The future is here. Technological advancements are changing the way businesses are run. As a result, competitive advantage has shifted from the product to the customer experience. Here are 5 digital trends that are shaping the future of successful companies:
#1 AI and Automation
Automation and AI are the two words that evoke fear in many people.
It is understandable why people believe that automation will take away their jobs. But, it is also true that it offers amazing opportunities for innovation, creativity and efficiency.
It's not about how much automation or AI we use, but what kind of automation or AI we use.
AI can be used to automate a number of tasks. The benefits of AI in the workplace include increased efficiency and accuracy, reduced production time and cost, and increased productivity.
Some tasks that AI can automate include data cleaning, chatbots, machine learning projects such as image recognition or speech transcription.
Chatbots are bots that imitate human conversations with other humans or bots through instant messaging platforms like Facebook Messenger and Telegram. Chatbots' functions vary from customer service chatbot for companies to educational chatbots for children. You can easily setup your own chatbot with Zoho Sales IQ. No coding required.
#2 Blockchain
The blockchain is a constantly growing list of records, called blocks, that are linked to each other. These blocks are secured by cryptography.
Blockchain technology is one of the most secure ways to transfer money or other assets over the internet. A blockchain does not need any intermediary service. It allows for direct peer-to-peer transactions and can manage complex agreements among multiple parties and their assets without needing a neutral third party to approve every transaction.
The blockchain is not just for cryptocurrencies these days. The technology has found many other applications, including supply chain management, smart contracts, and media rights management.
#3 Big Data
Data analytics is an approach to analyze large sets of data. Data analytics companies are becoming more prolific in the world of business, as more and more companies are gathering data than ever before. Without data analytics, many businesses cannot effectively analyze their data to make informed decisions that will ultimately affect their bottom line.
The use cases of Big Data in business applications differ according to the type of business. Some examples include:
1) Finding new leads for companies: Big Data can help marketers find new leads for their company by analyzing social media activity and other online behaviours such as browsing behaviours on websites and purchasing behaviour on e-commerce stores.
2) Big Data is a must for any successful company’s marketing strategy. It has helped companies in all industries generate and collect data which in turn has helped them to understand their customers better and provided them insights to increase conversions and achieve their goals. Setup a free Zoho Analytics account an unlock the power of big data.
#4 Crowdfunding
Crowdfunding has been around since the early days of Kickstarter, but it's still growing in popularity. If you're an entrepreneur, crowdfunding can be an inexpensive way to test your idea before investing in the expensive and risky process of starting a business. Once you've created a campaign on one of the crowdfunding platforms, it is possible to raise money for your product or service by gathering pledges from people who believe in your idea. This new way to fund your idea online is exciting because it's the first time that you can start earning money right away without having to invest any substantial amount of capital.
Some companies might choose to use crowdfunding for marketing purposes. They might not need the funds for anything other than promotion or social media presence, which is why they offer discounts or give out freebies with each purchase.
#5 Customer Experience Management
Customer Experience Management (CEM) is a process by which companies manage customer interactions to maximize satisfaction and loyalty. It can be as simple as making sure that customers are listened to, acknowledged, and that their feedback is acted upon. It also requires a deep understanding of the needs of the customer and those of the company being served by CEM. The rise of digital and online communication channels has given rise to a variety of different communication and customer service avenues, and means that businesses need to adapt accordingly to maintain happy and satisfied customers. With Zoho CRM you can make this entire process a breeze.