How has technology impacted business processes in 2017?
2017 was a great year for tech enthusiasts in the business world. With rising adoption of IoT & AI in the business sphere, things improved rapidly- transforming business processes for the better growth. Nearly every business process across multiple industry domains has seen a massive transformation in the year 2017. Due to increased automation, things have changed and tech advancements have impacted business processes, accordingly:
Efficiency in Product Development & Manufacturing Processes
The rising penetration of process automation and workflow management solutions has led to an increase in enterprise productivity. In addition to generic automation schedules, manufacturers are focusing on the increased use of robotics, AI, and IoT.
According to Forbes, manufacturers will invest $267 billion in IoT by 2020 to improve their product development and manufacturing efforts.
In 2017, we saw AI-powered robots and IoT solutions taking a center stage in manufacturing units around the globe and improving their efficiencies immensely.
The Transformation of Sales and Marketing Function
Sales and marketing function in an enterprise has seen a significant shift from push marketing to pull marketing in the year 2017. With the rising influence and penetration of social media and mobile platform, consumers are looking for more information on their mobile devices. Also, they expect to stay updated on latest happenings related to their brands.
Enterprises are investing heavily in social media marketing, mobile app marketing to boost the sales prospects of their business. Technology and particularly the mobile tech has served as a major facilitator for brands to target audiences efficiently and give a boost to their sales and marketing function in 2018.
Moreover, according to Gartner, 30% of the total B2B enterprises will use AI to support the sales processes.
This will further shape the future of sales and marketing in a positive manner.
Live Customer Support is a not a Luxury, it’s a Need-based Reality
Consumers have become smart as well as impatient these days. This has prompted enterprises to transform their customer support function from a tertiary function to a primary function. Consumers want answers to their queries in real-time and they use multiple platforms to shoot queries at the businesses.
Thankfully, technology has massively improved the customer support function. Instead of just voice-based support, technology has empowered businesses to offer live chat support through automated chatbots. Live chat support is now a need-based reality and businesses are embedding such support functions in social media for prompt support delivery according to consumer needs. This means customer support process is now swifter, leaner and more efficient than before.
Manual Operations & Supply Chain Management is now a Thing of Past
Operations management and supply chain management is simple with the adoption of AI-based solutions. Tasks like scheduling, rescheduling, and planning are now being automated with machine learning and big data analytics to help enterprises automate their operations, improve efficiency and save costs. No more business operations are manually taken care of. From manufacturing to heavy industries, operational processes are being transformed with the help of automation.
Decision Making across Multiple Important Processes is being augmented by Artificial Intelligence
According to an independent research,
81% of business executives in Europe believe AI will impact the overall business functioning in the next four years.
A massive impact of AI is seen in accounting, management, HR & finance function.
Everything from data entry to process management is being automated owing to smart machine learning capabilities. AI is helping enterprises reduce the burden of routine task on employees, freeing them to solve sophisticated and dynamic human problems.
Moreover, big data analytics and real-time data tracking are helping management make informed business decisions, helping them improve profitability in the long run. Not only everything is being more streamlined, cloud-based solutions are making it possible to help enterprises stay connected and provide services, products, and solutions to customers, round-the-clock without forcing employees to stay in the office all the time.
Technology has made it possible for businesses to delight customers in a better way. At the same time, tech has empowered businesses to take a fast lane towards growth and profitability in the year 2017. Artificial intelligence, IoT, and growth of mobile platform show significant promise for the year 2018. By leveraging the benefits of innovative technologies and imbibing the same in current business processes, an enterprise can continue to continue their growth journey in the year 2018, too.
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