Whether we like it or not, tech is here to stay. The digital world has revolutionized the way we run business:
• Smart Business Management through AI;
Including risk management, predictive analysis, and improved data metrics. AI for business helps automate simple routine tasks. Well, simple for a machine – these tasks include automating entire manufacturing factories.
• Superior Human Resource Management
With comprehensive web applications designed for specific businesses. These holistic systems allow HR managers to better calculate payroll as well as improve recruiting, onboarding, and training.
Mobile app technology has advanced to the point where an app can easily do all of the work a piece of custom software did 10 years ago, and more besides. While you’re on the go. Heck we can even build an app that can help you manage parts of your business without even having a cell or internet connection.
And that’s just the internal management. Recent technologies are also changing outward-facing business processes as well:
AI and Natural Language Processes are getting exceptionally advanced. 2016 has given us to prime examples of this, both in the new field of Home AI: Amazon Echo and Google Home. Both of these “Smart Speakers” are providing new ways for consumer-oriented business to connect to their customers.
Facebook and Google (Allo) utilize a relatively new piece of code called Bots, or sometimes MicroApps. Most apps use these to some extent, but both Messenger and Allo combined some of these simpler Bots with Machine Learning and NLP. What this means is that Users can use either platform to connect to users to retailers and business. It can even do it within a conversation between 2 users:
User A – Want to get Lunch?
Allo’s algorithm will read the conversation and automatically find restaurants local to the users. It’s not hyperbole to say that this is probably the future of modern marketing.
Digital Leaders are changing the world, improving business processes throughout pretty much every industry on this planet. As stated above – these are people to whom the savvy entrepreneur pays attention. So what is the digital business community doing different than those in more traditional business? Let’s take a look at some statistics from a recent Forbes Magazine survey:
• Business Focus:
The purpose behind most businesses is to maximize profits. This can be done in mainly 2 ways: Growth or Cost Reduction. Obviously, most business plans contain some mixture of both approaches; but digital business leaders by far (64%) believe that their path to success lies in increasing revenues and margins, while traditional leaders (45%) focus on reducing expenditures and waste.
• Customer Service and Experiences:
While Customer Service has always been important, modern platforms like Yelp! Mean that your business can achieve a globally bad (or good) reputation from virtually any Employee-Customer interaction. Today, businesses thrive on providing unique experiences for all of their Users. This has led to 40% of Digital Leader respondents in the Forbes survey expanding to new markets. Compared to an embarrassing 6% of traditional businesses.
• Data Analytics
We’ve been in the era of Big Data for a while, but new tech advantages like those mentioned above are providing even better reporting tools. The effects are noticeable: 43% of digital business have integrated improved data analytics, and 40% of those respondents reported that it led to revenue increases of 5% or greater. This is compared to traditional business leaders, 6% of whom have installed analytics. Despite that low number, a full 29% still reported 5% revenue growths from analytics.
• Growth Avenues
Forbes referred to this as “Digital Transformation,” but it can also be seen as growth or R&D. In other words, how much of their revenue are the two types of business leaders planning to invest in new technologies for their business. According to the survey, just over half of Digital Businesses are planning on investing at least 10% towards new tech. But traditional leaders are lagging to far behind on this one, at 39% of respondents also planning on reinvesting 10% of profits.
So those are the key areas where Digital Business trailblazers differ from traditionalists. It is wise to look at the areas where your business lines up and where it doesn’t. Or maybe it’s time for a new enterprise project – after all, these business are going to need software and app infrastructures. Why can’t you be the one to provide it?
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