In many ways, the COVID-19 pandemic has altered business altogether. Remote work is on an unprecedented rise. We buy, sell, and establish relationships (both personal and business) primarily online. Naturally, there are significant downsides–millions of people lost their jobs, thousands of businesses shut down altogether, and the global economy is in a massive crisis. But, as usual, there’s also the bright side–as it happens, coronavirus significantly accelerated the digital transformation that started many years ago. Let’s learn more about digital transformation technologies.
Today, companies that operate online celebrate previously unseen growth. If you haven’t started digitizing your business yet, you must be wondering what technologies and solutions should be utilized to make this shift efficient and beneficial. Thankfully, Addepto comes to the rescue. In this article, we will guide you through the most promising and crucial digital transformation technologies. Let us dive in; it’s time to digitize your company!
The new digital business reality
Today, modern, sophisticated technologies that are designed to enhance your business are literally mushrooming. And indeed, many of them allow you to work faster, more efficiently, and, in many instances, cheaper too. For instance, AI enables your company to save large amounts of money, as it has all the necessary potential to automate and accelerate many tasks that previously had to be done by human employees.
Social media offers a tremendous possibility to promote your business among people and organizations in almost every country. And that’s possible within minutes! Finally, the cloud makes it accessible to store your data and software securely and efficiently. The fact is, nowadays, running a business is as straightforward as it has never been before. However, there is a price you have to pay for all of those perks and innovations. You have to understand (at least to some extent) how they work and how to select the most useful ones. And then, you have to buy them, which might seem costly, especially in the beginning.
But be in no doubt, many of these technologies turn out to be profitable in the long run. And that’s why you have us! We want to show you only these technologies that are undisputedly worth your time, money, and attention.
Digital transformation technologies: AI and ML
By 2025, the global AI market is expected to reach almost 60 billion USD.
At Addepto, we utilize AI and ML every day! These technologies simply had to be on top of our list! But they are here for a reason. Generally speaking, both these technologies are designed to take repetitive, simple tasks off people’s heads. Of course, automation tools, which are discussed later in this article, have a similar purpose, but that’s an entirely different story.
At this point, we ought to explain that Artificial Intelligence and Machine Learning are not identical terms. Although ML is strictly related to AI, they are two different technologies. AI is a concept to create intelligent machines, algorithms, and applications that can simulate human thinking capability and can operate without human assistance. Actually, it’s a broad term that comprises many technologies and applications.
Machine learning is a technology that enables programs and algorithms to learn from data and experience without human assistance. Hence the name–it’s all about machine(s) learning (themselves). If you’d like to read more about the similarities and differences between these two technologies, we encourage you to read our AI vs. ML comparison.
Various AI/ML algorithms are commonly used to:
- Automate communication and customer service (chatbots, voice bots, personal assistants)
- Accelerate human work (AI-fueled algorithms are, for example, extremely helpful in the drug development process. The computer vision algorithms accelerate work in financial institutions by verifying new customers.)
- Predict future (sales estimation, customer churn, salary levels)
- Improve education on various levels (auto-grading algorithms and ML-aided teaching assistants)
- Make more accurate business decisions (this is what business intelligence is all about)
- Making more accurate diagnoses and implementing effective treatment.
And many, many more tasks and applications! In short, AI helps you automate and accelerate your work. Some of AI algorithms and apps are ready-made and can be customized to your company’s needs. Some have to be built from scratch, specifically according to your requirements.
If you are interested in implementing some kind of AI/ML software in your company, drop us a line! We are always more than happy to guide you through this fascinating world and show you how artificial intelligence can improve your business.
Digital transformation technologies: The cloud
94% of enterprises already use a cloud service.
The cloud services are our next stop. In short, the cloud allows you to store, process, and analyze data your company possesses in a quick, safe, and effective way. No wonder that cloud services are taking the business world by storm. Cloud offers enhanced security and stability, helps cut costs, and gives companies much greater flexibility. Moreover, your team can be scattered worldwide and can still effectively work on the same projects and assignments thanks to the cloud. With this technology, no additional software is necessary. All you need is an Internet connection.
In early 2020, we mentioned Cloud computing as one of the essential big data trends for this year. And we were right! Today, even micro-enterprises utilize this technology. Mainly because of the benefits it offers, but we have more good news. Cloud is one of the cheapest technologies on our list. In fact, for the SMEs’ (Small Medium-sized Enterprises) needs, it can be for free!
It is a fantastic example of an open-source cloud solution that’s available all over the world, 24/7. All you need to use Google Drive is a free Google account. With Google Drive, you can:
- Share and store your files
- Work on the same projects with your team
- Communicate with your coworkers and clients via Google Meet
With a free account, you have access to 15GB of space for your files, which is more than enough when it comes to the majority of small companies.
Digital transformation technologies:
Businesses that implement marketing automation experience an average of a 451% increase in qualified leads.
In the companies of the future, humans will be responsible just for the crucial, strategic decisions and tasks. Machines and algorithms will execute all of the repetitive, straightforward assignments. Sounds like science fiction? By no means! It happens already! Especially in the marketing field. You have to know that marketing automation is currently a dynamically developing area. The main idea is to conduct efficient marketing campaigns without human assistance.
In other words, you just set your campaign and let algorithms take care of its execution. For instance, there are several email marketing automation tools available in the market. They allow you to send thousands of emails within seconds, and, more importantly, they do so with no damage to your email servers or hosting.
Similarly, there are advanced CRM programs that automate the sales process. They track each potential client and send them notifications and reminders when necessary. Your salespeople just have to supervise the process.
We can expect that, soon, other aspects of doing business will be automated as well. Chiefly because of the benefits automation offers. And they are your must-haves!
- Time savings: Thanks to automation tools, you don’t have to spend time on doing simple, repetitive things, like sending emails to your customers.
- Financial savings: With automation tools and services, you can reduce employment.
What’s the difference between automation tools and AI? In fact, automation tools can utilize AI-aided algorithms, but that’s not a necessity. Automation tools operate automatically, within earlier imposed limits and principles. They don’t “think”, while AI can.
Facebook is the leading social platform, reaching over 60% of internet users (in 2018).
As Jimmy Wales once said, “If it isn’t on Google, it doesn’t exist.” Today, we could paraphrase this statement and say, “If it isn’t on Facebook, it doesn’t exist.” The truth is, every digital company has to utilize social media in one way or another, especially Facebook. Today, it’s the largest social media platform ever, and shortly, it will become the largest e-commerce platform as well!
Facebook allows you to reach customers in almost every country, and do so within seconds! Facebook ads offer tremendous targeting capabilities. Did you know that there are 1,300+ targeting options to choose from? If you want to grow your business and attract more customers, Facebook is your must-have. Even B2B companies have found their place here, although it’s rather a B2C environment.
Internet of Things (IoT)
The number of IoT devices that are active is expected to grow to 22 billion by 2025.
Internet of Things has the last place on our list, and for a reason. Yes, we have to admit that IoT is not yet a technology every company wants to digitize their business thinks of. But shortly, it will change. And that’s due to the fantastic possibilities IoT offers. But first, let’s talk about basics.
Generally speaking, the whole IoT point is based on extending the internet beyond computers and mobile devices to a whole new range of other things and processes. In other words, we’re taking various items and appliances and connect them to the internet.
There are many various applications of IoT. Today, let’s focus on just two examples:
With IoT, you can install a multitude of sensors connected to the internet that measure specific parameters (like, for example, temperature, motion, light, air quality, etc.). These sensors can be placed in places (warehouses, stores, vehicles) where products are made, stored, and transported. How can this be useful? Well, this technology provides valuable insight regarding products customers buy every day. It helps to build customer loyalty and positive experiences. Just think of it.
Wouldn’t you be interested in purchasing a product (let’s say ice cream) that you know for sure has been stored in appropriate temperature all the way from the factory up to the store where you bought it? Of course, you would! This is how IoT works–gives us more information about the products we buy.
Let’s say you run a fleet management company. You have thousands of cars and their drivers under your supervision. The IoT sensors can be installed in every car, which gives you unprecedented insight into a vehicle and its parameters:
- In-cab analytics are utilized to ensure that drivers in your fleet are driving responsibly and efficiently.
- Preventative vehicle maintenance provides data on things like tire pressure, vehicle battery, and general engine condition. As a result, you have constant insight into each car’s technical condition, allowing you to react when the very first symptoms of mechanical problems appear.
The IoT technology can be combined with other solutions from our list. For instance, you can keep data originating from IoT sensors in the cloud or use machine learning algorithms to analyze and process that data.
There are many more technologies that aid you in digital transformation. We advise you to read some more about additive manufacturing (3D printing), blockchain, or augmented reality. All of them are just stunning, but we haven’t placed them on our list, mainly because we think that the majority of companies digitizing their business won’t be interested in adopting them, especially at the beginning of this process.
If you are thinking about making use of AI in your company, drop us a line. We will gladly help you implement this technology and make your work more efficient. https://techjury.net/blog/ai-statistics/#gref