6 Ways in Which Technology Is Evolving Businesses
Technology has rapidly evolved the different aspects of life and businesses are one of them. Now, companies favor modern approaches over traditional ones because such techniques improve efficiency and customer experiences. But what are those ways in which technology is evolving businesses? If this query represents your confusion, this blog post will be ideal for you.
Here, we’ll discuss how businesses use technology to keep up with modern times using six different factors. We’ll use examples with each factor to elaborate on the evolution of technology in enterprises. So, let’s begin this discussion. Shall we?
1. Automation of Repetitive Processes
One of the most prominent ways technology is evolving businesses is by automating their repetitive tasks. But how? Let’s find out.
With the traditional approaches, companies used to spend much time on repetitive tasks, such as manually extracting text from digital documents. But businesses can optimize such repetitive and time-consuming processes with the help of modern technology-based tools. And the introduction of AI-based OCR tools in the business community is a prime example of this statement.
Nowadays, businesses use AI-based image-to-text extractors to speed up copying text from pictures. This modern approach not only saves the effort of employees but also gives them the time to focus on other important stuff. However, let’s elaborate on this more through an example.
Since we’ve talked about data entry here, we’ll use an image related to data entry in this example. So, here is the picture we’ll use to demonstrate the way of extracting text from pictures:
And as far as the AI-based OCR is concerned, we’ll use Image To Text as it accurately extracts text from the images. So, here is how the extracted text in our case will look like:
So, that’s how businesses are automating data extraction from digital documents with these online tools and spending the saved time on other essential things.
2. Reduction of Communication Barriers
Traditionally, business owners used to face a lot of communication barriers with clients, suppliers, and employees. And since communication and networking are crucial for success in businesses, having communication gaps can result in bad business performance. However, modern technology has resolved the issue of communication barriers.
Now, businesses use cloud-based software, instant messaging, video conferencing, and social media platforms. This way, they can reach out to colleagues and customers in seconds rather than days or weeks. So, with the help of new means of communication, businesses can instantly respond and collaborate with their clients, suppliers, and employees. And that’s how modern technology has reduced communication barriers.
For instance, business owners can set up servers on Discord where all the employees of an organization can effectively collaborate and communicate with each other. This scenario represents the ideal use of modern technology to reduce organizational communication gaps.
3. Improved Document Analysis
Presentations and proposals play an essential role in businesses and organizations. Therefore, traditionally, organizations used to spend a lot of time understanding these documents. But thankfully, technology has evolved this aspect of businesses as well.
Nowadays, organizations do not spend much time reading business presentations and proposals thoroughly. Instead, they take assistance from AI-based text summarization tools to summarize their lengthy. Such tools work on Natural Language Processing (NLP) to understand the text and generate a summarized form of that text by analyzing its main points. However, let’s see how such tools can accurately summarize a topic.
For this example, we’ll use the following text:
Let’s summarize it through the summary generator of Summarizer because it helps to generate summaries in different styles. When we entered the sample text into the tool, it provides the below results:
So, that’s how technology has evolved and improved the way of document analysis in businesses.
4. Data-Driven Decision Making
Besides communication and networking, effective decision-making is another crucial aspect of a successful business. However, traditionally, business owners used to make decisions based on assumptions. That’s because there were no means of analyzing the data back then. Assumption-based decision-making increases the likelihood of errors and mistakes. But modern technology has eliminated blind assumptions.
Modern technology is all about data. Therefore, business owners now use Artificial Intelligence (AI) and Machine Learning (ML) algorithms to analyze and interpret large amounts of data. Some of the most popular AI and ML algorithms are:
- Association rules.
- Decision trees.
- Neural networks.
- Random forests.
- Regression analysis.
Thus, with the help of the aforementioned algorithms, business owners can analyze large chunks of data. And based on the analysis results, they can make further decisions. So, modern technology has made decision-making more data-driven and accurate.
5. Better Customer Experience
According to Shep Hyken:
“The best advertising you can have is a loyal customer spreading the word about how incredible your business is.”
That’s the power of having a positive customer experience. And modern technology can help you achieve this power for your business. But let’s see how.
Also read: TECHNOLOGY IN THE REALM OF LAW
People have different tastes. For instance, people belonging to Gen-Z like reading content in a humorous, conversational, and informal tone, whereas millennials and Gen-Y prefer reading content in a formal style. So, it’s essential for business owners to modify their content according to the taste of different customer groups. And that’s where modern technology can help.
Modern technology-based paraphrasing tools can improve the content tone without affecting the actual intent of the content. So, business owners can use such tools to alter content according to the tastes of different people. Here is an example of changing the content tone with a modern technology-based paraphrasing tool:
As you can see in the above picture, we used Paraphraser (a leading paraphrasing tool) to change the voice from formal to friendly because it relies on state-of-the-art technology. So, that’s how you can use any modern technology-based AI rephrasing tool to change your content’s writing style according to your audience’s taste and maintain your user experience.
Similarly, business owners can set up conversational AI Chabot’s on their platforms. Such chatbots do not work on rule-based programming. Instead, they use modern technologies to understand the queries and generate an answer accordingly. So, here is an example of a conversation with OpenAI’s cutting-edge technology-based AI assistant:
Thus, with the help of the aforementioned technologies, business owners can keep their customers engaged and improve their experience.
6. Enablement of Remote Working
As we’ve discussed earlier, modern technology provides faster and more efficient communication methods. However, besides reducing communication gaps, such tools have also given rise to remote working.
Nowadays, companies are switching to remote working. That’s because remote working not only saves office expenses but also increases the reach of businesses.
With the help of remote working, companies can work with employees from around the globe. All they need is an effective tool for managing their employees. And when it comes to selecting a tool for managing an entire organization remotely, the following ones are trendsetters:
- Google Workspace.
- Microsoft Teams.
Thus, with the help of the aforementioned tools, business owners can manage entire businesses remotely. And that’s another impact of technology on businesses.
All in all, technology has revolutionized businesses completely. From simple decision-making to running and handling entire companies, modern-day business owners take full advantage of technology. And they should because the examples in the above discussion prove that technology can increase accuracy and optimize processes.
Thus, business owners must learn to incorporate technology into their businesses. Otherwise, they’ll fall behind.