Innovations in Technology that are Revolutionizing Modern Business

by Emily on July 24, 2019

in Articles

As technology continues to progress and evolve with the years, so does business continue to thrive. There is no denying that technology has seeped into every industry and every niche in the modern world, helping companies from across the globe as well as government sectors refine, expedite, automate, and improve all of their processes across the board. From cloud computing all the way to virtual reality and B2B Ecommerce, there is no shortage of innovative solutions for the modern business leader.

Technology is set to revolutionize industries at the deepest level, changing and molding individual departments the likes of HR and marketing, all the way to accounting and legal. This is why you as a forward-looking business leader should be quick to integrate technological advancements into your processes if you want to stay ahead of the competition. Here are some of the top tech innovations that are revolutionizing modern business.

Chatbots and conversational AI

With the rising competitiveness in every industry in the world, companies are in dire need to boost their UX and CX through stellar customer service. However, no matter how much they focus on the quality of their service, the sheer volume of incoming inquiries is oftentimes enough for customer service agents to make a slip-up, and so the brand suffers as a result. Needless to say, you cannot allow this to happen if you are to remain competitive.

Chatbots represent the tech innovation that every modern business needs to integrate into their customer service department, as well as their inbound marketing strategy. As technology evolves and the AI-driven chatbots become more conversational in nature, companies can effectively and efficiently manage large traffic volumes while forwarding the complex issues to human customer service agents. This creates the perfect system that will ensure stellar customer experience in the long run.

Increasing prototype efficiency with 3D printing

Not a few years ago, 3D printing was an expensive process that required substantial investment, planning, preparation, ideation, and of course, implementation. The cumbersome nature of the technology and the steep learning curve in developing the software and the hardware needed to create a proprietary printer used to prevent businesses from capitalizing on 3D printing up until recently.

Nowadays, though, 3D printing technology is not only becoming more refined and advanced, but it’s also becoming more affordable and accessible in the business sector. Engineers and developers are able to create modern 3D printers that fit the exact needs of a company regardless of the industry, giving construction companies the ability to build prototypes quickly, for example, and interior designers to create unique works of art for every design project – the creative and functional capabilities are becoming virtually limitless.

The rise of B2B Ecommerce

Ecommerce is one of the fastest growing industries in the world, which is why new online stores are emerging at a rapid pace, and aspiring entrepreneurs are working hard to capitalize on a lucrative industry that will only keep expanding in the years to come. One of the latest innovations in the realm of Ecommerce is the integration and rise of B2B Ecommerce – the creation of online marketplaces where companies can trade in goods previously inaccessible in the digital world.

Nowadays, businesses operating in big industries the likes of construction and oil can find the most nuanced of products such as a drill collar for their specific operational needs, and source them from reputable vendors from all over the world instead of resorting to local suppliers only. This trend permeates every industry in the modern Ecommerce world, and it doesn’t matter if you’re in the construction industry, healthcare, automotive, or any other – the modern Ecommerce marketplace probably has what you’re looking for.

Utilizing Big Data and AI for reporting and forecasting

There is nothing new about using technology to collate vast amounts of data into digestible reports, as businesses have been using AI-driven software to expedite reporting and forecasting for years. However, it’s important to note that these AI solutions are advancing at such a rate that they are able to elevate the quality of data delivered across the board. 

These advancements are vital for small and big businesses alike, as they can help business leaders crunch the numbers faster, collate insights quicker, and create detailed and nuanced reports with actionable insights to drive their brands forward as a whole. Artificial intelligence can, therefore, help a company forecast with certainty, master the art of demand sensing, and scale its entire operation for maximum ROI quarter to quarter.

Optimizing employee onboarding with virtual reality

On a final note, it’s important to mention just how much virtual reality is transforming every industry. From architecture and design, to healthcare and automotive, all the way to Ecommerce, virtual reality has the ability to improve numerous processes in a company. Customers can now visualize their products or try out different services in a virtual setting, allowing companies to take lead generation to a whole new level and leverage the virtual space to close the deal while elevating the cost-effectiveness of every brand-consumer interaction.

Final thoughts

Modern business relies predominantly on the quick and meticulous integration of technological innovations that will help brands retain their competitive edge. By integrating these solutions yourself, you can effectively improve your bottom line while improving your brand’s standing in the online and offline marketplace.

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