Over 80% of companies today use at least one of the emerging technologies for ease of operations. And firms that put emerging technology to use report a whopping 58% increase in their annual revenue. The role of innovative technologies in driving modern business success is not even in question anymore. It’s about the different ways technologies can be applied to business processes for maximum operation efficiency.
In this article, we’ve decoded the different aspects of business that benefit from the inclusion of technology. Read on to know how you can make the most technological advancement to achieve success in your business ventures.
The impact of innovative technologies on modern business success
There are many reasons for companies to want to include more technological tools in their day-to-day operations. They are:
- Quick in performing tasks with no manual errors.
- Applicable to all industries such as – finance, manufacturing, automotive, fleet management, stock market, food, textile, etc.
- Aid manual work to increase productivity and enhance operations.
- Agile in adapting to new changes without letting your performance suffer.
However, the biggest benefit technology offers is bringing all your operations under one roof and giving you a handle on them. You can make better decisions for your business as a whole when you can see how all its branches are performing.
Let’s take a deeper look at the impact of innovative technology on modern business success and how the right use of tech solutions paves the way for forward growth.
1. Data helps unlock performance
One of the most crucial advantages modern technology brings to the table is data analytics. While data collection has always been a part of business operations, there were only a few ways to put it to use or analyze it in specific ways that could be beneficial.
Today, companies make use of data tests and analysis to improve the performance of existing mechanisms. Tools such as Elysia help you unlock the optimal potential of batteries to exponentially improve the performance of machinery.
This directly reflects in the operational efficiency rendered by the machine, increasing production and ensuring better efficiency of tasks. Here is how data unlocks the performance of a business:
- Comprehensive collection — You can automatically collect data related to every aspect of your business with ease. Having complete information in the form of recorded data allows for better analysis with no errors.
- Systematic organization — The collected data is stored systematically, making it easy to sift through and pick up specific information when needed. It also makes it more user-friendly to use and understand.
- Effortless processing — Process data with ease to assess your performance with accuracy. Be as specific as you want, for example, analyzing the sales that come through social media or the manufacturing budget for raw materials purchased on credit.
- Identify errors — Data collection and processing helps you identify the errors you might be making in your operations, backing them up with hard evidence. You can take concrete steps to rectify mistakes and analyze how you’ve fared.
- Forecast — Predict future numbers and forecast demand based on historical data i.e., past trends and performances. It allows you to take calculated risks that are backed by comprehensive assessment.
- Identify opportunities — Data collection and processing allows you to be ahead in the game by being able to identify opportunities and trends. You’ll be able to capitalize on them better when you’re prepared for them and have put planning and preparation into them.
2. Automation enhances productivity
Perhaps the most palpable and tangible impact of innovative technology has been seen in the way businesses have been able to streamline processes with automation. Automation allows you to run processes that require minimized human inputs.
Automation has been a boon to businesses of all industries. It frees human workers of monotone tasks while speeding up the process. It also performs the process with minimal error. All this results in impeccable productivity and performance.
This spares the human workers from performing tasks that don’t challenge them. They can instead focus their energies on innovative, creative, and management tasks. It also helps reduce labor costs by assigning roles to tech solutions.
This is why 73% of senior executives in companies aim to increase their investment in automation technology. Given below are a few ways you can incorporate automation technology in your business operations:
- Project time tracker — Track individual tasks and collective projects to keep up with your commitments. It summarizes massive timesheets of different tasks into easy-to-follow data. Know what task is being performed at all times to keep on track.
- Standard Operating Procedures (SOP) — Set up SOPs for various procedures performed in the organization using automation tools. They will serve as guidelines for employees when they need help or resolve an issue.
- Centralized database — Automation, facilitated by tools like the PRTG OPC UA server, will help you collect all the relevant information about your organization and organize it in a database.
- Documentation — Automation tools are adept at taking care of various documentation needed by your organization. It takes care of everything from performing documentation and keeping it stored.
- Repetitive tasks — Most companies use automation to regulate repeat tasks such as recording attendance, setting up meetings, sending various reminders, sending emails, etc. This helped save time and ensure a smooth flow of operations.
- Marketing tools — Automated marketing tools take care of everything from posting on various platforms to collecting relevant statistics for efficient planning.
- Track employee performance — Automation can help you track every employee’s performance, compare it with past results, and identify their strengths and weaknesses. This will provide an unbiased analysis of their performance while helping them improve.
3. Remote working is now a reality
Fully remote organizations that seemed like a possibility of a distant future are realities now. Businesses are not just adapting to working remotely but are being started completely online and sustaining a workforce that is quite literally spanning across the globe.
This has been possible due to innovative technologies that sustain effortless remote working with uninterrupted communication:
- Hiring tools such as ATS, resume scanners, and video interviewing tools allow companies to hire people virtually.
- Messaging systems that allow unlimited communication through text, audio, and video mediums help teams communicate in one place without distractions. These platforms also support document sharing for added ease.
- Employers are able to track employee performance remotely, leading to them gaining a better understanding of how they work and the quality of work they do.
- Scheduler tools help craft worker shifts, allowing better coordination between teams regarding everyone’s availability while providing the ease of flexible timings.
Remote working is becoming the norm. More and more companies are embracing it. Let’s understand this with a real-life example below.
How a Japan-based company went global by adapting an ATS
Autify is a Tokyo-based test automation company. Though it’s based in Tokyo, it existed entirely online. It only hired people in Tokyo while they worked from their homes. This was because all its hiring procedures were based on offline hiring methods such as manual spreadsheets.
As the company expanded, it set its sights on global expansion. But it was marred by outdated hiring practices. It adopted an ATS as a solution. An Applicant Tracking System (ATS) is a software solution that electronically performs various hiring and recruitment processes, the primary one being tracking every candidate through the hiring process for better management.
It tremendously helped them streamline hiring processes, screen candidates, and target different roles and locations with ease. The shared, intuitive interface allowed different recruiters to work in tandem and plan their operations accordingly.
Autify could scale itself globally by adopting innovative technologies. They not only simplified its hiring processes but also helped with supporting processes such as training and development of candidates.
4. Personalized learning boosts employee training and development
76% of employees are more likely to stay with a company that offers them continuous training. While training has always been considered a paramount part of any organization’s growth, companies have often struggled with providing dynamic and beneficial learning to their employees.
With the rise of innovative technologies, it has become easier to personalize learning and development as well as incorporate it into day-to-day operations with ease. Companies are focusing on creating video learning courses that break down complex topics into easily consumable chunks.
Employees can consume them on their own time and at their own pace. They can rewind, fast-forward, and repeat the information as much as needed to fully grasp the topic. This helps make learning and development much more personal to the learning capabilities of the employees.
They don’t have to compete with others or feel inhibitions about their learning skills. Companies are providing them with dynamic material via technological advancement to improve themselves every day.
5. Enhanced focus on security makes businesses vigilant
While it’s true that digitization has brought some challenges unique to itself, namely, cyber threats. But it has also equipped businesses to set up defenses and protect their employees, operations, and data. More businesses are becoming vigilant to protect themselves with the aid of:
- anti-virus systems,
- firewalls, and
- insurance policies.
Moreover, new policies are being introduced that help businesses understand the guidelines they need to follow to ensure maximum customer protection. The most prominent of them is the GDPR — a regulatory law dedicated to protecting individual privacy.
Look for the security regulations your business needs to follow depending on the following basis of operations:
- Country
- State
- Local region
- Industry
Following security protocols directly helps you keep up with the compliance needs of your business, helping you run smooth operations. It also helps you avoid penalties that come with the inability to keep up with compliance obligations. You can focus on other aspects of your business without worrying about security and compliance.
Data analytics, automation, and dynamic solutions are technologies that pave the way for business success
Technological advancement has been a boon to modern businesses. Due to emerging technologies, companies are able to personalize their approach and scale themselves with their operations.
Automation allows you to streamline monotone tasks. Data analytics arm you with the knowledge to make informed decisions regarding the management and operations of your business. Uninterrupted communication across multiple channels helps companies operate fully remotely. Personalized learning allows employees to improve their knowledge and performance at their own pace.
Let us know in the comments what you think are the best ways the impact of emerging technology can be seen in business success.
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