As the raging Coronavirus pandemic levels up, entrepreneurs should adopt various reopening strategies. Among them is integrating technological advancements and productivity tools that have levelled the playing field for most industries. As more businesses adopt these technologies, it has given cognizance to managers and team leaders in various business sectors to reimagine all possibilities. With a struggling customer base, below are leading technologies that can improve your business performance as you reopen.
1. Artificial Intelligence
Over time, artificial intelligence has widely been applied daily, from smart devices, navigation apps, and more. There is a growing interest from various industries and their benefits to businesses. However, what exactly does AI entails, and how can it help reopen your business?
Generally, artificial intelligence uses machines and other infrastructure that emulate human intellect to perform tasks faster and accurately than humans. Artificial intelligence works using algorithms that combine repetitive processes, analyze large data samples, and automatically learn from patterns. Through this, AI solves most business challenges with ease.
As you reopen, adopting AI solutions to CRM systems in daily operations can help boost sales, improve customer satisfaction, and eliminate labor-intensive expenses. While there is no predetermined potential of artificial intelligence within an organization, it is an important technology if you want to flourish.
2. Machine Learning
As the name suggests, machine learning is a next-level subset of AI that equips machines with the learning abilities to improve performance without human programming or intervention. The power of this technology lies in the use of self-teaching algorithms that enable machines to study and analyze large data samples to identify patterns, make decisions and predictions.
Machine learning has major impacts on any business's profitability and efficiency. With ML, companies can accurately predict customer behavior, suggest product or service recommendations, prevent fraud, and automate various business processes. Predicting customer behavior is especially important during this post-pandemic period. Lessons learned during the pandemic have significantly shifted customer purchase behavior, with most clients preferring to save money or avoid bulk spending in preparations for an unknown future.
Nonetheless, insights gained from machine learning makes it easy to identify new business opportunities that are profitable while minimizing risks. This provides an added advantage to your business over competitors.
The inception of Chatbots, virtual assistance tools, VoIP, and other customer relationship management systems was eased by growing artificial intelligence technologies. Microsoft's Cortana, Apple's Siri, Google Home, and Alexa from Amazon all leverage the internet and AI-based algorithms. That said, Chatbots are computer programs that convincingly resemble human conversations.
They significantly improve customer service, personalize communication, streamline customer's purchase process, improve response rates to customer inquiries, and automate any repetitive workflow. Businesses can take advantage of simple Chatbots designed to complete simple tasks or integrate machine learning technologies for advanced interactions.
With businesses adapting to reopening guidelines provided by the WHO, Chatbots and virtual assistants provide excellent customer service over the internet, thus maintaining social distancing measures.
4. Digital Signage
Apart from managing customer relations and predicting purchase behaviors, you should also effectively market your reopened business. This is where digital signage comes in handy. In the current marketing landscape, customers are attracted to engaging photos, videos, and other multimedia channels. Naturally, human brains are wired to respond and process visual materials faster than texts.
That said, businesses can use digital signage to reach customers into your location and attract those already inside your business. With this medium, you can attract, educate through product demos, entertain, and promote your products to customers. Additionally, you can earn some income by providing paid advertisements for other non-competing businesses.
Unlike other traditional marketing strategies, digital signage is versatile, highly engaging, affordable, and offers high flexibility. They enable businesses to enjoy unique sales presentations. However, to enjoy these benefits, ensure that you select the right hardware, software components and work with the best digital signage service providers.
5. Task Management Tools
Small businesses should also integrate task management tools to save time and money. Tools that allow a business to track tasks digitally instead of manually are beneficial for business owners looking to save time when communicating with their employees and tracking specific tasks assigned to remote workers.
Online task management tools, such as Trello and Asana, can help reopening businesses manage their to-do lists, activity calendars, QuickBooks, and progress of various projects with ease. Users can automate reminders and updates to avoid time wasted checking on all projects individually. Task management tools, such as Microsoft Excel, Microsoft Word, and Microsoft PowerPoint, can also be used as collaborative tools.
Adopting technological solutions in your reopening business helps achieve and maintain competitive advantages. By leveraging several tools, you can decrease operational costs, increase productivity, boost operating capacity, enhance customer experience, and other business transformation. However, with the wide array of tools, you should search deeply to find the best options for your business. This means prioritizing tools that eliminate the need for more employees, minimize overhead costs, streamline financial information, meet customers' needs and other business goals while increasing productivity.