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Tech Up: Leveraging Innovation for Business Growth

Tech Up: Leveraging Innovation for Business Growth
Published Sep 09, 2022

For any small- to mid-sized business looking to establish itself as a market leader, it’s important to first reach digital maturity. This means embracing the latest technological innovations across business operations and processes. While not every technological innovation is right for every business, there are several that can be leveraged to help your business grow. From XL.net, here are some technologies to consider.

Cloud Computing

Cloud computing immediately improves the efficiency, security, and scalability of a business for proportionally minimal cost. With the right system, your team and developers will be able to collaborate more easily, your software will be able to update/integrate automatically, your security teams will have greater oversight/control over operations (via granular permissions and access management), and as your business demands increase, your digital infrastructure can grow to match it indefinitely.

A good example of cloud-based innovation can be found in software for accounting. The right program will allow you to send electronic invoices to clients/customers whilst improving the organization of receipts so you can track and prove deductibles.

Proprietary Apps

One of the marks of an established company is software/apps that they themselves have developed. This process has been made easier by the advancement of application development software and an increase in the number of skilled developers, some of whom are available on a freelance basis. Many use proprietary tech simply to streamline their business operations but externally-focused apps are also easily monetized and can be used to deliver new services for your clients.

While proprietary software can be extremely useful when required, you don’t necessarily need to reinvent the wheel when it comes to useful apps. For example, if you need to generate custom invoices quickly, you can create customized invoices online with a free tool. This can be especially handy when you are first starting out. You’re able to completely customize the look of your invoices with color and text, and then you can download it to use as needed.

Digital Marketing

Data can be a boon when it comes to marketing strategy. Having detailed information about customers enables businesses to better understand their customers’ needs and market to them. Data can also be used to personalize marketing campaigns, giving each marketing interaction with a customer a unique quality.

By far the most cost-efficient way to run marketing in the modern age is via digital platforms. Whether you’re using paid social campaigns, Google Adwords, display network advertisements, or email newsletters, we have more thoroughly defined customer profiles than ever before and greater control over how we implement and target our campaigns than we ever did in the physical space. This is just one of the many powerful technologies available to small businesses now.

There is also a greater availability of tools at the hands of a marketer than ever before. A PDF editor, for example, allows you to quickly and efficiently add text, highlights, drawings, and more, whilst also password-protecting the document to defend sensitive files from cyber attacks.

Machine Learning

Machine learning refers to an algorithmic process by which a program can learn from data autonomously. There are a great number of apparent advantages to employing this specific kind of technology but we still haven’t discovered the full range of machine learning’s capabilities. Those businesses that have employed it within data security, finance, healthcare and retail fields (to name a few) are already enjoying huge benefits as computers break down large data sets and identify patterns, faults, and solutions in real-time.

Data Analysis

Speaking of data, there’s a good chance you’re already dealing with or implementing it in your day-to-day operations. Data gathering is now a staple for many businesses as we analyze leads and monitor activity to better understand and attend to customers. Data analysis takes these micro-tasks to another level and helps us to draw new conclusions, condensing and evaluating data sets to procure meaning and help inform decision making. Data analysis is a science form in itself and, if you do not come from a mathematical background, you may need to hire someone who can help you to interpret these large bodies of information.

Conversational AI

With advances in technology, businesses are now moving away from traditional customer service and other human-operated communication channels with AI stepping in to replace them. Conversational AI combines language processing with traditional software to help customers or trainees at a lower cost.

Business Process Management

Among the benefits of business process management (BPM) is how it allows businesses to more accurately coordinate the behavior of people, systems, and information to produce more favorable outcomes that support your strategy. BPM is a valuable tool for managing your digital processes and improving your business. For many established businesses, it’s crucial to establish a BPM framework via automated technology and then to regularly monitor its effectiveness to improve process and output.

If you’re a small to mid-sized business looking to develop, you’ll need to harness the latest technology. Adaptability, open-mindedness, and an eye for innovation are all paramount when it comes to business success in the modern age.

For all your business’s managed IT service needs, contact XL.net today!

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