Wondering what technology your business needs? Here are five advanced technology examples that can improve your processes.
There is a seemingly endless array of tech that companies can use to increase productivity and efficiency, streamline processes, and discover new opportunities. With so many solutions to choose from, it can be hard to know which advanced technology options will fit best in your business.
To make it a little easier, we’ve put together this overview of five popular and powerful advanced technologies being used in the business world today:
Small to Mid-Sized Businesses Are Using More Advanced Technology
When used properly, advanced https://thechronoluxe.com/ technology is a valuable asset to growing companies of all sizes. Whether it’s a more efficient workflow or automated customer service, virtually every aspect of a business can be positively affected by improving technology in an organization.
Fortunately, the following examples of advanced technology in business are more affordable now for small businesses than they’ve ever been, and organizations are pursuing them more fervently in order to stay competitive across all industries.
According to Prophet, the leading driver of digital transformation is market pressure. 51% of digital transformation efforts stem from growth opportunities while another 41% come from increased competition in the modern market. As cybersecurity becomes a more pressing concern for organizations, new regulatory standards like GDPR have also pushed a lot of digital transformation efforts (38%).
Advanced Technology Examples for Business Use
Let’s jump into our overview of five innovative examples of advanced technology in business that are keeping SMBs competitive and modern in their digital transformations.
One thing to keep in mind as we review these different tech solutions is that it’s not always about the technology, but the people using the tech. A modern and sophisticated tech stack requires a modern and well-trained staff to operate.
1. Robotic Process Automation
Robotic process automation (RPA) is an automation advanced technology solution that can streamline repetitive tasks, improve efficiencies, and enhance the employee experience.
These automated bots are excellent at carrying out repetitive jobs much faster and with more precision than their human counterparts. The ”bots” in RPA are simply programs that are specifically configured to perform particular tasks, like data entry, supply chain management, and data gathering.
Bots can operate 24/7 without assistance and make fewer mistakes than humans when assigned data-oriented tasks. This allows your staff to spend less time on the manual labor, and more time on analysis.
RPA in Action
One of the best examples of advanced RPA technology in action is sales order processing.
Typically, with a manual setup, a worker will receive a sales order and proceed to manually send the data to everyone who needs it for each stage of the process. And that doesn’t even touch on the other manual tasks, like tracking down invoices or printing and collecting documents.
With RPA, a bot can be programmed to automate the sales process from end to end, including invoicing and data processing.
2. Document Data Extraction
Intelligent methods for extracting data and processing them is another example of a modern technology solution. Document data extraction is a software that quickly scans documents, knowing what information to look for, and pulls it automatically.
Oftentimes, this data is then exported to a more usable format, such as a spreadsheet or other database.
For many years, workers have become accustomed to transcribing data from a document and manually entering it into a system of record.
Document Data Extraction in Action
Document data extraction is a common application of automation in business.
Consider a business processing applications for its services manually, requiring employees to review PDF documents and then input the data they see into their work computer.
This takes many hours and decision-makers are dissatisfied with how slowly it takes staff to respond, so they implement a document data extraction solution to help.
3. Workflow Tools
One of the chief concerns of a business undergoing a digital transformation is improving data workflow within the One of the chief concerns of a business undergoing a digital transformation is improving the data available to the organization. Fortunately, new advances in business technology offer ample opportunity for creating better data sets and streamlining workflows.
With modern technology examples like document management, digitized data can now be efficiently processed and stored. From here, it’s a relatively simple step to get that data downstream to the right people at the right time, regardless of department.
Workflow Tools in Action
We had a client, WaterTech, come to us with concerns about their document management. They relied heavily on paper-based processes and felt that their system was significantly slowing down their operations, particularly with regard to the sales order process.
To address this issue, we audited their systems and built a strategy for digitizing their document workflow, implementing it ahead of schedule.
With the new system, we were able to streamline their workflows, centralize document data for easy access, and reduce reliance on manual tasks.
4. AI Assistants
AI assistants are becoming increasingly popular. With ChatGPT and Google Bard finding their way into endless headlines and Siri or Google Assistant in our homes and phones, AI assistants are an innovative technology that can be wonderful assets when used properly.
One of the most common technology examples of automated tech in business is the use of chatbots. Think smaller versions of ChatGPT – like the automatic chat bots that pop up on a website when you’re browsing.
AI Assistants in Action
A business is consistently being swarmed by customer queries about its products and services. Customer support staff are replying as fast as they can, but it’s not enough, and customers are bouncing, losing them business.
They decide to implement a chatbot that can answer the most frequent questions quickly to site visitors, alleviating staff from repetitive questions and allowing them to spend more time on other queries that need their time.
5. Low-Code Applications
The current rate of expansion for the managed services market is a result of SMBs increasing their expectations for what platforms they use in every aspect of their business, from their customer relationship manager (CRM) to their mobile platform.
The gap between off-the-shelf software capabilities and the needs of workers on the ground is growing.
Companies want customized solutions for unique processes, and when they don’t have the correct procedures, users take matters into their own hands, inventing ad-hoc methods to fill the gaps.