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When the economy is struggling, it’s common for entrepreneurs to focus on cost-cutting measures: cutting costs and delaying hiring. However, simply tightening our belts is not enough to move forward during a recession. The companies that come out on top during economic recovery are the ones that have also found new ways to grow.
So, how can you gain a competitive advantage during economic turbulence?
Streamlined processes, consistent performance and reliable technology are essential. Business automation can support these efforts – as evidenced by the 74% of companies surveyed reported that using technology solutions for automation helped them during the pandemic. In the meantime, 23% even managed to exceed the turnover expectation.
Here are five ways to transform your business workflows with the latest technology:
Related: How to effectively use automation in your business
1. Embrace AI
AI seems to be the buzzword this year with the ChatGPT hype and Google suggests Bard, but it’s a useful technology for businesses. By adding AI-powered automation, companies can boost processes across 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 the areas of risk and legal, it can provide fast and accurate answers to complex questions by searching huge legal databases.
An illustration of the impact of AI on business automation is the case of a banking software company, nCino. The company used AI to automate loan-granting and compliance processes. This allowed the company to securely collect data from customers and get on board faster – and nCino gained an advantage over competitors by reducing the time it takes to obtain loans. That was a critical point during the pandemic.
2. Maximum cloud efficiency
The costs of cloud computing are difficult for many companies to control. This is mainly because they cannot track the precise usage of their cloud resources. In fact, 54% of companies claim that the main reason why resources are wasted is a lack of visibility. However, cloud automation is an alternative. In fact, 75% of chief information officers agree that automation has increased profits, made the company more agile and improved the customer experience.
Cloud automation provides a powerful tool for IT teams to efficiently create and manage cloud resources. This optimizes resource usage and minimizes security risks associated with manual workflows. While automation cannot replace human expertise, it is a breakthrough for operational efficiency.
3. Streamline user experience
In today’s business world, user experience plays a vital role in shaping business processes and how companies 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.
And when it comes to delivering a memorable and engaging experience, the 3D web leads the way. According to Shopify, implementing 3D content has the power to skyrocket customer engagement, resulting in a 94% conversion elevator. The technologies behind this transformation include WebGL, Unity, Play Canvas, and PixiJS, making it easier than ever for businesses to add a cutting-edge touch to their online presence.
Related: How Artificial Intelligence Can Help You Design a Better User Experience
4. Build cyber resilience
As businesses grow and technology becomes more complex, it becomes more difficult to manually manage security and compliance. This can result in slow response times to vulnerabilities, errors in how resources are set up, and inconsistent policies.
Security automation makes it easier to manage security. It simplifies day-to-day operations and integrates security into the way a company uses technology from the start. In fact, 70% of the most cyber-resilient companies use security automation.
There are three categories of security automation tools to improve an organization’s cybersecurity. Robotic Process Automation (RPA) automates routine tasks with software robots. Security Orchestration, Automation and Response (SOAR) unifies threat views and automates responses. Extended Detection and Response (XDR) integrates security data for better threat visibility and response.
Related: Automation is becoming a business requirement: don’t wait until it’s too late
In today’s fast-paced business environment, companies must have the flexibility to face and overcome obstacles. Technology offers a wide range of automation and optimization solutions that provide stability and efficiency, acting as a strong foundation and efficient engine to keep your business on track.
However, a unified approach to technology implementation is not the solution. It is crucial to evaluate your company’s specific needs and implement technology solutions that align with your business goals. Only then can you fully harness the power of technology to achieve long-term success.