In the present era of information, companies should aggressively invest in technology to outperform their competitors by applying technology in a strategic way. The pace within which new technologies are emerging is overwhelming.
With the increased frequency of introducing new technologies in the market every year, organizations have a long list of technologies available with details about what are the latest technologies and what can be chosen to improve the efficiency of the company.
However, organizations need to be tech-savvy than their competitors to be the early adopters of latest technologies according to their business needs. This can include everything from computers to latest software and websites.
Technology stocks offers investors with lot of opportunities and provide high returns but the technological sector comes with its own risks as the technology keeps changing and updating quickly which leads one-time investors fade out quickly or even fall behind. Therefore, companies need to use right strategies to gain competitive advantage of the latest technologies.
The Top Technologies Your Business should invest in
There are a few emerging new technologies that are set to play an important role in the future of the Business world. The top technologies your Business needs to invest in this year to improve the efficiency of your business are as follows:
* Robotics
The technology that has been fascinating people from all walks of life in the last few years is Robotics. With a lot of debate around the ethics of Robotics there has also been a talk about the enterprises using technology of Robotics. According to IDC Technology Business consulting agency, the global spending on Robotic hardware services and software is expected to become triple by the end of 2021.
This latest technology is currently being used in many aspects of manufacturing to increase productivity and efficiency while lowering production costs.
In the business sector, robots are used to collaborate with manufacturing workers to perform monotonous, repetitive tasks under workers control and guidance. Robotics has the potential to transform work practices positively, providing enhanced service by raising efficiency and safety levels.
There are many increasing use cases of robotics in Business from industrial robotic arms to drones, autonomous vehicles and use of unmanned mobile robots for transport and delivery.
* Augmented Reality (AR) and Virtual Reality (VR)
With the widespread adoption of AR and VR in the gaming industry these technologies have started to gain transition. In terms of business investment, AR and VR technologies are increasingly being used to provide training to new employees.
Tractica( a marketing intelligence firm) forecasts that the worldwide enterprise revenue on AR and VR will increase drastically by 2025.
The technologies of Augmented Reality (AR) and Virtual Reality (VR) provide excellent opportunities not only to increase business profitability but also improve user experience. Utilizing VR and AR to create brands provide a more engaging user experience and lets customers try new products enabling businesses to expand employee training programs and many more.
* Business Intelligence (BI) Tools
A smart Business always relies on data and analytics to make smarter Business decisions right from the staffing process to marketing. BI Tools use a set of technologies and methodologies to prepare, present and analyze data. The data is turned into actionable business information with this process helping decision makers and end users take effective data-driven decisions.
It is imperative for businesses to keep up with the continuous evolution of enterprise technologies. Businesses Intelligence tools helps employees to improve their focus and make things less hectic and chaotic. They help in tracking almost every details of business from cloud collaboration to electronic invoicing of client bills.
* Cloud Payroll Software
Payroll is one of the critical Business operations. It reflects financial stability and reputation of business and effects employee’s morale. Employees data for payroll purposes is collected by Human Resources and entered for the purpose of accounting to calculate wages, taxes and benefits.
A cloud payroll software also allows business owners to access their payroll information anytime and from anywhere allowing a faster professional response to employee requests and increase the speed of tasks.
Most payroll software are automatically updated with the changes in tax law and the employers will be alerted on when to pay certain tax forms. The cloud payroll software helps to keep a track on calculating work hours and wages, withholding taxes and other deductions and payment of government taxes.
* Digital Payments
One of the most significant advantage of Digital payments for your business is the seamless experience provided by them to customers. They enable businesses to be less dependent on cash making online transactions of payment a preferred option with increased speed of transfers.
The e- payments fades out the use of transmitting cash and invoices and drafting checks for both customers and businesses. Digital payments are not only convenient bust also safe and secure allowing hassle-free transactions. For businesses, mobile payments should be the top priority for growth and success.
* CRM Software
Businesses can gain an insight into their customers behaviour with the help of Customer Relationship Management (CRM) software and modify their business operations for better customer service. By finding out customers purchase habits their opinions and preferences, CRM can be achieved.
A CRM is a management strategy which helps increase business profits by creating loyalty and customer retention. These days people prefer more personalized approach from brands and CRM software helps businesses to be customer-centric. CRM software helps business by better protection of data privacy, better anticipation of needs and better segmentation.
- Live Chat Support
With Live chart support, businesses can have text based conversations with customers via the web through support teams. Customers can send their queries or questions to a person from support team or an AI bot in some cases to get a quick reply, when a live chat software is embedded in a company’s website.
Providing an efficient customer service plays a vital role in company’s success. It is possible for businesses with the right technology such as using a best in class live-chat support.
- Green IT
Green technology also knows as clean technology or environmental technology although not a new concept, but has undergone a resurgence with renewed discussions on climate change.
The main purpose of this technology is to slow down global warming or reduce the green house effect. Businesses should consider implementing Green IT technologies to create more new technologies that without causing damage to natural resources.
No matter what size the enterprise is, technology plays a significant role in business success. It has both tangible and intangible effects on your company that helps to provide better customer service. The culture, efficiency and relationships of business are effected by technological infrastructure.
Conclusion
The development and integration of new technologies in business improves work efficiency and makes the work environment and culture even better. Business elements such as manufacturing, sales and advertising, purchasing and communication have become more effective with the adoption of latest technologies. Therefore, business owners need to streamline integration of new technologies into their businesses for future expansion.
