With the changing times and customer requirements, businesses must adjust and cater to different markets accordingly. Technology catalyzes major business problems by gathering and analyzing data and presenting business decision-makers with viable options.
For example, unlike mass marketing techniques in the old times, digital marketing has driven down marketing costs while enabling businesses to target international markets. Similarly, businesses shifted from pushing products to consumers to identifying their needs and creating products targeted toward solving certain problems using research tools and data analytics.
Moreover, businesses that do not adopt technology and the latest trends are doomed to fail. It is because, without technology, it is hard to play catch up. Startups and small businesses must think ahead and automate daily business operations to focus on growth strategies.
Successful businesses know that investing in technology can lead to optimal business solutions in the long term as it drives down business operational costs over time.
Read on if you want to solve common to complex business problems ranging from customer support, advertising, management, etc.
1. Business Analysis Tools
Business analytics is important in gaining new insights and driving business planning in the right direction. Analytical tools like SQL, Python, and Tableau help retrieve data from business systems and combine it in a data warehouse to review and analyze.
You can learn the required analysis skills by enrolling in an online MBA in business analytics to learn problem-solving techniques using quantitative methods. It will help you prepare for various company positions, as every business requires a business analyst to help process company data to make the right decisions.
For example, if this month’s sales lagged compared to last quarter’s, a business analyst could plug customer data into analytical tools and run a sensitivity test. It will present results with predicted sales performance. If the results still show lower sales, the management can take relative action based on increasing the advertising budget or running effective campaigns.
2. Enterprise Resource Planning (ERP)
An Enterprise Resource Planning (ERP) system is an organization-wide tool used to manage all business processes like accounting, marketing, operations, etc., in real-time, mediated by technology and software.
It allows the automation of day-to-day business processes to eliminate bottlenecks and inefficiencies throughout the production process. It leads to better allocation and scheduling of resources with minimal downtime.
It is an excellent tool for businesses operating in the services industry. They can incorporate ERP to coordinate front-end and back-end office activities. For example, a busy diner can allow orders taken at the front desk to communicate to the kitchen using an LCD screen. Similarly, waiters and servers can note down orders digitally and communicate them directly to the kitchen staff. It will help minimize order delivery time, resulting in quick customer service. It will also allow an order tracking and billing system, all integrated into one system.
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3. Customer Relationship Management (CRM)
CRM is a customer-centric technology used to manage a company’s customer relationships and gather customer data to make informed decisions. It also helps extract and review customer data to offer personalized or customized services.
It helps integrate the changing behaviors and buying patterns of customers. The marketing team can use it to execute enhanced customer experience sales and support, leading to higher satisfaction. It is also useful in forecasting sales by analyzing market trends.
CRM analyzes customer data so businesses can use it when planning to expand in new markets. It solves the problem of market segmentation and targeting with real-time lead and activity tracking. Unlike traditional market research methods, it helps market researchers study the new market with minimal manual processes.
CRM is not just helpful for marketers or researchers. The market-driven data helps the company adopt a more customer-centric approach in all its business functions and streamline all processes toward delivering maximum value.
4. Artificial Intelligence (AI)
Artificial Intelligence uses machine learning to predict customer preferences, anticipate buying decisions, and chart the likely customer responses. It also enables self-service leading to automated and quick customer service, making complex projects much easier.
It is extremely useful in eCommerce stores in showing relevant and recommended products to customers, best sellers, and top-tier products based on customer interaction with the store. Similarly, deep learning helps build algorithms for digital marketing platforms to identify and show the most relevant search results. It helps increase conversion rates on digital platforms.
Moreover, AI helps run simulations on a new product or service launch to identify faults and predict customer response outcomes.
5. Robotic Process Automation (RPA)
RPA is one of the most disruptive innovations in automating a company’s finances and accounting system. It can transform the accounting workflow of an organization by combining different transactions into one smooth automated process. It automates rule-based and repetitive tasks accurately and consistently, leading to optimized accounting processes.
The RPA bot tracks user entries while performing accounting tasks and generates a screen-based script to automate tasks. It also considers regulatory compliance combined with implementing best accounting practices and rules.
You can use RPA to compile accounting audits and eliminate record duplication. You can also insert sensitive data and create audit trials. The RPA will then use these trials to create historical audits, enabling you to visualize past audits to make the right decisions and eliminate the risk of non-compliance.
Moreover, you can use RPA to extract only the relevant information from client emails for invoice processing to protect sensitive client data and transactions. Automating this process will save downtime and possible data leaks.
Technology has become almost inevitable in running successful businesses. Automation and process streamlining are the underlining denominators for business problem-solving.
Using business analysis tools is one way to gather and process information to make the right decision. Incorporating an ERP system throughout the organization is another way of managing business processes to reduce downtime and encourage collaboration.
CRM can be used to deploy a customer-driven ideology throughout the organization. Integrating AI can let you get ahead of the competition by running algorithms and simulations. You can also automate your accounting process using RPA, track business transactions, and perform audits.
Embracing such technological tools can take your business beyond borders and ahead of the competition.