As we welcome the year 2020, we probably are welcoming a new era of technological advancement the likes of which we have never seen before. Be it medical advancements or breathtaking discoveries in deep space, technology is a never-ending roller coaster ride filled with amusement and surprises. With every field and every life on earth being dependent on technology today, businesses are also evolving, transforming and above all innovating. What millions around the world require today is to find new ways to ensure a healthy business framework, efficient business functions, advanced analytical tools, effective approaches to cut costs and maximize profits. Here we will be enlisting a few among many important factors that drive today’s businesses and are a must if you plan to initiate and small start-up or already running a business setup. So sit back and give it a read.
- Information Technology All The way
This advancement has surpassed any other component required for a lucrative business. It drives the very core of business operations and reflects instantly upon the cash flow statement. Although it’s a vast term and includes a variety of solutions to business owners, in short, it provides an operational framework for almost all business aspects. Shifting from costly gadgets to efficient machinery and from bookkeeping to a digital cloud service, IT takes care of everything. Advanced IT inclusion in business manages a complete profile of day to day business information which enables the decision-makers to deliver instantly. Since systems are in-place and deliver in real-time, business operations are integrated which cuts the business cost and maximizes profit at an astounding rate.
- Application Programming – Your Way to Success
Gone are the days when a few companies could afford specially designed programs and software which could help them with their businesses. Application Programming Interface (APIs) refers to a concept where unique and business-centric applications are developed to address a unique set of business requirements. For example, Trello is a handy application for people working on projects with tight deadlines; PayPal is famous for providing transactional ease to millions around the world. Similarly, you can approach a good application developer and come up with an application that is unique to your business alone.
- Data Security – A Must
With information being a crucial asset these days, businesses are moving towards more advanced tools to ensure data security. Data is a lifeline for any business, be it a small start-up or a huge venture. Businesses need to safeguard against soaring cyber-attacks that are intended to either take your business down or aimed at stealing data pertaining to customers, product and services, cash flow insights, etc. A dedicated network setup with effective tools to detect and neutralize a cyber-attack is a must for any business.
- Communication – A Life Line
A study suggests that almost 50% of the world’s workforce will be working remotely in the year 2020. It signifies communication. For any business to grow and deliver effectively, it needs to have a smart network of communication. From designing dedicated platforms on communication to using social media as a tool, businesses are using a ray of available options these days. The idea behind this technological advancement is to bring all and everyone concerned to a place where communication is clear, spontaneous, meaningful, secure and above all fun to indulge into. For example, a simple Whatsapp group on mobile phones is a masterstroke in 2020 where everyone in your team is receiving a constant flow of information.
- Artificial Intelligence – A Master Stroke
AI aims at eliminating human touch. A touch which only takes over and takes care of some of the business’s repetitive operations. AI is believed to be the prime factor in reduced business costs while delivering efficiently. Applications such as Clara and Chatbots are few among many examples of how AI is transforming businesses. Its best suited for operations that can be executed with minimal human presence. AI also helps in designing unique business applications and commands which not only helps in generating real-time customer responses but also helps with advanced accounts management, sales forecast, and overall business direction.
- Analytics – Get Your Insights
Businesses are run on the basis of decisions. Decisions require enough data to finalize an action plan. Smart analytical tools are used these days to analyze available data on sales, customer feedback, marketing, and promotional outreach, etc. Kissmetrics and ClearStory Data are few among many examples of Analytical tools that helps in developing a blueprint of business outlook. Data gathered through Analytics is used by companies to adjust their market positioning and decide on their action plans. Millions of users around the world using a variety of products are the primary source of data that define customers’ tastes, preferences, choices, and behavior towards a market trend or product. Search the internet on how your business can benefit from Analytics.
- Business Integration
With all being said above, the last but not the least is ensuring a business that is well integrated. By integration we mean your business operations are not performing alone but rather an entire structure complements and helps each function in ensuring business synergy. From the sales forecast department to the supply chain network, all have to be integrated to help in attaining maximum output and cutting costs. For this integration, the factors mentioned above are essential. A business can never have a healthy integrated operational network until it has improved IT and security structure along with a dedicated workplace ensuring smooth and secure flow of information-carrying business insights.