs when it comes to claims processing.

In the Fintech and banking space, robots are making decisions about loans and lending based not only on customer provided data but a history of spending trends and even a consumers texts and personal connections. Apps like MyBucks rely on AI to not only predict which customers will pay a loan back but to select the right due date for that payment. By identifying the consumers spending habits and date of payment, the AI driven app can detect the right day and time to request payment. For loan intake, processing, and even decision making, AI robots are changing the way banks and financial agencies work and interact with customers.

What does this mean for your business? If you have regular, mundane tasks like inputting and processing customer data, then automated, artificial intelligence could help you save time and money and improve the client experience. You don’t have to buy an actual, physical robot to implement AI into your organization, just identify those areas with repetitive and ongoing tasks that could be served better by 24/7 robotic software.

Improved Access to Information and Data

Cloud computing and technology make it easier than ever to research and find data without leaving the office. Since you can access everything from SaaS to manage your workflow and processes to statistics and research data from your own workstation, both you and your business can be more agile and better equipped to make decisions.

Enhanced access to data is for more than external research purposes; it can streamline and improve your internal services as well. From the ability to offer your customer service team not only a way to connect with customers but a way to instantly access complete customer history, you can provide a better user experience for anyone who interacts with your brand.

The Rise of the Paperless Office

Running a paperless office does help you stay green; a critical component of any business, but it also helps streamline and improve collaboration and impacts your entire workflow process. If your team still needs to handle physical files to complete tasks, you could be missing out.

In a physical paper document system, one employee will have physical control of a document and may make changes or additions. For the next employee to access that file, they need to go and get it – and then find and identify any changes A paperless system allows those employees to instantly access the data they require and informs anyone who opens the document of any changes. BY tracking changes and allowing multiple users to access workflow documents, the process is vastly improved – it is faster, more agile and fewer mistakes are made.

Paperless technology is even making headway into industries that rely heavily on paperwork, from healthcare to legal services; going paperless is one of the fastest and easiest ways to integrate technology into your workspace without making a huge investment.

Increased Interest in and Need for Security

Breaches and ransomware assaults make headlines nearly every week, and businesses of all sizes need to be increasingly aware of the need for enhanced security. The rise in crime has also led to an increase in interest in protecting data, training employees and incorporating IT into every aspect of the business, not just data handling and workstation setup and maintenance. At the very least, an organization needs to be committed to protecting data with backups, integrating patches and updates regularly and training all employees to spot the signs of trouble. Heightened interest in security can only benefit small and mid-sized brands as B2B IT concerns work to create affordable, game-changing solutions for this space.

Shift to Mobile First is a game changer for sites and marketing

Your website is no longer just a helper or a nice way to connect with customers. As Google and other industry leaders shift to a mobile-first environment, you’ll need to adapt or be left behind. According to PEW research, about 70% of consumers now make purchases and interact with businesses via mobile device; running a business and site that is mobile first is no longer an option, it is an essential ingredient for success.

You’re likely already incorporating some of these technological advancements into your business already, but knowing what innovations are having the biggest impact can help you make the best decisions for your brand. We’re committed to keeping our clients aware of emerging technology and putting them in the driver’s seat when it comes to innovation. Contact us at info@cspinc.com or by phone at (919) 424-2000 to learn more about putting innovation to work in your business and making the most of the latest technology; we’re here to help you succeed.