Many businesses are aware that in order to maintain growth, continual development into technologies has to be a top priority. At the forefront of many entrepreneurial minds in this digital age is that burning question – what is the latest innovative technology and how can it disrupt and and improve my business?
Of course, some businesses are hesitant or uninformed on how to make these major changes within their long-established processes and methodologies. Looking at how cutting-edge tech has enhanced conventional systems, operations and customer satisfaction can be a helpful practice for those thinking about taking the plunge.
80% of companies say digitizing their business has increased profitability.
The progressive rise in internet connected devices has birthed the IoT era, paving the way for businesses and consumers alike to make informed decisions based on trends or patterns uncovered in data analytics.
It is well noted that the marketing industry has benefited hugely from this. From creating targeted campaigns based on data insights, to learning more about consumers and their buying habits without having to conduct time-consuming surveys and research.
A lesser known use-case is the ability to monitor an internet connected piece of specialist equipment in real-time. Processing such data can help to reduce machine failures, make predictions about performance, enhance machine learning and stay on top of maintenance.
Corporates such as IBM, Sap and Siemens have been utilizing predictive maintenance methods to improve their systems and equipment monitoring protocols. A recent analysis by IoT analytics envisions that the market for predictive maintenance applications will grow at a 39% AGR in the next few years, soaring to $10.9B by 2022.
In the ever-changing business and tech climate, some companies find themselves getting left behind in the race to advancement.
One such company caught their flagship service sinking early and by choosing to innovate rather than limp along trying to keep up – not only prevented it’s premature foreclosure – but improved sales and profitability tenfold.
A retail store that was seeing a decline in sales, as is more and more common in present times – and quickly outsourced app development to build an online portal for customers. The App included online ordering capability, access to exclusive promotions, as well as store trip planning and fashion advice – which immediately boosted sales and loyalty.
A survey conducted by ABI Research revealed that US consumers who had downloaded a retailer-branded app were 45.8% more likely to visit the store or purchase that brands products and services. Over a third (35.8%) of respondents also said they would recommend the store to others. These numbers are promising for an industry that has suffered greatly since the online shopping revolution.
Security monitoring with recorded cameras is not a new concept. Many governing bodies and individuals alike have been using this technology for years to keep tabs on populace activity and assist in crime prevention.
The Chinese government has taken this one step further by collaborating with AI firm Watrix who have utilised “gait technology” to create software that can perform an analysis of how an individual’s body moves, walks and behaves. The software can recognise anyone on the system – even if they manufacture a limp, hide their face or take on an alternative posture.
The controversial government rollout has been subject to intense debate on ethics and privacy, but is currently being used by police in Beijing and Shanghai to track criminals and provide faster emergency dispatch. The first successful conviction of a criminal using gait biometrics was in 2008, whereby CCTV footage was used to analyze his walk and identify him.
The International Labour Organisation reports that over 2 million people suffer from work-related disease and injury every year, globally. The ILO states that many go unreported, so there is a likelihood that the actual number is much greater. This alarming statistic is compounded by a shocking 6,000 deaths every single day in the workplace.
One possible prevention of disease and illness could be wearable tech, which has already been utilized in health and fitness since the advent of the FitBit and other such devices. The ability to accurately monitor heart rate, temperature or even air purity and toxicity ingestion on an individual basis could prevent all manner of preventable illnesses, as well as prioritise the well-being of staff.
Going ‘paperless’ has been a popular topic since digitization became prevalent in society and business. According to Gartner – In the US, the cost of paperwork maintenance such as storage, filing and locating documents was estimated to be as much as $35bn per year.
It stands to reason then, that going paperless save businesses huge amounts of cost and time. But according to the UK’s National Health Service, going paperless could also help to keep patients safe. ‘Paperless 2020’ the new initiative currently in motion in Great Britain outlines ways in which the health service can be improved with technology to reduce errors, avoid unnecessary wait times, reduce heavy workloads on staff and give patients more control over their healthcare.
Implementing online booking systems to allocate Doctor’s appointments, self check-in machines and online ordering of medication can help staff and patients have a smoother experience and make potentially uncomfortable or anxiety inducing procedures markedly more simple.
Many retailers and businesses are already implementing many of these updated systems and it’s encouraging to note that governments and critical public services are stepping into the fray to try and integrate technological advancement into society to help improve, optimise and more accurately carry out daily tasks.
Do you think your business would benefit from digital transformation? Feel free to get in touch with our innovation experts and we can discuss how to get your company on the right path towards digital innovation.
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