Technology has always been the driving force behind business efficiency, and nowadays, with the advent of AI, automation, 3D printing, and everything in between, it is even easier to become more efficient, no matter what business you are in.
Automation
Automation is one of the biggest advancements over the past few years, with businesses being able to automate everything, ranging from online customer interactions to data analysis and report making.
Even if you pick up a new consumer-focused device, such as during an Apple Black Friday sale, you can automate plenty of tasks that take the mundane work off your plate and free you up to more of what’s important.
Data Processing
AI has drastically improved how businesses process data. Artificial intelligence tools have the ability to process massive amounts of different data in a very short amount of time, extract the data that matters, and present it in a readable and easy-to-understand manner.
This fast and efficient data processing allows companies to improve a range of services, such as how they market, who they market to, and where they market.
Improved Decision-Making
Another massive benefit of having mass data processing is how you can use it to improve your decision-making. More often than not, a “bad” decision often comes down to not having enough information, not having the right information, or a combination of both.
However, when you have massive amounts of data at your fingertips, it is far easier to gain a holistic view of a particular situation or sector, which means your decisions will be much more informed, even when they are riskier.
Collaboration Tools
Collaboration tools, such as Slack or Google Workspace, have revolutionized how we do work in teams. Back in the day, doing a project, no matter how big or small, would take days to finalize when you add in all the back and forth that would need to be done between team members.
However, nowadays, these collaboration tools allow the entire team to be part of the project simultaneously, receiving updates and changes at the same time, and allowing for instant approvals, drastically speeding up the entire process.
https://unsplash.com/photos/person-using-macbook-pro-npxXWgQ33ZQ
Internet of Things & Sensors
In simple terms, the Internet of Things, or IoT, is the idea that all things are connected via the internet, and are therefore able to communicate with each other. An easy example is your tablet controlling the lights in your smart home.
In business, an IoT sensor on a machine will give you real-time updates on efficiency, a maintenance forecast, etc. This interconnectivity makes it far easier to find inefficiencies, find ways to improve processes, how to save materials, and the list goes on.
Simulation Technology
Simulation technology is another huge advancement that has transformed countless industries. In essence, this tech allows you to simulate scenarios and test new products, see how a decision affects finances, or see how a marketing campaign would spread.
For instance, if you are looking to modify your supply chain, you can simulate the entire process and see what effect the modification will have, instead of spending the money to change it and then finding out it doesn’t work.
As mentioned earlier, when you combine this with improved decision-making, you can simulate every scenario and outcome, without any financial risk.
Improved CRM
Customer relationship management is an essential part of any business, but it can be time-consuming and requires a dedicated team. However, once again, AI has been able to severely improve how we do customer relations.
For instance, AI can automate and tailor customer emails and information shared in chatbots, which leads to faster and more effective replies, which then leads to better customer service and retention.
Blockchain Technology
Blockchain technology, particularly when used in the supply chain, has been shown to be a game-changer for all types of businesses. Put simply, having your supply chain on the blockchain increases transparency and visibility, offers real-time tracking, and allows for better resource management.
Additionally, having this transparency allows you to reduce and even eliminate fraud, it can guarantee responsible resource procurement, and can reduce waste by optimizing your logistics and inventory management.
3D Printing & Customization
While 3D printing isn’t a new technology, it has improved tremendously over the past few years. It was only a little while ago when making a working whistle was a massive achievement; nowadays, medical companies are printing entire organs that are being transplanted into patients.
Across multiple industries, 3D printing is allow for more efficient manufacturing using minimal resources. Manufacturing companies are using 3D printing to create realistic and working prototypes, while architects are using it to create to-scale models.
Remote Working
The COVID pandemic led to the creation of new and superior remote working tools that have allowed companies to efficiently collaborate with employees from across the globe. It has also been shown to save businesses far more money than you may think.
When you have an efficient and effective remote working setup, you don’t have to rent offices, employees don’t have to travel, and all of this can still be done without sacrificing work output and quality.