Key Takeaways:
- The right technology can boost your business’s productivity and output.
- Technologies are constantly evolving, making it difficult to keep up with the speed of change.
- Start with four emerging technologies that can provide an immediate impact for your business: Artificial Intelligence / Machine Learning, Robotic Process Automation, Natural Language Processing, and Chatbots.
In today’s hyperspeed economy, technology is constantly changing. For your business to delight customers and compete in the marketplace, you need to make strategic investments in cutting-edge technologies.
However, pinpointing the exact technology your enterprise needs can be challenging
To simplify matters, we've compiled a list of four tech categories your business should be looking into. These solutions offer your organization a strategic edge, positioning you for the future of business.
Let’s take a look.
1. Artificial intelligence (AI) & machine learning (ML)
You’ve likely heard of artificial intelligence (AI) and machine learning (ML). These cutting-edge, complementary technologies are part of an ongoing discussion about the future of business operations and human knowledge.
Some companies have embraced AI and ML, building these tools into their workflow. While others are hesitant due to complexity or misconceptions. It’s important to note that AI and ML are tools that enable workers rather than replace them. When these business systems are used to automate processes, they return time and resources to your employees.
For example, consider AI and ML in the sales and marketing context. Keeping a pipeline of leads continually stocked means reps have to spend countless hours prospecting. This time-intensive task takes away from other more meaningful job responsibilities.
However:
- AI can be used to improve the efficiency of prospecting by automating workflows such as lead identification and company research.
- ML can be used to enhance prospecting quality. Once an algorithm has learned enough about your ideal clients, it can score them based on intent and other criteria.
With these solutions in place, you can streamline and enhance operations. The realized gains can help your team focus on high-impact work. And the flexibility that comes from a more efficient workstream can offer you much-needed business resiliency.
2. Robotic process automation (RPA)
Robotic process automation (RPA) is a technology mainly used to enhance traditionally manual processes. In short, it consists of software robots designed to perform specific tasks. RPA represents another form of automation that can significantly boost operational efficiency across various business units and segments.
While RPA and AI share similarities, there's a crucial distinction to understand. RPA focuses on automating repetitive and mundane business processes, while AI aims to emulate human critical thinking in business applications. So, it’s important to develop separate RPA and AI strategies to take full advantage of the technologies.
One natural application of RPA is data processing.
Data is the lifeblood of contemporary business operations, yet it demands considerable time and resources when rooted in manual processes. By employing software robots to gather, standardize, process, and organize data, your business can more readily extract actionable insights from that information. The faster your business can process and analyze data, the quicker you can react to emerging events.
3. Natural language processing (NLP)
Your business deals with hundreds, maybe thousands, of contracts. Vendors, channel partners, service providers, insurers, external advisors, shareholders, and more. These contracts represent legal risk and a significant investment of time and effort.
The sheer volume and variety makes contract review extremely challenging to complete. Additionally, many businesses lack the necessary in-house expertise and resources to dedicate to contract review, meaning they're more likely to outsource the task.
Natural language processing (NLP) tools can assist you in conducting speedy, accurate, and cost-efficient contract reviews. NLP solutions analyze documents and provide key insights. They also offer search functionality for specific phrasing or provisions, allowing you to pinpoint the exact clauses that matter most.
Having this contract intelligence can be crucial for business continuity and risk management. Being aware of your contractual liabilities or rights will help your business better plan and respond to unfolding events.
4. Chatbots
Automated customer service tools, like chatbots, can significantly enhance your customer experience. Chatbots offer a more efficient and consistent approach to delivering satisfactory service to your customers 24/7.
There's possibly nothing more frustrating for a customer than waiting to speak with a representative. Chatbots address this issue by providing an alternative means to resolve their concerns.
Some of the advantages of chatbots include:
- On-demand customer service: A chatbot is accessible whenever a customer needs assistance, eliminating waiting time. Customers may feel that you are more attentive to their needs and wants when receiving an instant response from a chatbot.
- Improved data collection: Chatbots can capture crucial details and data points related to customer inquiries, streamlining the intake process. The quicker you gather customer information, the faster you can address their issues.
- Enhanced customer engagement: You can customize your chatbot's communication style and interactions with customers. Whether you choose a humorous, informal, helpful, or respectful tone, these qualities all contribute to deeper user engagement and a reliable path to resolution or escalation.
Having dynamic customer service tools at your disposal provides important advantages during uncertain times. Brands that leave a lasting impression on consumers through exceptional customer service can forge long-lasting relationships and repeat business.
Talk to Comerica Bank about financing your next implementation
Next-gen technology investment can deliver a powerful return-on-investment for your business. By equipping your team with dynamic tools, you can drive operational excellence, customer satisfaction, and bottom-line growth.
Ready to invest in your tech stack? Don’t let financing hold you back. Find a banking center location near you to learn about our loan and financing options so you can get the tools you need to compete and succeed.
