Technological advancements today have changed the entire landscape of business operations. The way businesses run now is entirely dictated by their use of technology. The varied innovations in technology have significantly helped businesses address the various challenges that they face on a daily basis.
Whether it is CRM systems or the introduction of blockchain, all such technology trends have changed the business game. In recent times, the introduction of cognitive and digital reality tools – augmented and virtual reality (AR and VR) and the Internet of Things – have changed the face of various business models. They have greatly improved the operational integrity of businesses while adding innovation to the mix.
The innovation of DevSecOps – adding security to the infrastructure and application of businesses from the get-go – has improved the standards of cybersecurity for businesses. With DevSecOps, many companies are starting to make risk assessments, threat modeling, and security task automation essential for their product development proposals.
Many businesses are increasingly moving toward using chatbots to improve their customer service. Chatbots enable a business to quickly guide their customers to what they want and need and efficiently answer all of their queries in a timely manner. Chatbots also help businesses save capital that they would otherwise use to pay customer service staff.
The quick response time of chatbots also helps businesses reduce the risk of a customer losing interest in their offering because of the long response time. Chatbots are increasingly being trained to mimic human communication. This will allow people to gradually trust such technology designed to improve business CRM.
Artificial Personal Assistants
The capabilities of Artificial Intelligence seem to be boundless. Google’s “Duplex” is an AI-driven technology that is proficient at making phone calls while imbuing human speech characteristics. It’s so advanced that you would not be able to tell that you were speaking to an assistant robot.
This technological advancement hints at a trend that could eliminate the use of personal assistants to handle the administrative side of businesses. It will help automate the communication process between different teams. It will also eliminate the risk of human error and take over all menial tasks, freeing up a business’s human task force to expend their energies on more pertinent tasks.
AI-driven Client Lifecycle Management
An AI-powered client lifecycle management system will allow businesses to have a clear, holistic view of their customers. It will help financial institutes such as banks greatly in auditing. AML solutions (Anti-money laundering software) offer holistic customer auditing opportunities to businesses, protecting them from any impending threats. It will also work toward eradication any money laundering threats that they might be facing. It will help provide a bird’s-eye view of a customer’s entire journey, from on-boarding to data management.
AI is being used by businesses to collect customer data such as their recent purchases to develop personalized emails and messages that would spark their interest. This innovation will likely be the end of the tedious process of segmentation – the splitting up of customers into particular demographics.AI will be able to identify the individual preferences of each customer.
We have seen the rise of digital currencies like bitcoin. Blockchain is the technology that will fortify such digital currency. However, blockchain is meant to keep a record of things beyond just digital currency transactions. It allows digital data to be safely distributed, without getting copied, i.e., each separate piece of information can only have a singular owner. It functions as a constantly updating database that is stored in several locations.
Blockchain will ease and expedite the process of money transactions between two businesses. It will have a singular ledger of transaction activities that both entities will have access to. This will allow there to be total transparency between the two parties, and it will improve the coordination and authentication efforts made by both.
These trending technological advancements will keep on providing businesses with the opportunities to deal with any and all operational issues.