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Role of Technology in Business Innovation 2020
In today’s marketplace, some businesses follow popular trends and do what all the other companies are doing. Then some businesses identify age-old loopholes, which can be resolved using new technological advancements. These businesses proceed to look for the most commercially, financially, and economically viable solution to the problem in terms of long-term business strategy for 2020.
The company goes through a testing stage, before implementing the answer as a universal diagnosis to the antiquated problem. The temporary remedy becomes a permanent respite of the complication if the quality of the final product is affected positively by the rectification. Otherwise, the puzzle is divided into smaller parts to find the best explanation of the challenge.
Comparative Performance of Information Systems
Until a few decades earlier, manual data storage was considered safer and secure in comparison to electronic data. Organizations and entrepreneurs felt protected dealing with banks and other companies which had a single branch office in a vast building. These credible corporations would preserve and conserve the physical documentation of thousands of clients. In some cases, their clients would trust these organizations more than themselves.
Fast forward to today’s world, and everything is stored electronically. With the implementation of technologically advanced equipment in offices, the size of a single branch office has reduced significantly. Information technology has also helped rejuvenate each cluttered office space. With the implementation of various information technology solutions, the productivity of each office member enhances.
Role #1 Technology Assists Businesses To Make Informed Decisions
“Decision-making in the business world is a very different process from the decision-making skills we use in our daily life,” according to Amy Mykaela of Crowd Writer. Decision making in the real world needs to be a thorough process, which is not always expeditious. In the world of commerce, the successor is the one who makes an informed decision in the least amount of time possible.
If an entrepreneur makes an uninformed decision, the chances are that their competitor will take advantage of the situation. The rival receives an early warning of the results of implementing an appropriate means of resolving a problem. With the help of technology, the competitor can easily use this information to their advantage and get ahead in the market.
Role#2 Technology Delivers A Boost in Marketing
Traditional methods of marketing include advertising in the newspapers, local news channels, and local radio stations. Entrepreneurs would broadcast their advertisements on these forms of public media and wait to assess the public’s reaction to their commercials. The object of the publicity campaign was to gain public recognition and reputation as a company delivering a specific service or product.
Now, with the help of technology, creating a simple sales funnel has never been easier. Entrepreneurs can pursue an email, SMS, or social media marketing campaign to promote their product. The costs of pursuing these forms of marketing are much less than traditional commercial promotions. With the help of technology, entrepreneurs can advertise their products as well as have a one-to-one relationship with their clientele.
Role #3 Technology Accomplishes More Effective Resource Management
“Every business has some advantages and disadvantages in regards to its primary resources and final product. The successful business is the one which can capably manage both for its commercial reinforcement,” believes Denise Richards from Academist Help. Resource management has always been a controversial and arduous task for industrialists. The business, which is comfortably able to perform viable resource management, became the market winner in the shortest time.
Technology helps resolve many of the intricacies and uncertainties associated with productive resource management. The entire management process becomes much more straightforward, with only one uncontrollable variable left, time. Once the proper amount of time has passed, the organization will invariably become profitable.
Role #4 Technology Achieves Better Customer Support
Some products require extensive after-sales customer support. If the consumers do not obtain the proper customer support for the product, the product can get a bad reputation within the market. The same is true for all services. Customer support is a fundamental factor of all sales related to the service sector.
Technology makes it possible to deliver quality, 24-hour customer support. Customers are looking for companies that understand how to provide customer service using technology. Some companies do not have a high-quality product, but their customers are delighted with customer support. Due to this level of satisfaction, the consumers are ready to build that brand into commercial success.
Role #5 Solving Complex Customer Problems With Technology
Customers call customer support with extraordinary problems related to their purchased product or service. Some dilemmas are straightforward to solve. Other complex issues require a level of understanding both from the customer support and the consumer. If anyone of the two is unable to communicate effectively, the consumer will lose patience with the after-sales service.
The use of technology makes it easier for the help desk to diagnose customer problems and administer solutions to those problems. Buyers are more likely to remain loyal to a brand when clients receive this sort of dedicated assistance from the support center even during after hours. The habitué is more likely to purchase from a competitor if the customer support has a devil may care attitude to assisting their clientele.
Role #6 Economically Pursuing Multiple Business Solutions to Meet Customer Demands
Shoppers expect the highest level of commitment from businesses as a return for their value of money, which they have invested. If a company is unable to deliver the level of service expected by a customer, they will take their business to its competitors. The first thing a buyer demands from a commercial organization is honesty. The second most prominent factor is credibility.
The salesperson should be giving reliable advice and not just trying to ‘make a sale.’ Customers appreciate tips to stay ahead of the game and help develop loyalty. Another essential factor is to deliver customized after-sales service. Keeping the customer up-to-date about product innovations is also imperative for successful organizations. The corporations victorious in administering these services to the customer are the commercially prosperous ones.
Role #7 Identifying Innovative Business Solutions
Customers are always looking for the most groundbreaking and innovative products in the market. Some businesses have the approach of delivering age-old products with exciting innovations like this revolutionized air-conditioning or optimized shared storage for your devices. There is also this unique product known as the Wattbike, which promotes physical fitness by calculating the “watts” you have exercised instead of just your heart rate.
If you are a health enthusiast and looking for a bike you can ride around town without being afraid of theft, the Yerka V2 is for you. All these businesses have victoriously blended their innovation with a traditional product. The final creation is a brainchild which these companies can uniquely call their own. It increases the value of the original product in manifolds.
Conclusion
If a customer slept through the last century only to wake up today, it would become evident that innovation is the driving force behind affluent entrepreneurs and businesses. It would also become apparent that the driving force behind corporate innovation is customer demand. Companies adopting the general fads and trends followed by other entrepreneurs are not going to be successful.
Businesses first need to be sincerely dedicated to their business goals to be productive and profitable in today’s marketplace. Entrepreneurs also need to listen to their client’s concerns and brainstorm innovative new ways of administering solutions to those problems. The industrialists who can construct products based on these two prerequisites are the ones who are financially successful in the long term.
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