Current Trends that help our Businesses
The fourth industrial revolution has brought about many market trends that can enhance businesses. The era of big data gives individuals and businesses a chance to engage with the latest trends that can improvise their day to day operations.
The revolution of mass production and similar ideologies are behind us. As Henry Ford quoted, . He was one of the best entrepreneurs of that time, and by switching his assembly line, he was able to mass produce cars which changed the paradigm of supply chain operations at that time.
Nowadays companies focus on the contrary, which is customized products and services that are designed specifically individual needs. It is not just the supply chain operations that have transformed with the current revolution. All aspects of businesses have been influenced by this change. In fact, this revolution can positively impact businesses in various ways:
AI is one of the most used terms in today’s globalized era. Artificial Intelligence doesn’t only translate to the transition of factories into , but it also means software and programs handling many areas of business. A good example is the usage of Chatbots. Chatbots are mostly norms in businesses today. This certainly helps organizations provide better customer service and lead generation opportunities.
Virtual and augmented reality can be used to design specific products and services. For instance, automotive companies currently use these services to design future cars. These automotive companies also use these services as a sales tool to make their potential consumers feel what it is really like to drive their car.
The internet of things and cloud systems are immensely helping organizations store their data and expand. For example, if company X sells home appliances like refrigerators, television sets and more, IoT makes it easier for company X to monitor performances of appliances that are bought by consumers. If your fridge isn’t working, then IoT would allow Company X to resolve the issue before you even complain. This is because they receive the data and monitor performances through IoT. This certainly means more customer engagement. It also means an increase in productivity due the streamlining of tasks. It impacts employee performances as employees can perform better since they can access big data anytime anywhere.
FinTech benefits many organizations, especially small enterprises. It helps SME’s manage their cash flow. Be it electronic invoicing, funding, management, or automating monthly payments, this innovation is extremely beneficent to smooth processes in organizations.