The last 20 years has witnessed incredible progress in many areas of technology and innovation. From smartphones and social media to robotics and biometrics, there is little we do in 2021 that does not benefit from one technological innovation or another – both in our personal lives and in business.
Technology can be used for a business’ day-to-day operations, or as a support system for longer term growth and sustainability. Here are a few ways that technology enables businesses to turn themselves from average to cutting edge organisations.
Streamline operations with AI
Artificial Intelligence (AI) was once a term that we heard only in science fiction movies but today it is driving improvements within the business world at a rapid pace. Indeed, there are few industries today that do not benefit from AI within business operations in one way or another. In many instances, AI can perform the same tasks as humans, but do so much more quickly and to a higher degree of accuracy. Effective use of technology is a great way of improving your business’s efficiency, and will be of great help to your employees.
Take contract intelligence systems as an example. For companies that handle a lot of documentation, analysing and extracting key information from them can be an extremely time consuming process. contract analysis software automates this process, scanning long documents for key terms and extracting this information into a more digestible format. Not only is it much faster at performing structured, repetitive tasks than humans, but it is true to say that AI is significantly more reliable and not subject to human error. Computers don’t get tired or make mistakes; they simply follow the pre-programmed process to the letter.
It is for this reason that contract intelligence is fast becoming an essential tool for any company that handles large volumes of documentation in its daily operations. Every sector will have processes that are time consuming, but essential to business operations. You should explore how AI can perform these tasks for you, making your business a more effective unit.
Marketing with digital technologies
Having a digital presence is now essential for your company to survive in 2021. Almost everybody now uses social media or the internet to find businesses that can provide them goods or services, and you should be mindful of how competitive the digital marketing landscape is.
You should establish yourself online with a clear digital marketing strategy. One essential component of this will be a good website. Your website can make or break your company for prospective customers, so make sure that it is easy to navigate and offers a slick user experience.
A strong social media presence is also essential. Try to optimise your platforms by identifying where your largest following is, and whether your target demographics are present on them. They can also act as mediums for paid advertising of your services.
Above all else, your brand identity is extremely important. Use your website and social media channels to build your identity and establish strong customer relationships. If done successfully, it could earn you loyal customers for life.
Invest in remote technologies
The last year and a half has seen many companies vacate the office in favour of remote working, enforced by the pandemic. This is not a temporary trend; more and more companies are now exploring remote working as a permanent solution. Whether your organisation’s future is remote, hybrid or office-based, it is crucial to utilise technologies that at least provide the flexibility to work anytime, anywhere. After all, we’ve all learnt a valuable lesson about the importance of pivoting in this way over the course of the pandemic.
Remote working software such as Microsoft Teams and Slack will not only allow your employees to continue working outside of the office, but can even increase productivity and profitability by facilitating greater collaboration negating travel time and reducing overheads.
The most used features of these platforms have been the ability to conduct video meetings, but they have far more useful features. They allow for the instant exchange of information through messaging services, and the ability for multiple people to collaborate on a project’s documents at the same time. This has proven itself to be a valuable asset in streamlining processes and allowing for instant feedback, eliminating the potential for mistakes.
Companies should not be sceptical of technology, but rather should embrace the almost infinite possibilities it presents for making an organisation a highly effective and competitive business. Now, more than ever, it is important for companies to be open to seeking technological support and adopting best-in-class innovations where there is potential to drive progress.