Business professionals are approaching technology-based operational solutions, which help in exploring innovative ways of maximizing revenue.
FREMONT, CA: In recent years, the emerging technology has transformed many businesses from different industries at a rapid pace. Technology is important for bridging the gap between organizations, primarily by delivering innovative business solutions. An MIT analysis of companies with a hold on above $1 billion annual revenue states that the companies with tech-savvy directors are performing significantly better than others. The leading businesses experienced:
• profit margin- 17 percent higher
• revenue- 38 percent higher
• return on assets- 34 percent higher
• market cap growth- 34 percent higher
It's essential to explore and take advantage of the trends that can maximize the potential for transforming the businesses. Below is an insight into them.
Security and privacy have always been at the top of priorities for enterprise technology. The increased data breaches have raised the concern of enterprises for data security and safety. Risin
g against the early methods, antivirus software look for potential threat matches with a directory of viruses by using active-learning security, and integrated ML can identify and resolve threats in real-time. The initiative for proactive measures enhance security and limit a company’s data exposure while minimizing vulnerable zones.
Robotic Process Automation (RPA)
RPA-based computer software tends to automate repetitive and frequent business operations and transactions. The technology enables the various industry to cut down extra investment on human staffs more significantly. As RPA is gaining massive popularity across different sectors in the industry, firms are expecting increasing business benefits in the coming years.
As, the businesses are having in-depth access to massive data sets, which results in the big data explosion across the globe. The ever-growing data brings challenges is to monitor and precisely analyze those available unstructured data sets and gain valuable insights into the business requirements. Artificial Intelligence (AI) and Machine Learning (ML) help the business professionals to tackle such a scenario, as they can access and analyze vast piles of unstructured data and extract hidden insights more correctly. Further, combining technological advantages and automating certain business operations can replace 64 to 69 percent of the workforce for data collecting and processing activities. Augmented analytics can extend the pool of professionals who can access and analyze data through user-friendly interfaces.
Automated solutions have let enterprises handle the massive traffic of customer queries and satisfy their growing demands. Chatbots are AI-driven customer support system that saves money as well as time for the firms. Today, several chatbot technology redirect options in case the customer needs to talk to customer support staff. AI also contributes to improvising chatbot experience for the consumers, as the technology holds the ability to analyze and utilize the past data records. Hence, AI promises to resolve more customer queries while reducing the need for much assistance from the support staff.
Technology introduces numerous next-generation business possibilities for existing organizations by boosting their business operations and increasing revenue. Many organizations are looking for transformations. The cost of installing new technology to training and guiding the workforce take a significant amount of time, but the benefits from those incorporations can prove to be the right initiative.