COVID-19 has caused rapid innovation and when the world changes, the way your business operates also needs to change. As a result, there is now an increased need for businesses to review strategies and practices, to not only drive growth but also survive in this competitive market. Scaling a business requires a solid foundation so your business can reap the benefits, retain customers and sustain growth. Business leaders must now find ways in which they can enhance operational efficiency.
Technology is advancing rapidly. During the current climate, it has been made clear just how important it is to keep up with these advances as transformative technologies are there to help businesses thrive. Through the adoption of Artificial Intelligence (AI), businesses can reduce operational costs, boost employee efficiency and improve customer experience, whilst growing the all-important revenue. This sophisticated technology can streamline processes and tasks. Research has highlighted that AI can increase productivity by 40% – a huge benefit to businesses. Not only this, but your business can make decisions faster with the help of data and outputs from cognitive technologies.
Businesses might have different reasons for considering and implementing AI, however, there is always the potential for it to change the way your business operates, whilst allowing you to embrace opportunities.
Similarly, Machine Learning’s predictive ability is able to allow employees to concentrate on high-level tasks that computers cannot handle, helping your business reach their goals quicker. One of the main advantages of adopting machine learning is that it typically improves over time, therefore refining accuracy and efficiency. The technology’s ability to gather large amounts of data means it can make better decisions and predictions as time goes on. Also, the algorithms produced by machine learning are able to assist in improving the scalability of businesses.
The combination of both AI and Machine Learning can be a great solution for various business challenges.
Although digital transformation is key, business leaders must focus on their people. AI and Machine Learning don’t always work best on their own and the best performance can be reaped when humans and technologies work together.
Having the right people work for you will ultimately help you succeed as a business or fail. Traditionally, individuals used to be hired based on their skills, however, those businesses that employ individuals that are able to be agile and adapt to new technologies are the ones that will stand out today. Businesses need to ensure they are hiring employees that are going to make an impact on the business, whilst ensuring they align with their goals and values. Business leaders need to be offering employees the right training to help improve productivity, boost performance and streamline processes.
During periods of change and uncertainty, it is always worthwhile reevaluating strategies to see if adoption is needed to weather the storm and survive in the competitive market. By checking your strategy regularly you can identify if your business plans and objectives are no longer serving your business. Goals need to evolve when the business environment changes, for you to stay relevant, serve your customers or clients and take advantage of any opportunities.
Technology is a fundamental component of a strategy and those that are investing are already seeing the benefits. Those business leaders that are focussing on digital transformation and their employees are ultimately going to be the ones that are able to save money in the long run.
By analysing business strategies, the foundations can be built to enable the scaling of a business and support business growth. Embracing digital transformation and new technologies, as well as having the right employees working for you can provide your business with the capability to maintain and manage business growth at scale.