Companies are also changing the way they view and use customer data. Gone are the days when data collection was looked at upon as a purely nefarious enterprise. Now, data collection can be used to help improve products and overall customer service. It’s simple: customer data provides valuable insight into how customers behave. This can lead companies to better predict how they’ll behave in the future. With this prediction, they’re able to better cater their offering or service based on that past activity. Companies can leverage technology to provide them with more data as well as more insight into what that data means.
This is a big reason why many companies are shifting their focus to eCommerce and digital strategies. The Wall Street Journal reports that for the first time ever, more than 50% of advertising spending is going to digital platforms like Facebook and Google. Not only are companies finding out online ads are cheaper, but they’re getting a better return on their investment. Companies are witnessing a sea change in how their customers purchase, and they’re leaning into that change by relying more on their digital stance.
Companies are also concurrently using multiple digital technologies together, within the same ecosystem, to apply creative solutions to common problems. At the same time, they’re strengthening their digital infrastructure as they acquire the capabilities needed for AI, Machine Learning, and Integrating Databases.
Connectivity also becomes of utmost importance. When organizations rely on moving data quickly, they’ll need to ensure they can maintain an internet connection with minimal disruptions and optimal speed.
What are businesses doing to leverage technology?
It’s apparent that enabling an organization to use technology effectively is a necessity. So how are the best companies doing just that? Through these three main mechanisms:
- Linking business decisions to technology. Companies no longer make their key business decisions and then search for technology to support those decisions. Now, those decisions must be made with the most popular and effective technology systems in mind at the forefront. When building their strategic direction, businesses must choose a path that allows for compatibility with the systems they’ll need to use to be successful.
- Adopting a culture of talent to support the new strategy. When you look to new technologies to support your strategy, you’ll need people technically-savvy enough to operate in that space. You’ll also need to attract candidates who understand and appreciate your new strategy. That has to start with a baseline acknowledgment within your company’s culture that members of your team embrace these changes.
- Selecting the right projects. When you’re choosing which projects to work on, you’ll want to consider which ones incorporate technology. Which projects use these mechanisms to provide a better product or service, and are therefore more worthy of your time and energy going forward? Having a robust project selection process will help you identify projects that fit into your business’s new digital-friendly mold.
It may seem like these practices are limited to tech-friendly sectors only, but they’re being applied across the board, even in places you may not initially suspect! Take, for example, a device known as Nemo. The Economist reported on a new technology that supports small-scale fisheries with the monitoring of Big Data related to fishing. It provides fishermen with data on where they travel to and how far they travel, so they can observe trends and repeatable processes.
There’s quite literally no shortage of businesses that can benefit from embracing digital tools!
How technology helps you reach and surpass your business goals
Technological developments are nice in and of themselves, but technology alone doesn’t mean anything if it doesn’t translate to results. It’s how you use that technology to create a better outcome for your end-user — the customer. In turn, that will help you reach your goals for either acquiring or retaining more customers.
Your organization can adopt a technology that provides a new service to customers. Innovation often represents an idea or practice that wasn’t previously in use. Many types of technology have made it easier than ever to implement radical ideas that give your customers a fresh take on your previously provided product or service. Some industries are clearly starving for innovation – a challenge presented by the adoption of new technology in their industry. Take the pharmaceutical industry. As more pharm companies roll out its COVID-19 vaccine, the demand for dry ice will experience a massive uptick. When it comes to managing the supply chain, logistics, and distribution, you can rest assured innovative, Industry 4.0 technology will play a role in addressing this issue.
Companies can also use technology to increase customer or prospect engagement. Examining prospect behavior can help you speak to them more effectively. You can better understand their unique problems or pain points and tailor your offering to meet those needs. From there, you can continue to adapt your communication methods and strategies until more prospects are engaging with you, completing the journey on the way to becoming a customer.
Your company can build a more pleasant and convenient online user experience. You can even use data to examine trends and help tweak the service you provide. Whirlpool Corporation decided to conduct research to understand how life had changed for its users during the COVID-19 pandemic. The increased focus on working from and being at home helped Whirlpool decide on a strategy to better help their customers enjoy their time at home.
The attitude businesses should take when it comes to technology
Looking to technology for innovation is more than simply identifying a device or system and implementing it. It’s about adopting an open-minded, collaborative, free-thinking attitude. The term “outside the box thinking” may be a cliche, but it applies here. In today’s market, companies need to approach innovation as a necessity to survive. Technology is a tool that helps usher in that innovation.
Companies are using processes like AI, machine learning, robotics, and smart sensors to increase automation and efficiency. They’re making their companies leaner. They’re also using the data they collect to better address the needs and requests of their customers. In short, your organization will want to use technology as a way to facilitate innovation and to accelerate your company’s overall growth at the same time.