Only three things make society richer over time – physical capital, worker capital, and technology – with the latter being the greatest. Thus, if you want your firm to thrive long-term, you need to pay close attention to all the innovations coming down the pike. They’re what could provide you with success.
In 2000, some economists believed that the world had entered a “new economy” based on the incredible communications and computing advances made throughout the 1990s. Suddenly, people could send each other electronic mail and call whenever they liked. It was a big change.
Today, we’re arguably on the precipice of an even greater revolution, thanks to the combination of robotics, AI, biotech, and blockchain. These breakthroughs will once again change how we live and what our priorities are. They could change the world massively. Perhaps it won’t be recognizable.
Businesses need to take note of what’s happening. Companies like McKinsey expect that productivity growth rates will double over the coming years, thanks to the sheer power of new technologies under development by some big tech firms.
So how can tech make your business more competitive? Let’s take a look at some of your options.
Cloud Computing Platforms
The cloud is perhaps the most significant innovation in computing that occurred over the last ten years. And it arrived just in time for the pandemic. In 2010, virtually no businesses were using cloud services. By 2020, practically all of them were – with many not even realizing it.
Cloud computing has allowed the economy to continue running, even when workers aren’t in the same building, scattered across the globe. And it means that communications have become more global even as national politics changes.
Cloud computing allows your company to do things that were unimaginable in the past. You no longer have to employ dedicated IT staff to manage your in-house systems. You only have to pay a regular fee and outsource the task. It makes running a business much less expensive.
Drones were one of the most unexpected technological developments of the last decade. Nobody expected batteries to get small and dense enough for it to happen. And relatively few believed that mobile technology would develop to the point where practical drones would become feasible.
Now, though, we see an abundance of applications. Dr Drone – a company specializing in drone technology – highlights all kinds of applications you would never expect. Eventually, drones could become like worker bees, ferrying goods from one location to another, or carrying out work in the field. At the very least, drones can save a lot of time by making inspections easier.
Customer Relationship Management Software
When a customer interacts with your business, they want to be able to pick up where they left off, even if they’re speaking with a different colleague. Until recently, however, providing a smooth, seamless experience was impractical. Companies didn’t have the tools to share information with other people effectively. It was all trial and error.
Now, though, proper solutions exist – and they’re omnichannel. A customer can get in touch with your company via social media and later call up later and carry on the conversation. All operators have access to critical information about the customer, allowing one to pick up where another left off.
CRM or customer relationship management software is something you can immediately use to make your business more competitive on the customer service front. It makes a big difference.
Continuing the customer service theme, chatbots can help to reduce your costs substantially. Imagine allowing customers to call a robot hotline to answer all their questions and guide them through various dialing menus. It sounds futuristic, but this technology has been around for a long time, and it is getting better all the time.
Customers want companies to become more conversational. In the future, therefore, that’ll either mean spending more money on call centers or making AI better. Most smart firms will choose the latter route to avoid raising their prices.
Digital strategy is an interesting technology because it doesn’t rely on any specific device or software. Instead, it is all about changing the organization’s nature to better fit around the available technology.
Facebook, for instance, built its success on the back of the internet and server infrastructure. Tesla is now experiencing success primarily because of advances in battery technology.
Companies tend to build on top of existing tech. And that’s what digital strategy does. It looks at the current landscape and then adjusts its approach based on that.