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How Technology will Shape the Future of Business

Technology is in a continuous state of development and upgrade, so there is no wonder why it influences all the industries existent out there. Businesses already adopted many changes that entirely modified the way some tasks are being handled, and that’s for the better. The tendencies that happen in business at the moment will have a direct impact on the profitability of companies. There are official reports created by trustful research companies and business magazines that emphasize the current global market. One of the reports was published by Accenture in 2017, and it presented a vision that finally contoured now.

 

Current tendencies

The first big influence puts artificial intelligence in the center of attention, which can represent an interface between businesses and their clients. AI has the ability to make interactions much simpler than they are in reality. AI is supposed to revolutionize the way data that comes from customers are handled. It should improve the way business owners handle sales and the customer satisfaction altogether. Scientists believe that AI can think as individuals and align the needs of the business with the needs of the customers. This one trend could be tremendously beneficial for all companies, regardless of their specifics.

The second influence has to do with merging technology with human behaviors. Human-centered approaches are the ones that are sought in the near future. Developing technologies that are capable to adopt the habits of individuals and help them accordingly could change the game in business. In large companies, paying attention to the personal needs and preferences of each customer is impossible from all points of view.

Well, technology can make this approachable by developing solutions that deliver the services that executives need for understanding their customers better. This will lead to offering customized services for every client in a timely manner. Tech progress is directly related to personalization, so businesses expect that by 2020.

Finally, the last trend concerns the development of ecosystems. Platform companies that offer a single access point for a list of many services have completely eliminated the classic operating rules and the competition between them. They no longer only need a platform strategy but require a broad ecosystem approach to differentiate themselves into the new Tech Era.

In fact, more than one-fourth of the executives who took part in the Accenture study said digital ecosystems are transforming how organizations provide value to their customers. This became true. Businesses are now focused on HR platforms and online workforce solutions. The number of such applications is on the rise. Big companies abandon traditional hierarchies and replace them with software.

 

New back-office and HR technology features

Executives can now rely on software programs that are able to organize the information they need in order to keep the business running. Back-office and HR technology represents the future of managing a business. This could lead to saving huge amounts of money. Cutting costs on managerial services by using software that gathers all processes together and handles them at once represents a big step forward for the business industry. Here are some features that business owners can use since the technological boom happened:

  • Tracking time efficiently

Tracking time implies many calculations and human errors can lead to serious consequences. Having a program handling this task is safer and rapid. Time tracking in businesses is directly linked to internal costs and margins, that have to be estimated correctly. Every business should invest in customizable time-tracking software programs to improve profit rates.

  • Having all expenses in one single place

Calculating mileage can be troubling if the expenses are not stored properly. Having the business receipts in one place only and automatically calculating the mileage or the taxes based on the respective receipts can minimize errors and reduce the time spent on completing these tasks.

  • Handling client invoicing better

Client invoicing often involves legal issues, so it’s best to handle them technologically rather than manually. One way to do it is by generating and storing them in a program. Streamlining payments and recovering costs has never been so easy.

  • Storing documents in the cloud

Physical archives should remain in the past. Only regulated businesses require hard copies of their documents. Modern businesses have the chance to store all their documents in the cloud. Since cybersecurity improved visibly in the past few years, there is nothing to worry about.

  • 24/7 access

This is one feature that business owners should appreciate the most. The fact that they can access complex databases from the comfort of their home, without being required to go to the office to make a major change or send a report is perhaps the biggest benefit of them all.

These are processes that previously required one employee for each category. Entrepreneurs can now use a simple program to handle all of them at the same time, without requiring further guidance or paying five different salaries. Buying a software license instead is much cheaper and ten times more effective. An online electronic solution could save entrepreneurs a lot of money, time – which is the most precious resource – and energy.

 

Final word

This is the deepest economic transformation since the Industrial Revolution and business owners have to get used to the idea of change. If not keeping an eye on the latest upgrades in term of technology, people risk putting in more effort and time than it is actually required. Technology is meant to make the job of entrepreneurs easier, not complicate it. Even though it might be difficult to accept and adapt to these changes at first, their benefits are greater than the effort implied.

An increased efficiency along with a better protection for informational assets should be enough to convince any executive that technology is the go-to choice of the future. Technology also breaks the limitations that businesses had to face in the past. These limitations usually refer to communication between employees, cultural differences, language differences, and long-distance partnerships. By using technology, entrepreneurs can encourage the collaboration between coworkers, thus increasing their productivity. The wide range of benefits can only be acknowledged by trying the tech solutions directly.