FOUR WAYS TECHNOLOGY IS TRANSFORMING BUSINESS TODAY

Any professional knows that business is always changing, and an organization’s success is determined by whether it can keep up with the pace of those developments. Advancements in technology, such as artificial intelligence and cloud storage, have accelerated digital transformation in companies of all kinds. These changes bring both opportunities and challenges as leaders look for the best approach to adopting new technology and planning for growth over the years to come. Keeping an enterprise on the right track under these conditions calls for executives and management who are well-versed in strategic principles and ready to take advantage of emerging tools. Individuals who are interested in taking on a leadership role in today’s companies need an education that provides a solid grounding in the latest technology and processes. They can build the skills that lead to agile, growing organizations by earning an MBA online and learning about some of the most important ways technology has revolutionized business.

1. PERSONALIZED CUSTOMER EXPERIENCES

Organizations are drawing on their ability to collect and store unprecedented amounts of data in an effort to improve every aspect of the customer experience. Detailed segmentation is a powerful means of targeting marketing activities, improving service, and ensuring products and services fulfill consumer demands. Analytics has opened the door for a whole new level of personalization, with interactions tailored to individual interests and behavior. As a result, online shopping experiences are becoming highly customized, with e-commerce sites offering each user their own recommendations based on past searches. Marketing emails can be directed to people who fit increasingly narrow profiles, with calls-to-action that are calculated to maximize conversions. Plus, immediate access to relevant information about customers allows contact centers to streamline interactions, minimizing hold times and redundant exchanges.

2. SPEEDING UP LOGISTICS AND FULFILLMENT

Robust stores of quantitative information have also enabled advancements in fulfillment, getting products out to consumers at an ever-quickening pace. E-commerce businesses combine advanced approaches to operations and logistics with vertical integration to optimize their inventory management and shipping methods. The more these companies know about everything from the contents of shipments to weather conditions, the better they can plan for delivering products as fast as possible. The progress in logistics technology has made fast delivery a vital part of how many organizations function. Consumers continue to have higher expectations for speed and convenience, which means decision-makers must streamline every step between ordering and delivery, using analytics to anticipate periods of high demand. By prioritizing fulfillment, a business demonstrates agility and prepares itself to scale for growth.

3. MOBILE APPS DRIVE ENGAGEMENT

The convenience of having an internet-connected device in your pocket forever changed how businesses interact with customers. As the public embraced using their mobile devices to shop and communicate with brands, companies looked for ways to use this shift to encourage loyalty. Apps are now the cornerstone of engagement initiatives, with organizations constantly finding chances to create seamless, omnichannel connections with their customers. Leaders need to think about how the features available on wireless devices fit into their company’s overall engagement strategy. Apps may provide special offers and convenient features, encouraging shoppers to make purchases from a mobile-optimized e-commerce site or stop by a brick-and-mortar location. With an eye-catching design and friendly interactions, these apps can be an ideal tool for making a brand part of someone’s everyday life.

4. THE RISE OF AUTOMATION

The most significant technological change for businesses in recent years has been the leaps forward in artificial intelligence. Systems built for machine learning and predictive analytics have caused companies of all kinds to rethink how they approach tasks from customer service to cybersecurity. Complex algorithms are able to complete sophisticated tasks in a fraction of the time it would take human analysts. As Harvard Business Review explained, this technology will continue to remake how companies function. However, that does not mean human workers will be replaced. Rather, it will only become more important that professionals understand how to adapt their processes and strategies to utilize the tools they have available.

LEARNING THE SKILLS TO USE TODAY’S BUSINESS TECHNOLOGY

Preparing for the future of business technology begins with a high-quality education in the best tools that are available today. Online MBA courses from Villanova University give students hands-on experience using state-of-the-art software to solve real-world problems. Classes in information technology, analytics and operations teach graduates the skills they need to lead the way in a fast-paced, data-driven business environment. Visit the program page to learn about how Villanova School of Business readies students to capture the opportunities offered by big data and automation. 

Recommended Readings:

Sources:

https://hbr.org/cover-story/2017/07/the-business-of-artificial-intelligence

https://www.entrepreneur.com/article/288149#

https://www.forbes.com/sites/brianrashid/2017/06/13/digital-transformation-and-innovation-in-todays-business-world/#1b3321944905

http://smallbusiness.chron.com/impact-technological-change-business-activity-2191.html

http://mitsloan.mit.edu/newsroom/articles/better-personalization-through-predictive-analytics/

https://dzone.com/articles/how-big-data-is-disrupting-the-logistics-industry