Top Technological Innovations for Business Transformation

Innovation and Technology are key parts of business today. In fact, they both work hand in hand. Here are some technological innovations that made waves in recent times:

Artificial Intelligence (AI)

A lot has been said about Artificial intelligence and its impact on businesses. It has significantly affected and improved the way customers interact with businesses via intelligent websites and chatbots. According to Forbes, 80% of enterprises are now investing or planning to expand in AI platforms.

 

“The largest impacts across all industries—from retail to healthcare, hospitality to finance—are felt when AI improves data security, decision-making, employee output, trainings, speed and accuracy,”

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Maddy Martin, community vice chair and head of growth and education for Smith.AI, said. “With more capable staff, better-qualified sales leads, more efficient issue resolution, and systems that feed actual data back in for future process and product improvements, companies employing AI technologies can use resources with far greater efficiency. Best of all, as investment and competition increase in the AI realm, costs are reduced.”

Ultra-Fast Internet

There is an insatiable appetite for super-fast internet by most individual users of it. This need is even greater for businesses, either big or small. This helps improve business efficiency and provide reliable communication tools for companies that rely on remote workers. To satisfy this need, there has been the invention of 5G, which is exponentially faster than 4G. The effects of this technology, though, are up for debate with some quarters labelling it as dangerous.

Virtual Reality (VR)

While Virtual Reality might be seen as an innovation solely beneficial for gaming and entertainment, it has recently more widespread applications in businesses. According to Flatworld Solutions in an article on “Virtual Reality and Its Impact on Business”, the following are impacts of VR on business:

  • An all-new level of product prototyping
  • Reduced business travel & efficient business meetings
  • E-commerce advertising will see a new side
  • VR can provide competitive advantage to businesses
  • Interviewing candidates will be easier
  • The future of retail will be very different
  • Virtual conferences and meetings will be popular
  • VR will be an important tool in training
  • Affordable virtual designing of structures to visualize the project better
  • Offering virtual tours will be possible

Blockchain

A blockchain is, in the simplest of terms, a time-stamped series of immutable records of data that is managed by a cluster of computers not owned by any single entity. Each of these blocks of data (i.e. block) is secured and bound to each other using cryptographic principles (i.e. chain). Originally devised for the digital currency (Bitcoin), the tech community has now found other uses for the technology. Blockchain technology can be used to create a permanent, public, transparent ledger system for compiling data on sales, tracking digital use and payments to content creators, such as wireless users or musicians. It has also found application in financial services and video games.

Internet of Things (IoT)

The Internet of Things, which is commonly called IoT, refers to the billions of devices around the world that are connected to the internet through sensors or Wi-Fi. It’s basically a giant network of objects that connect to the internet. Each device collects data, and this data, known collectively as big data, is exchanged and analyzed. IoT-connected smart devices can be an everyday item such as a phone, car, watch, washing machine, or refrigerator. IoT devices can also be components of machines and systems, such as on an oil rig or airplane engine.

A Forbes article explained the massive benefits of this innovation on businesses, and quite a number of businesses have jumped on board this fast-moving train.

 

 

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Mar 12

How to Harness the Power of Social Media at Trade Shows

We may continue to dispute the true power of social media as a professional marketing tool, but there is little doubt that it remains an incredibly effective way of driving your business forward. This applies to all aspects of business promotion, including offline marketing methods such as attending trade shows and exhibitions, as social media can help to drive consumers to your event and create a buzz around your entire brand.

With this in mind, how can you harness the full power of social media to create a memorable and productive trade show? Consider the following: –

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Prepare Thoroughly and Access Social Media Prior to the Event

Preparation is crucial if you are to successfully utilise social media at a trade show, primarily because it enables you to promote your event and create interest around your brand. By sharing updates and information through an integrated online profile including sites such as Facebook, Twitter and Pinterest, you can alert your audience well advance of the exhibition in question. When using Twitter, you should also remember to include your official brand name a unique hashtag for the event in every communication.

Focus on the Quality rather than Quantity of your Posts

During the show, it is often tempting to subject your followers to a barrage of updates and tweets. This can easily disorientate the customer, however, while also increasing the risk of issuing bland content that is poorly structured or grammatically incorrect. To avoid this, you should focus on creating quality updates rather than producing them in high volume, using creative and engaging content that seeks to drive traffic at specific times of the day.

Post Pictures and Videos While Embracing Multimedia Resources

If you have invested heavily in creative banners and colourful display panels for your trade show, it is crucial to utilise these through audio-visual media and images. These eye-catching design elements can be extremely effective in enticing potential customers, especially if they are shared in real-time through a number of visual social media sites. By sharing this media across high traffic sites such as Pinterest and YouTube, it is possible to narrate a theme throughout the day and enable your customers to share in an interactive trade show experience.

With this in mind, the content of your videos and imagery is also important, so be sure to capture different elements of the day to convey a genuine experience to customers.

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Feb 08

4 Core Principles of Customer Relations That Fuel Business Growth

Companies in all industries and all of sizes understand that customers are perhaps their most valuable asset. Improving the overall customer experience is vital for continued success and survival of their business.

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Customer relation is a way business relates to its customers, clients and patrons. Some business organizations hire people specifically to manage how the company interacts and communicates with people. The goal is to retain existing customers and to gain new ones by providing the best customer relations and clients’ services.

There are some core principles to relationship management that any company can and should follow:

Communication: Listening is just as important as telling. Think about how often you actually speak with your customers. Focus on less financial-driven communication (whether it’s E-mail, phone or face-to-face interaction) if you make your customers feel involved, they feel as though they actually have a stake in your company, and feel like you care about more than just trying to make sales.

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Rewards: Every company should initiate and make provision for reward programs. It is a very simple form of saying “Thank you” and particularly it is a viable and measurable marketing tool that big companies and small businesses can use to retain their customers and grow their business.

Be flexible: Be quick and attentive to customer’s complaints: The objective of customer relation is typically to interact with the customers in order to answer questions, resolve support issues, establish credibility and nurture relationships.

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Here are strategies that Improve Customers Relations and building customer’s loyalty, from simply opening up communications channels to implementing elaborate point systems that reward loyalty enhanced customer communications.

Be prepared to meet and interact with lot of customers at TOSSE 2019.

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  • Providing customer feedback forms
  • Asking about customer needs in general when customer calls with problems
  • Training call-center staff to handle disputes
  • Encouraging a service culture throughout the organization.
Dec 02

Navigating The Path to Business Growth: Innovate or Die

Innovation is a key component of a business. For a business to grow appropriately, the key decision markers and business managers have to think innovatively and creatively. The benefits of innovation on business are already well-documented, so there isn’t really any need to go over it again. In any case, you can read about them here.

How exactly can you think innovatively? Here are a few tips:

  • Clear your head: This should be the first thing you do. Make sure you are relaxed and do not feel pressured. The best ideas are formed in a relaxed and calm atmosphere. If you find it hard to stay calm or keep a clear head, you can complete some relaxing activities like taking a walk while listening to calming music, preferably classical. It works for me and should work for you too.
  • Ask questions: ‘Curiosity kills the cat’ a common phrase. But this does not work when it comes to business. Prime your mind to observe, inquires, question and understand concepts around. Remove any constraints that might inhibit your inquisitive nature. Challenge old ways of doing things and try to imagine new ways that they can be done.

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  • Increase your exposure: Make sure to put yourself in a position where you will be able to observe a wide variety of things. Never assume that any knowledge is useless. Note that ideas are usually birthed from other ideas. Henry Ford got his idea of the assembly line technique of mass production from observing a meatpacking plant. The more exposure you have, the more likely you’re going to pick up ideas for your ideas.
  • Be imaginative: You should be creative. Don’t squash that random idea that comes to you prematurely. Allow your imagination run wild. Think of ways things can be done differently. You can follow some tips to boost your creativity.
  • Exceed boundaries: Don’t feel caged or forced to follow the status quo. Be ready to think outside the box. Learn to deal with and learn from past failures; be ready to take risks to find out what works and what does not.
  • Welcome feedback: Ask for people’s opinions and ideas and gather these to come up with a better idea for your venture. Also, feedback is important to know if a current idea you implemented would be a hit. Never disregard this.
  • Run brainstorming sessions: This can be done individually or in a group, although it is usually more effective when done in a group. This would involve coming up with a large number of new product ideas. Make sure to have people from diverse backgrounds if you plan to have a group brainstorming session. You will be better served if you include a provocative outsider, like a consumer or supplier.

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  • Adapt old solutions for new problems: You could do this by applying an existing product to a new need available. You could look for new uses of your product. For instance, De Beers produced industrial diamonds but found a new use for diamonds when they introduced the concept of engagement rings. It opened up a large new market for them.
  • Watch your competition: This does not mean to blindly follow whatever innovation they come up with. Instead, observe them intelligently. See if there are any of their ideas you can refine and adapt and even possibly license as your own. You can also acquire smaller profitable businesses if possible!
  • Look outside: You can outsource your new project development to external companies to work on this. Company like Edumark Consult can help us engage actively within the education community.  If that seems like a risk for you, you can ask individuals to come up with novel ideas for innovation. Countless big companies have been known to do this successfully.
  • Go back in time: Look back at older business models and products. Try to ascertain which of these models can work for the present market. Be sure to refine it, however, to fit into the current market trends.

The tips above are in no way exhaustive of all the tips that can be used to improve innovative thinking. Also, not all of them might apply to your business model. Whatever the case, use the tips as a guide to building your business even further through innovation.