There’s no doubt technology is transforming how business is done at an ever-accelerating rate, and this applies to businesses of all types from one person outfits to multi-national conglomerates. Thanks to many key tech developments, businesses of all types can transform what they offer and how they offer it.
The advances in tech mean customers expect more, brand loyalty can be harder to retain, and businesses have to embrace innovation simply to keep up with the competition. Thankfully newer tech makes it easier to offer an improved service not necessarily at a heavy cost.
How tech is transforming business:
Customer relations and sales
Tech such as POS (Point of Sale) is evolving to the point where it’s possible to make a sale in the middle of an isolated field at a craft market or similar using no more than a mobile phone plugged into a credit card swiper.
Even in remote locations, POS enables swift card sales and full stock control management through real time adjustments of inventory as items are sold.
It enables the right levels of stock to be held without either running out or over-stocking, and facilitates the building of an accurate customer profile such as buying habits so as to tailor a service to individuals.
Using Big Data and AI (Artificial Intelligence)
Even small businesses often collect huge amounts of data, and the key is doing something constructive with it to learn more about their customers and react accordingly.
Tech such as the cloud for storing massive amounts of data inexpensively puts powerful data analytics in the hands of businesses of all sizes, and this can be used to deliver a better service to their customers.
AI – the way tech such as computers can ‘think’ for themselves based on information they ‘learn’ – is a massive step forward in providing enhanced customer relations.
Tech such as chatbots – automated virtual assistants that can talk to customers and provide support via voice, mobile app, SMS and more – mean even smaller businesses can provide a degree of personalization to their customers without needing expensive support staff.
Along with support, chatbots can perform various other tasks such as marketing a business on social media.
Virtual Reality (VR) and Augmented Reality (AR)
Not just for Pokemon Go fans, VR and AR could revolutionize the way companies market their products and services – indeed it’s happening now.
It’s possible through these technologies to put the potential customer into an immersive experience of a product even if they’re on the other side of the world.
The barrier of potential customers needing to physically experience a product made elsewhere could soon be a thing if the past – and communications through VR conferencing will be a big step up from current virtual meeting methods.
IoT (Internet of Things)
This tech is the way devices such as smartphones, laptops, vehicles, buildings and even household appliances are connected and ‘talk’ to each other. In a domestic example, a fridge could inform its owner via smartphone that there’s no milk so they can fetch some on their way home.
In a business setting, it helps companies communicate and offer better services to the customer. A delivery company can, for example, give their customer highly accurate information as to when a consignment might arrive through the vehicles themselves reporting to base with location and ETA details; information that can then be passed to the customer.
Tech for all
As said earlier, a great benefit of improved tech is the way even small businesses can take advantage of it to provide an improved service to customers. For example, a comprehensive online shopping facility linked to product inventory recording would have taken a large company many months to set up not so long ago.
Now though, a smaller company could have a similar system in a matter of weeks at an affordable price.
One thing’s for sure; embracing tech is essential and not an option.