Technology has made businesses easier for decades. But in 2020 it has gone one step ahead and revolutionized organizations in all aspects. Be it mca lenders, supply chain, HR, customer service, every department has benefited from the efficiency and effectiveness that 2020 innovations bring about. So there is no doubt that advancements in technology have boosted business in 2020. But how is the question we are going to answer today:
- AUTOMATION INVESTMENTS
Automation has become a global phenomenon. But in businesses, it produces greater pressure as it can help their bottom line of reducing cost and enhancing productivity. While automation is not a new criterion, in 2020 it has increased importance as it can be implemented in any solution. Not only does it reduce the need for full IT teams but modern automated tools can also be integrated with other business departments. They can be used to streamline processes such as accounting, marketing, Data management, and Customer service as well.
- DATA ANALYTICS
Data has become a fuel for many businesses in 2020. And technology is both the best source and processor for it. It makes accessing big data easier for all businesses which are vital for growth. Moreover, as the sheer amount of data is challenging to analyze, fortunately, technology makes it easy as well. As per Deloitte, tools such as Cloud-based cognitive services reduce the manual expertise required for research and also require less investment. Also, there companies are outsourcing tasks and thus taking help of services such as Royal Cyber to ease the process of data analytics.
- HR TECHNOLOGY
Technology has also made recruitment and HR management easy. With tight labor markets and competitive employees in 2020, it has become essential for the business to use technology for effective and efficient management of people. The tech-savvy generations and the gig economy’s requirements can only be fulfilled by investing in human resources tech such as Cloud-based HR tools. These provide real-time data, thus they make decision-making easy. Moreover, they also provide self-service apps for employees which boost their confidence and raise their productivity. Thus in 2020, HR technology boosts businesses by offering an overall better experience for staff in all aspects. Be it recruitment, engagement, wellness, motivation, or training, it helps everywhere.
- THE POWER OF SOCIAL MEDIA
Technology has brought social media not only in every home but in every business as well. This has boosted businesses’ online prescience. In 2020 where social platforms are working at their peak, technology allows businesses to collaborate with them. From marketing and sales to reviews and publicity, social media management has become crucial everywhere. It is difficult to maneuver but the power it holds can transform businesses. Moreover, social media only consumes little time and budget but brings about major changes. It boosts revenue by balancing the needs of consumers without incurring massive costs. It helps business to outperform their competitors by using trust as a comparative advantage. Not only is it useful for customer interactions, but it leverages employee advocacy and brand visibility as well. So as 45% of consumers head to social platforms for solving queries, proper use of social media technology has become paramount for businesses in 2020.
- VOICE AND CHATBOT ENHANCEMENT
This technological trend has seen a rapid increase since last year. In 2020 it has been effective in forming a customer-centric approach for businesses. This has led to increased traffic and conversions. This vehicle of adding voice technology and infotainment systems such as Chatbot favors customer relations. That is why many businesses are pivoting to these technologies. It not only gears their websites for user-specific needs but also leads to more conversational tone which beats fluffy content and boosts sales
- COLLABORATION TOOLS
Not only has technology improved general communication, but with newer innovations in 2020, it has also improved workplace interactions. With the advent of collaboration tools, business leaders can even rely on a remote workforce to expand. Such software has become the focal point of connecting stakeholders no matter where they are. Not only communication between in-house staff has become more efficient but connecting with people all across the globe has become easy as well. This delivery of data to all relevant sites without any hassle has enhanced productivity beyond imagination. Furthermore, as per Gensler’s U.S. Workplace Survey, 43% of respondents preferred businesses that promote collaboration. So communication gaps cannot be accepted in 2020 and technology has effectively eliminated them for business. Last but not least, they are economical thus boosting profitability.
Technology allows personalization to be taken to a higher level. As Customer experiences become even more vital in 2020, IT helps in keeping clients satisfied. From SEO tools to targeted content marketing, clients are attracted and managed in a much better way. Not only that, but technology has also made it more affordable for small businesses to glean more personalize data and use it to formulate better products and bulking up customer support.
- MANAGEMENT OF SERVICES
Technology has led to the expansion of Managed IT services. With innovation, aspects of IT that were previously impossible for smaller organizations have become a reality. Services like 24/7 monitoring, scalability, more data security, and enhanced resilience, allows businesses to keep up with their growth. This is helpful especially in 2020 where, internet frauds, identity thefts, data breaches are at an all-time high. Thus technology helps businesses (specifically SMBs which are prone to hacking) to combat its negative consequences. It boosts business by safeguarding and protecting its critical aspects which have become necessary in this unpredictable environment.
- BLOCK CHAIN
Technology has heavily influenced the block chain and continues to do so this year. It remains a topic of interest and has experienced investments by major firms such as FedEx, MasterCard, and Wal-Mart. This means that technologies boosting the block chain for businesses will not subside. Sales and purchases with bitcoins have opened up a whole new world of trade, thanks to IT. Not only does it help to make secure sensitive transactions but it also leads to smart contracts both in real estate and finance. It also assists in supply chain management. So in 2020, it continues to boom businesses it alleviates some of the major security issues that consumers face these days.
- VoIP: VOICE OVER INTERNET PROTOCOL
The introduction of VoIP has transformed the world of Business Telephone. It allows you to merge the business telephone setup with the cloud. This is both more efficient and economical as it unites the entire business on an advanced and complete cloud-based system. This business is also more effective as it is hosted by a business-class service. Thus by using VoIP both your customer service and HR department will improve drastically because connecting with customers and employees will become easy. Communication will be accessible no matter where you work and will be more secure as well. This relationship-building is very necessary for businesses in 2020 where experiences matter a lot. Not only that, but VoIP also boost businesses by lowering cost. This gives an organization the much needed comparative advantage in the 2020 competitive markets. Moreover, the plethora of innovative features such as Call Recording, Voicemail Transcription, Reporting, and Virtual Concierge all leads to enhancement of business performance. Last but not least this technology is easy to set up and is very reliable thus it smoothens tasks for the management and saves time.
Technology has introduced so many features that it has taken businesses to a whole new level. From cloud technologies to big data and analytics, all have led to the development of data-driven strategies. These were previously only possible for a large organization, but now are feasible for all and sundry. Thus they help enterprises in differentiating their businesses from competitors and boost revenue. Deep insights that have become quite popular in 2020 help in the standardization of many business processes. They help meet the needs of all stakeholders, be it employees, customers, or shareholders simultaneously. It gives it a platform to process all applicable information at the right time which propels business growth.
The verdict is, technology is taking the world of business by storm like never before. The innovation, streamlining of processes, and automation have affected all aspects of running an organization in 2020. Be it supply chain, finance, investment, purchasing, or HR, everything gets a boost, thanks to the wings of science that are expanding swiftly this year. So technology indeed plays a pivotal role in business success. Thus it will be for the best that business owners and managers realize its benefits and adopt it as soon as possible!