The use and incorporation of technology in business practices have become a vital part of business success in today’s day and age. Businesses use technology to change and improve on their impact, to improve internal processes and to improve on customer experience. According to recent studies, the worldwide artificial intelligence (AI) software business will develop rapidly in the coming years, reaching over 126 billion USD by 2025. Machine learning, natural language processing, and robotic process automation are just a few of the applications that make up the AI sector.
According to IFS, 70% of businesses have used time during the pandemic to improve on their use and incorporation of technology. The main driving force of this is because businesses have had to adapt to social distancing practices and find a way to reach customers with minimal physical contact. Other reasons technology is incorporated is to improve efficiency, communication improvement, and to offer new and updated skills and knowledge to employees. This article will explore how specific technologies are able to assist businesses in gaining success in 2022.
Artificial Intelligence (AI) has been a dominating technology across most industries, as it is projected to grow into a $190 billion industry by 2025. AI is currently used in image and speech recognition, navigation apps, smartphone personal assistants, and ride-sharing apps. This new dominance has offered opportunities to business owners, as they are able to incorporate AI to reap the benefits, but are also able to even improve on the technology. Seeing that AI is still in its beginning stages, it has its fair share of issues, such as issues in development, programming, testing, support and maintenance. Businesses could aim to solve these issues to gain success.
AI has also shown that it is able to improve employee productivity. AI tools, such as computer programs or business software, are able to assist employees in gaining and processing more information than would be able to without the tools. AI is also able to lighten the load of employees. For example, if businesses incorporate the use of chatbots, employees would be able to focus their attention on other tasks and duties while the chatbots serve as customer representatives.
Online Incorporation Services
Additionally, these services guide entrepreneurs through the business formation processes, they usually work directly with the state of business and offer filing services as well. By using an online incorporation service, entrepreneurs will be guaranteed that their business is compliant regarding state rules and regulations, and that it is well equipped to operate and generate money.
For entrepreneurs interested in using an online incorporation service, they should do extensive research into the different companies at their dispense. To do so, read more here.
Social Intranet Software
This form of software is able to improve on communications within the workplace. Social intranet software provides a centralized platform where employees would be able to access internal documents. Besides these benefits, employees would be able to send and receive data and information from other employees and departments within the business at lightning speed. Although this software offers a range of benefits, seeing that it utilises a centralized platform, it is accompanied with more risks. Centralized platforms are fragile, with one error or issue causing the entire platform to crash. This may be detrimental to businesses if the issue is not able to be resolved swiftly.
Other ways businesses are able to use technology to improve communication are by using email, Skype and video conferencing. Many businesses have made use of these technologies in recent years, but the pandemic has caused the use of these technologies to skyrocket and become a necessity as businesses have had to adapt to the conditions brought on by the pandemic. This has provided an additional opportunity for businesses to gain success, by entrepreneurs and teams to possibly improve on issues within these different technologies.
The bottom line
The use and integration of technology into businesses may seem intimidating to well established businesses, but the pros vastly outweigh the cons. The integration of technology is able to improve on current processes, it is able to improve on communication and is able to even form entire businesses. businesses to successfully leverage all the benefits offered by technology, business owners should be well equipped with the latest information on technology at their disposal.