During difficult economic times, businesses often focus on cost-cutting measures such as reducing expenses and slowing down hiring. However, this alone is not enough to succeed during an economic downturn. To come out on top, businesses must also find new ways to grow.
One of the keys to gaining a competitive advantage during economic turbulence is to have streamlined processes, consistent performance, and reliable technology. Business automation can support these efforts, as demonstrated by a survey showing that 74% of companies that used technology solutions for automation during the pandemic found it helpful, with 23% even exceeding their revenue expectations.
Here are five ways to transform your business workflows with the latest technology:
1. Utilize AI AI, or artificial intelligence can be a useful technology for businesses. By incorporating AI-powered automation, companies can improve processes within various business units.
For example, in marketing and sales, AI can be used to personalize marketing strategies and create custom content. In IT and engineering, AI can streamline code writing and review processes. And in risk and legal, it can quickly and accurately provide answers to complex questions by searching through large legal databases.
For instance, a banking software company, nCino, used AI to automate processes related to loan origination and compliance. This allowed the company to securely collect data from clients and onboard them faster. nCino gained an advantage over competitors by reducing the time needed to obtain loans, which was a critical issue during the pandemic.
2. Maximize cloud efficiency Cloud computing costs can be challenging for many firms to manage, primarily because they are unable to monitor the precise usage of their cloud resources. Cloud automation can be an alternative, however. According to 75% of chief information officers, automation has boosted profits, made businesses more agile, and enhanced the customer experience.
3. Cloud automation is a powerful tool for IT teams, enabling them to efficiently create and manage cloud resources. This optimizes resource utilization and minimizes security risks posed by manual workflows. Although automation cannot replace human expertise, it is a game-changer for operational efficiency.
Simplify user experience In today's business world, user experience plays a critical role in shaping corporate processes and how businesses interact with their customers. A seamless front-end experience can make all the difference in a customer's journey. The better the experience, the more likely customers are to return.
Implementing 3D content has the power to skyrocket customer engagement, resulting in a 94% conversion lift. According to Shopify, the technologies behind this transformation include WebGL, Unity, Play Canvas, and PixiJS, making it easier than ever for companies to add a cutting-edge touch to their online presence.
4. Establish cyber resilience As companies grow and technology becomes more complex, it becomes harder to manage security and compliance manually. That can result in slow response times to security issues, mistakes in how resources are set up, and inconsistent policies.
5. Security automation makes it easier to manage security. It facilitates daily operations and integrates security into the way a company uses technology from the start. Most cyber-resilient companies use security automation.
There are three categories of security automation tools to enhance an organization's cybersecurity. Robotic Process Automation (RPA) automates routine tasks with software robots. Security Orchestration, Automation, and Response (SOAR) unify threat views and automate responses. Extended Detection and Response (XDR) integrates security data for better threat visibility and response.
In today's rapidly changing business environment, companies must have the agility to confront and overcome obstacles. Technology provides a vast array of automation and optimization solutions that bring stability and efficiency, acting as a strong foundation and efficient engine to keep your business on course.
However, a one-size-fits-all approach to technology implementation is not the solution.
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