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The 5 Advanced Technology to Improve Your Business in 2021

the 5 advanced technology to improve business

Advanced technology is a valuable asset for both developing and advanced companies. Whether it’s more efficient workflows or automated customer service, almost every aspect of a business can be positively impacted by technological improvements in an organization’s business. The survey found that 85% of decision-makers say they have two years to move significantly forward with their digital transformation strategy. If they don’t do business they risk being left behind by competitors. Advanced technology is now more affordable for small companies than ever. Business organizations must pursue it more earnestly in order to be competitive in all industries.

The 5 Advanced Technologies to Support More Efficient Business Operations

If we talk about a small-medium company, we will agree to conclude that technology is a key factor in achieving their business goals, and based on a survey, SMEs could even spend nearly $700 billion worldwide on IT technology by 2021. Let’s look at five examples of advanced technologies that are keeping SMEs competitive in their digital transformation.

1.     Robotic Process Automation

Robotic process automation (RPA) is an excellent example of advanced technology for SMEs. Automated bots are excellent at performing repetitive tasks faster and with greater precision than their human counterparts.

Bots are software specially configured to perform specific tasks, such as data entry; supply chain management; and data collection. Bots can operate these complex functions 24/7 without assistance and make fewer errors than humans.

Lightened workers can then focus their energies on projects away from these types of repetitive tasks. With 80 million jobs in the US and Asian Pacific considered good candidates for automation, it is not surprising that people are racing to implement automation solutions in their organizations.

The current adoption rate is that the worldwide RPA market will grow from $846 million in 2018 to approximately $4 billion in 2025.

RPA is the fastest-growing segment of the enterprise software market, with SMBs having more access to automation solutions after several years of being used by large enterprises.

Order processing for sales with RPA

One of the best examples of RPA in action is creating an order for a sale. Typically, with manual setup, a worker will receive a sales order and proceed to input his or her own data for each stage of the process. With RPA, bots can pull to automate end-to-end sales, including invoice generation and issue data.

It saves workers time from having to do slow manuals; saves the labor of having to pay someone to do menial tasks; and most importantly increases customer satisfaction by processing sales orders while reducing errors.

2. Document Data Extraction

Intelligent methods of extracting data and processing it are another example of advanced technology that can provide great benefits to modern businesses.

Workers have over the years become accustomed to copying data from documents and manually entering it into record-keeping systems. Document data extraction, the process of automatically digitally transcribing data can save hours of time for employees

Purchase orders; client documents; customer records; invoices — all and more can be quickly and easily scanned for accurate information, improving data validation.

Combined with machine learning, its ability to handle data will further increase if the system is used. This is especially useful when dealing with unstructured documents.

Vendors like DocuWare are increasingly able to fully provide these functions to SMEs with affordability in mind. Another benefit of having a data extraction system is the ability to store your data exactly where you need it.

Processed document information can be output to multiple systems and linked to existing data for easy integration. According to a study by McKinsey Digital, CEOs spend nearly 20% of their time on jobs that can be automated (such as analyzing operational data and reviewing status reports).

Document data extraction process

A business processes applications for its services manually, requiring employees to PDF documents and then enter the data they see into their work computers.

This took hours and decision-makers were not satisfied with how slow they were to respond, so they implemented a document data extraction solution to help.

Now, using the workaround, the PDF is automatically parsed, scanning each field and reporting the information to the repository, where the RPA bots can then take over the process.

Extracting data from documents like this means workers can spend their time doing more valuable operational work, while they save time and speed up the process.

3. Workflow Tools through Enterprise Content Management

One of the main concerns of businesses undergoing digital transformation is improving data workflows within organizations. With advanced technology solutions such as Enterprise Content Management, digital data can now be processed and stored efficiently.

From here, it’s a relatively simple step to getting that data to the right people at the right time, regardless of department.

Workflow tools, especially cloud-based systems, are excellent at proving platforms for managing work processes and projects in teams.

The functionality of this tool extends to management best practices, such as approval routing, data validation, and ensuring data integrity before it enters your ERP system.

4. Artificial Intelligence (AI)

As spending on automation technology increases, AI technologies are being implemented into SMB systems. One of the most common examples of automated technology in business is the use of chatbots. People are engaging with bots for customer service more than ever, and businesses are using chatbots more often in organizations.

According to Business Insider, 80% of businesses will be using chatbots by 2020. They are very good at solving simple problems, while more complex problems can be sent to the right people for handling. In the past, it was common for people to be reluctant to deal with AI assistants, but the new technology means a number of enhanced functions such as AI-assisted speech recognition and sentiment analysis of messages and emails.

As a result, customers feel more comfortable than ever when interacting with AI technology. For businesses, the goal is to engage relevant people as quickly as possible while streamlining engagement with clients.

A business is consistently inundated with customer questions about its products and services. The customer support staff responded as quickly as possible, but it wasn’t enough, and the customer bounced off, losing their business.

They decided to implement a chatbot that could answer site visitors’ most frequent questions quickly, reducing staff from repetitive questions and allowing them to spend more time on other questions that took up their time. They can respond faster and handle multiple requests simultaneously using a chatbots.

Chatbots are also scalable, meaning, if there is an influx of users, they can be scaled up to accommodate demand and then scaled down during less busy periods.

5. Low Code Mobile Platform Apps

The current rate of expansion of the managed services market is a result of SMEs increasing their expectations of what platforms they use in every aspect of their business; from CRM to their mobile platform.

The gap between the capabilities of ready-to-use software and the needs of workers in the field is getting bigger.

Companies want customized solutions for unique processes, and when they don’t have the right procedures in place, users take matters into their own hands, creating ad-hoc methods to fill in the gaps.

This will usually lead to tribal knowledge and closed organizations, making orientation, for example, difficult for new hires.

Low-code development means application building tools that can handle or optimize complex and specific tasks — as simple as drag and drop and require less time than typical development.

In North America, nearly 60% of all custom applications are now built outside the IT department by professionals with little or no IT coding experience.

Whether it’s increasing customer engagement or operational efficiency, low-code platforms can offer enterprise-grade applications at a lower price to SMBs.

The Important Points

  • Incorporating advanced technology into business processes is a key strategy for SMEs undergoing digital transformation
  • With increased cost, efficiency and customer experience, SMEs will continue to invest heavily in new technology solutions
  • IT solutions that use automation are more popular than ever with small businesses as deployment costs continue to become more affordable

Advanced technology solutions help companies achieve and maintain a competitive advantage in their industry. By leveraging available tools, you can increase staff productivity and lower costs — your business can enjoy higher operating capacity and provide a superior customer experience.

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