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5 Ways Technology is Transforming Business

Businesses are increasingly relying on technology to improve their productivity and enhance their processes. Digital transformation is crucial in helping companies deliver value-added services to their customers. According to Statista, the global spending on digital transformation is expected to reach $2.4 trillion by 2024. The COVID-19 pandemic greatly accelerated digital transformation, and many businesses have fully digitized their services. So, how exactly is technology transforming business?

  1. Improving Communication with Communication Tools

Since the onset of the coronavirus pandemic, more businesses have adopted remote working. Company and client meetings are now conducted on Zoom and projects are discussed on Slack and Microsoft Teams. A Pew Research survey shows that 81% of employed adults working from home use communication tools to communicate with their colleagues and with customers. Companies are also adopting automated communication tools to streamline customer engagement.

  1. Digitizing Services 

A 2018 survey showed that about 42% of small businesses had a mobile app to increase customer engagement and loyalty. Consumers now use mobile apps to connect with brands and to purchase products and services–because it’s more convenient. More and more businesses are launching mobile-optimized e-commerce sites to make it easier for customers to buy from them.

In addition, digitization has helped entrepreneurs manage their companies remotely. It generates new opportunities for growth, helping businesses capture and retain customers and potential customers directly. When interviewing companies, we found that many have created “online only” versions of their products or services. Companies like Loan Center have taken advantage of digitization and started offering car title loans online, easily connecting with clients and prospects.

  1. Enhancing Processes with Artificial Intelligence (AI)

AI has changed the way businesses carry out their day-to-day activities. To gain a competitive edge, companies now use machine learning and AI to track and predict customer patterns. They use this information to improve business functions and to win new business. Artificial intelligence helps with prediction analytics, enabling a business to adopt strategies that bring in more revenue.

  1. Boosting Collaboration 

As remote and hybrid working become the norm, businesses have had to adopt collaboration tools to enhance communication and work processes. When employees can’t meet physically for a meeting, they use collaboration tools such as Slack, Google Drive/Docs, Microsoft SharePoint, and OneDrive. These tools come in handy when people need to share files, hold discussions, collaborate on projects, work on specific tasks, and store important information.

  1. Keeping Information Safe 

Businesses are increasingly using cloud services to store data, client information, and to back up important information. You only need a stable internet connection to sync and back up all your information to the cloud. Cloud computing boosts data security because it eliminates the risk of losing data permanently. It also does away with downtime issues. Cloud computing technologies level the playing field because they can be used by small startups that don’t have a lot of capital.

The crucial role technology has played in business advancement can’t be ignored. Companies have adopted different technologies to improve their business processes and service delivery. As new tools come up every year, it’s become easier for companies to do business. Smart business owners are leveraging the tools and growing their outfits every day.

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