Business innovation is one of the differences between billion dollar companies and thousand dollar companies. A business that fails to change with the times will definitely struggle at some point.
On the other hand, if you continue to tweak your business practices in order to meet up with customer’s demand then there’s only a very slim chance that you fail.
Is there a better way to practice business innovation than to incorporate digital technology?
Well, there may be other ways but choosing to embrace digital in other to grow your business is a decision that has led to wonderful results for so many firms.
In this article, we recommend some business innovation practices that your start-up or company could easily implement with the aid of technology. The good news is that you can start working on these business innovations right away.
Hold on. Why do you really need to innovate your business with technology?
Here are a few reasons
- It is a great way to stay ahead of competitors
- Business innovation increases employee productivity
- It also provides new channels to maximize profit
Now, you got that, you’re ready to meet these simple ways to boost your business with technology
Top Five Ways To Innovate Your Business With Technology Right Away
1. Use Of Cloud Computing To Secure Business Data
The use of traditional storage devices such as hard disk drive exposes your business to potential hackers.
Whether your an SME or multi-million dollar company, you can innovate your business by using cloud computing technology to store your business data.
Aside from providing an additional layer of security, a number of cloud computing software for business allow data to be automatically synced across devices.
Employees are by this means allowed to collaborate on projects simultaneously, thus, allowing more work to be done in a short time. You could try out Dropbox, Box.com or Google Docs for a start.
2. Embracing Augmented Reality Devices
This technology business innovation practice lies in the fact that business ideas are better seen than heard or discussed.
As long as your business can afford it, you will increase client experience by adding Augmented Reality devices to the list of technology used in the office. Your employees could use it to show designs to client and develop solutions that are more real.
For instance, an architect can use AR devices like the Vurfine wearable display to allow a property owner to properly visualize what the soon to be erected building will look like.
3. Integrating A Cryptocurrency Payment Gateway
Unless you’re living in Mars, there is a chance that you have heard about cryptocurrencies in general or at least about Bitcoin. These virtual currencies are gaining traction with some set of people preferring crypto payments to the other payment gateways.
Do you know that a number of car dealers in the US are already accepting cryptocurrency payments?
You can innovate your business by adding an option that allows clients that use cryptocurrency to pay for goods and services. This will open up a new income channel for your company and attract new customers.
It is important, though that you learn more about it cryptocurrencies. Their prices are highly volatile and if not properly managed can lead to huge profits or losses within a very short spell.
4. Embracing Digital Marketing Technologies
Sales are the soul of a business and you can increase sales by using technology to promote your business. This could be in the form setting up a website for your business or even creating an e-commerce website to compliment your offline marketing efforts.
A lot of people have become immune to traditional marketing tactics since they now spend a lot of their time with their devices. Tapping into digital marketing will not only innovate your business but also lead to a higher ROI if you hire a digital marketing expert who knows the game.
There is no limit to the number of consumers or clients that your business can attract over the internet since it transcends locations. International clients are easier to attract when your business has an online presence.
5. Use of AI Chatbots
When you have given your business an online presence, you can tap into AI-powered chatbots to improve customer experience. This could be a live messaging tool on your website or one that is built as an attachment to a social media profile such as a facebook page.
AI-powered chatbots are designed to provide real-time assistance to clients using the pre-recorded information made available to it by your business. They usually exist in the form of text chats or voice assistance and can be set up within a short time.
Chatbots are a great way to provide your clients or consumers with answers to some questions that they may have about your business. It could also assist them to carry out simple tasks such as making a reservation or paying a bill.
As mentioned earlier, innovating your business with technology is one of the best ways to peel away from your competitors. It will also place your business in a great position to deal with any wave of innovation that gets to your industry.