The world is digitizing at a rapid pace. Some are calling this a technological revolution, and that’s not just an endearing term to apply to all the incredible innovations we’re witnessing come alive before our very eyes. It’s truly the Fourth Industrial Revolution. And it’s already here.
I’m not sure why anyone would want to, but we can’t outrun global digitization. If leaders want to survive the ever-changing, dog-eat-dog business landscape of their industries, they must adapt. This is ‘Digital Darwinism’ — a take on Charles Darwin’s theory that says organisms with the strongest characteristics persevere. The strongest survive not only because they’re ‘strong,’ but because they were able to adapt to change better and faster than other organisms. And this is true of small businesses as well.
Are you paying attention to the transformative tech that could benefit your business and customers? Are you fervently implementing this technology into your company? This blog will highlight some of the most critical technology that small businesses need to adapt and survive in today’s competitive landscape.
How businesses use AI will differ depending on their customers, industry, and their business needs, but its benefits are undeniable. Artificial intelligence helps to make company processes more efficient, while giving leaders and employees the time to devote to forward-thinking initiatives that will help grow the business. It also supports business expansion and can generate more revenue. Deploying data and analytics allows companies to expand into other areas that may have not made business sense in the past. And it pays off. 22 percent of companies that use AI report that the technology accounted for over 5 percent of their yearly earnings the previous year — a number that is only expected to grow over the next decade.
By using artificial intelligence, businesses can also enhance the customer experience and better their customer service efforts. Customized and personalized interactions lead to happier, more engaged customers.
People believe that augmented reality is only beneficial as it applies to the gaming industry, but this isn’t true. AR can help industries like healthcare, retail, ecommerce, real estate, and finance build brand loyalty and cultivate greater customer relationships — both of which increase retention and revenue.
Companies can use augmented reality to showcase their products in 3D, market their products or services in a way that invites the customer into another world, and keeps customers coming back for more. AR might be a relatively new concept for a lot of small business owners, but it’s quickly taking over the world, so consider finding out how to use it for your business.
Similarly to AI and AR, chatbots also have to alleviate employees from mundane tasks (which increases productivity and creativity) while also enhancing the customer experience (which will have them praising your company to others).
Chatbots can be ‘on’ 24/7, they can generate a higher number of conversations than their human counterparts, and they can also handle a far greater number of tasks than other employees. While companies shouldn’t replace their customer service team, there are ways to automate the process in a meaningful, efficient way.
These digital tools aren’t just fun technologies to play around with — they are the future of business. If you aren’t constantly adapting your business with these innovations in mind, you will soon find yourself losing out to the competition. Don’t let that happen.