Business leaders in every industry are all faced with a similar issue when it comes to establishing the direction for their companies. What does the new decade marked by the year 2020 mean for their organizations? This is a viable question to ask since this year marks the time that we used to fantasize about when thinking of the future.
While the flying cars we envisioned are far from being in every garage, we have seen business technology expands at a rate beyond our imagination just 15 years ago. So, what is the number one thing that should be changed in your business plan in 2020?
That one thing that should change is your approach towards technological advancements that can take your business to the next level. We will take a closer look at some of the technologies that will help businesses like yours flourish in 2020 and to include in your business plan.
Artificial intelligence (AI) is one of the most fascinating technological evolutions of this era. In recent years, businesses have been trying to find ways that AI can help improve their sales and operations. A mixture of visual perceptions, decision making, and speech recognition, AI is enhancing customer service and streamlining the internal business processes.
The systems, software, and machines that are powered by AI are growing in their use by both large and small businesses. In fact, there are a lot of companies that outsource AI-powered services to providers that specialize in offering their services to other businesses. Consider the ways AI can boost your business.
Social media marketing
The dawn of social media has been an amazing phenomenon that is responsible for changing the dynamics of modern communication and the direction of trends on the internet. Still very much an enigma to most businesses, using social media to build prospects and engage with target audiences is still something that many marketing departments are scrambling to get a grasp on.
When social media first entered into the spotlight, you had companies trying to unlock the code of using social media to drive sales. Rather than trying to engage with social media like typical users, the recent success of companies on these platforms has come from advertising and special offers.
The internet of things
The internet of things (IoT) is the term used to describe the ever-increasing infrastructure of internet-enabled devices. Also referred to as smart objects, these items are able to be controlled remotely using either Bluetooth or Wi-Fi technologies. Smartphones and tablets work as remotes and monitoring devices for these IoT objects.
There is an expanding variety of smart objects on the market. From outlets, lightbulbs, and printers, to doorbells, printers, and thermostats, IoT objects can make the operations at your business run smoothly. Businesses are currently using IoT devices to increase their efficiency.
Mass payment processing
An excellent way to modernize your business plan is to enhance the way your company processes its bill payments every month. The monthly bills that every company must pay waste time and money. A mass payment system works to eliminate the time spent manually processing bill payments and also saves the money paid to staff to perform the monthly task.
Rather than paying a member of your staff to write checks and send them out every month, mass payment systems automate the process digitally, sending the payments out as scheduled.
Customer relationship management (CRM) software is used to manage a business’s interaction with prospects and previous customers. CRM platforms house data on prospects and customers in a database. The information gathered includes contact information, demographic data, and the history of past transactions with the company.
The information gathered is analyzed and used to create email correspondences and special promotions catered to the needs and interests of the recipient. CRM platforms build strong customer engagement and help drive sales.
Business has been conducted so routinely over the decades, that people often think that what worked in the past should remain prominent in their 2020 business plan for the present and future. Overlooking the vast sphere of changes that we have seen over recent years, is adversely affecting many businesses today.
The fundamentals of business are still pertinent to companies. Still, industry leaders are not wise to pretend that they will keep their standing in their sectors by denying and thumbing their noses at the rising and upcoming trends. Embracing these advancements will benefit the businesses that are willing to bold enough to be early adopters.