How Have Technological Innovations Helped Small Businesses – If you’re looking for high-tech examples and how they can help your business in practical ways, you’ve come to the right place.
We have summarized for you the following five types of advanced technologies used in the business world:
How Have Technological Innovations Helped Small Businesses
With more SMBs looking to implement some form of high-tech solution in their organizations than ever before, decision makers are thinking about what solution is right for their business as they move forward.
How Have Technological Innovations Helped Small Businesses
Whether it’s more efficient workflows or automated customer service, technological improvements in an organization can have a positive impact on almost every aspect of a business.
Importantly, 85% of decision makers say they have two years to significantly advance their digital transformation strategy or risk falling behind their competitors.
Fortunately, keeping up with digital technology in business models is now more affordable for small businesses than ever before, and organizations are pursuing them more intensively to stay competitive – across all industries.
Two-thirds of SMEs cite technology as a key factor in achieving their business goals, and SMEs will spend nearly $700 billion globally on IT technology by 2021.
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As we work with clients, the roadmap we create for them will vary depending on their priorities, budget and implementation schedule.
We look at five technological innovations in business examples that keep SMEs competitive in their digital transformation.
Automated robots are great at doing repetitive work more quickly and with far greater accuracy than their human counterparts.
A bot is a piece of software that is specifically configured to perform a specific task, such as data entry; supply chain management; and data collection.
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With 80 million jobs in the US considered good candidates for automation, it’s no wonder people are struggling to implement automation solutions in their organizations.
The current rate of adoption is that the global market for RPA will grow from $846 million in 2018 to approximately $4 billion in 2025.
RPA is the fastest growing part of the enterprise software market, and SMEs have increased access to automation solutions after several years of being used by large enterprises.
For example, our RPA partner, Kofax, has seen substantial growth in the last two years alone – largely due to its ease of use for small businesses.
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Typically, with manual setup, a worker will receive a sales order and proceed to enter his own data for each step of the process. And it doesn’t even go into other aspects of manual tasks, like tracking invoices or printing and collecting documents.
With RPA, bots can be trained to automate end-to-end sales processes, including invoicing and data processing.
This saves time for workers from having to perform manual tasks; saves the employer’s labor costs as he has to pay someone to do menial tasks, and more importantly improves customer satisfaction by speeding up the sales order process while reducing the risk of errors.
This is just one of the many ways companies use technology to gain a competitive advantage in the world of modern technology solutions.
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Another example of modern technology solutions is intelligent methods for data extraction and processing which can be a huge advantage for modern businesses.
Workers have years of experience copying data from documents and entering them manually into record systems.
Document data extraction, the process of digitally copying data automatically, can save countless employees time.
Purchase orders; client documents; customer records; invoices – all and more can be quickly and easily scanned for accurate information, improving data validation.
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Another benefit of having a data extraction system is the ability to store your data exactly when 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 in action
Consider a business that processes its service requests manually, asks employees to view pdf documents and then enters the data they view into their work computers.
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This takes a lot of time and decision makers are not happy with their slow response, so they implement a document data extraction solution to help them.
Now, using the workaround, the PDF is automatically parsed, scanning each field and reporting the information to the repository, where the RPA bot can then take over the process.
By extracting data from documents like these, workers can spend their time doing more valuable operational work, saving time and speeding up processes.
When advanced technologies like these are used strategically, document data streamlining can provide invaluable use cases for today’s businesses.
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One of the main concerns of businesses undergoing digital transformation is improving the flow of data within organizations – unfortunately, new advances in business computer technology offer many opportunities to streamline workflows.
With examples of modern technologies and 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 data to the right people at the right time, regardless of department.
Workflow tools, especially cloud-based systems, are great for creating platforms for organizing work processes and projects in teams.
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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.
A client, WaterTech, came to us with concerns about their document management. They rely heavily on paper processes and feel that their operations slow down their systems significantly, especially in relation to sales order processing.
To address this issue, we audited their system and devised a strategy to digitize their document workflow, deploying it ahead of schedule.
With the new system, we were able to streamline their workflow by significantly digitizing their paper processes, centralizing document data for easy access, and reducing reliance on manual tasks while improving workflow.
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Because of our system, they were able to cut paper and storage costs by $500 per month, increase their productivity, and have a cloud infrastructure that can be upgraded in the future if needed.
This is a great example of technological development showing the impact of technology on businesses to make a difference in their daily processes and save money at the same time – an example of the role technology plays in business growth.
“We can press a button and get information about our customers and clients which speeds up our process faster. It’s a push of a button, not 10,000 sheets of paper.” – Jackie Clark-Edwards, CEO of Chicagoland Fat Loss Camps
With increased spending on automation, more and more AI assets are being implemented in the systems of many high-tech SMEs; Another example of high technology in business.
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People are contacting bots for customer service more than ever, and businesses are using chatbots more often in their organizations.
They are great at solving simple problems, while more complex problems can be passed on to the right person for handling.
This means a lighter burden for staff who have to handle simple inquiries from customers much less frequently.
In the past, people used to be reluctant to deal with AI assistants, but the new technology means a lot of enhanced functionality like AI-assisted speech recognition and sentiment analysis of messages and emails.
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For businesses, the goal here is to engage relevant people as early as possible and streamline engagement with clients.
A business is constantly being bombarded with questions from customers about its products and services. The customer support staff responded as quickly as possible, but that wasn’t enough, and the customer was bounced off, losing their business.
They decided to implement a chatbot that could quickly answer the most frequently asked questions of site visitors, eliminating repetitive questions from the team, and allowing them to spend more time on other questions that took up their time.
Chatbots are also scalable, meaning if there is a surge of users, they can be scaled up to meet demand and then scaled down during less busy periods.
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The current rate of expansion of the managed services market is a result of the increasing expectations of SMEs regarding the platforms they use in all aspects of their business; from their CRM to their mobile platform.
Companies want customized solutions for unique processes, and when they don’t have proper procedures in place, users take matters into their own hands, devising ad hoc methods to fill gaps.
This tends to lead to deposits of tribal and organizational knowledge, making it difficult to join, for example, new employees.
Fortunately, industry-leading low-code platforms like Mendix are readily available to SMBs of all sizes and offer the opportunity to meet needs that simply cannot be solved.
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Low code development means application building tools that can handle or optimize complex or specific tasks – as easy as drag and drop and require less time than regular 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 SMB enterprise-grade applications at a lower price.